EQT AB (SE:EQT)
:EQT
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EQT AB
(EQT)
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Rating:59Neutral
Price Target:
kr318.00
▲(5.19% Upside)
Action:ReiteratedDate:02/04/26
The score is held back primarily by weak technical momentum (price below key moving averages and negative MACD) and a demanding valuation (high P/E with modest yield). These are partly offset by solid fundamentals (strong profitability and moderate leverage despite uneven growth and weaker cash coverage) and a constructive earnings-call outlook driven by fundraising momentum and the Coller strategic expansion, albeit with execution and cost risks.
Positive Factors
Fundraising / AUM expansion
Sustained fundraising and an expected lift in activated AUM to ~EUR125–130bn materially enlarges EQT's recurring fee base. Larger activated AUM increases management fee predictability and scales fixed-cost leverage across strategies, supporting durable revenue growth and fee stability.
Negative Factors
Weaker near-term cash coverage
Operating cash flow covering net income by under 1x and volatile FCF reduce the firm's cash resilience. For an asset manager, weaker cash backing hampers the timing of carry realization, limits optionality for opportunistic investments, and can constrain buybacks or higher distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Fundraising / AUM expansion
Sustained fundraising and an expected lift in activated AUM to ~EUR125–130bn materially enlarges EQT's recurring fee base. Larger activated AUM increases management fee predictability and scales fixed-cost leverage across strategies, supporting durable revenue growth and fee stability.
Read all positive factors
EQT AB (EQT) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr348.83B
Dividend Yield1.21%
Average Volume (3M)1.41M
Price to Earnings (P/E)54.1
Beta (1Y)1.16
Revenue Growth14.62%
EPS Growth108.05%
CountrySE
Employees1,937
SectorEnergy
Sector Strength52
IndustryAsset Management
Share Statistics
EPS (TTM)5.93
Shares Outstanding1,235,107,900
10 Day Avg. Volume1,405,391
30 Day Avg. Volume1,413,846
Financial Highlights & Ratios
PEG Ratio-11.72
Price to Book (P/B)5.24
Price to Sales (P/S)14.97
P/FCF Ratio99.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr372.50Price Target Upside23.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)1.25
Revenue Forecast (FY)kr2.93B
EQT AB Business Overview & Revenue Model
Company Description
EQT AB (publ) is a private equity firm specializing in buyout investments. The firm focuses on Private Capital & Real Asset segments. It seeks to make investments globally. It seeks to take a majority stake. EQT AB (publ) was founded in 2012 and i...
How the Company Makes Money
EQT generates revenue primarily through management fees and performance fees from its investment funds. The management fees are typically calculated as a percentage of the committed capital or assets under management, providing a steady income str...
EQT AB Earnings Call Summary
Earnings Call Date:Jan 22, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 22, 2026
Earnings Call Sentiment Positive
The call highlighted strong operational momentum — record realizations (EUR 34 billion), robust investment activity (EUR 16 billion), accelerated fundraising (gross inflows more than doubled to EUR 26 billion), revenue growth (total revenue +16%, fee-related revenues +9%) and a strategically significant acquisition of Coller to enter the fast-growing secondaries and private-wealth channels. Performance metrics and fund valuations were largely positive (key funds +8% FX-neutral; latest generation +15% excl. FX). Key near-term challenges include a small subset of underperforming assets, mid‑term pacing of carry recognition, reinvestment-driven OpEx growth, and execution/integration risk tied to the contingent earn-out for Coller. On balance, the highlights materially outweigh the lowlights: EQT shows strong growth, diversification and scale with manageable execution risks.Positive Updates
Record Exits and Realizations
EQT delivered its most active exit year ever with total realizations of EUR 34 billion in 2025 (includes EUR 19+ billion of fund exits, ~70% higher than prior year, plus EUR 14 billion realized for co-investors). Notable single-asset outcome: Galderma generated >EUR 9 billion of proceeds in 2025 and has produced >USD 20 billion in capital gains to date. The equity strategy returned close to 30% of NAV to investors (~3x industry average).
Negative Updates
Idiosyncratic Underperformance in Some Portfolio Companies
Management reported headwinds from a few individual portfolio companies; historically ~10–15% of investments return less than 1x gross MOIC. EQT realized some assets with subpar performance in 2025 to refocus the portfolio.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Exits and Realizations
EQT delivered its most active exit year ever with total realizations of EUR 34 billion in 2025 (includes EUR 19+ billion of fund exits, ~70% higher than prior year, plus EUR 14 billion realized for co-investors). Notable single-asset outcome: Galderma generated >EUR 9 billion of proceeds in 2025 and has produced >USD 20 billion in capital gains to date. The equity strategy returned close to 30% of NAV to investors (~3x industry average).
Read all positive updates
Company Guidance
The management guided to continued strong growth and diversification: 2025 saw EUR 34bn of realizations, EUR 16bn of investments (45% Europe/~33% North America/~20% APAC) and EUR 14bn of co‑invests (co‑invest ratio ~1:1), with gross inflows more than doubling to EUR 26bn and total revenue up 16%; looking ahead, they expect 2026 fundraising to be very active (three flagship funds plus other closed‑ended strategies) and to lift activated AUM from ~EUR100bn to roughly EUR125–130bn, with a 2026 gross realizations pipeline similar to 2025 (~EUR20bn). Financial guidance includes fee‑related revenue growth (Coller to accelerate FRE from day one), fee‑related revenues grew 9% in 2025, fee‑related EBITDA margin of 52% in 2025 with a target of 55%+ at completion of the current fundraising cycle, mid‑single‑digit total OpEx growth in 2026 (after efficiency measures) and continued reinvestment into AI, private wealth and secondaries. On carry and cash, carried interest and investment income rose to EUR 448m in 2025, four funds in carry mode have recognized EUR 1.3bn with ~EUR 600m remaining, and illustrative remaining carry potential in activated key funds is ~EUR 9bn; the Board proposed a SEK 5/share dividend (16% growth) after EUR 460m paid in dividends and ~EUR 300m of buybacks in 2025. The Coller transaction (base consideration $3.2bn payable in EQT shares plus up to $500m contingent in 2029 tied to high‑20s (~30%) fee‑related revenue growth) brings ~EUR 28bn fee‑paying AUM / EUR 42bn total AUM (combined AUM ~EUR 312bn), adds evergreen inflow run‑rate ~EUR 4bn (H2 2025) with 2026 expected materially higher, Coller FRE guidance of $350–375m and ~50% FRE margin (to converge with EQT), EQT to receive 35% carry in future Coller funds and 10% of carry in PE Fund IX, and a target to double Coller’s fee‑generating AUM in <4 years.EQT AB Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.63B | 2.65B | 2.08B | 1.50B | 1.60B |
| Gross Profit | 1.35B | 1.81B | 1.38B | 995.80M | 1.23B |
| EBITDA | 1.48B | 1.55B | 1.09B | 745.30M | 1.05B |
| Net Income | 728.00M | 776.00M | 129.90M | 176.30M | 909.40M |
Balance Sheet | |||||
| Total Assets | 11.37B | 11.48B | 9.21B | 9.60B | 3.89B |
| Cash, Cash Equivalents and Short-Term Investments | 6.15B | 5.33B | 1.11B | 644.90M | 587.90M |
| Total Debt | 2.65B | 2.22B | 2.15B | 2.15B | 614.00M |
| Total Liabilities | 3.85B | 3.38B | 3.20B | 3.20B | 948.90M |
| Stockholders Equity | 7.51B | 8.10B | 6.00B | 6.40B | 2.94B |
Cash Flow | |||||
| Free Cash Flow | 395.00M | 447.00M | 921.20M | 518.20M | 596.70M |
| Operating Cash Flow | 408.72M | 464.00M | 944.80M | 549.20M | 608.20M |
| Investing Cash Flow | -62.14M | -2.00M | -38.80M | -1.55B | -895.20M |
| Financing Cash Flow | -375.92M | -574.00M | -415.20M | 1.15B | -20.30M |
EQT AB Technical Analysis
Positive
302.30
Price Trends
287.07
Positive
314.56
Negative
322.51
Negative
Market Momentum
2.28
Negative
59.53
Neutral
69.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:EQT, the sentiment is Positive. The current price of 302.3 is above the 20-day moving average (MA) of 285.35, above the 50-day MA of 287.07, and below the 200-day MA of 322.51, indicating a neutral trend. The MACD of 2.28 indicates Negative momentum. The RSI at 59.53 is Neutral, neither overbought nor oversold. The STOCH value of 69.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:EQT.
EQT AB Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | kr1.14T | 6.42 | 17.98% | 1.61% | 79.31% | -65.65% | |
79 Outperform | kr1.14T | 6.42 | 8.06% | 1.60% | 79.31% | -65.65% | |
76 Outperform | kr212.67B | 4.04 | 20.35% | 2.00% | 13.97% | -56.08% | |
76 Outperform | kr212.67B | 4.02 | 8.24% | 2.02% | 13.97% | -56.08% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
59 Neutral | kr348.83B | 54.11 | ― | 1.21% | 14.62% | 108.05% | |
47 Neutral | kr14.19B | -6.93 | 0.33% | ― | -97.64% | ― |
* Energy Sector Average
SE:EQT
EQT AB
302.30
37.50
14.16%
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EQT AB Corporate Events
EQT Delivers Record Exit Activity in 2025 and Moves Into Secondaries With Coller Capital Deal
Jan 22, 2026
EQT AB reported a year of strong execution in 2025, marked by its most active exit year ever, continued fundraising strength for closed-ended strategies and a strategic push into evergreen structures targeting private wealth and open-ended institu...
EQT to Acquire Coller Capital in Major Push Into Booming Secondaries Market
Jan 22, 2026
EQT has agreed to acquire UK-headquartered Coller Capital, one of the world’s largest dedicated secondaries firms with nearly USD 50 billion in assets under management, in a transaction valued at a base consideration of USD 3.2 billion in ne...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.