EQT AB (SE:EQT)
:EQT
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EQT AB
(EQT)
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Rating:68Neutral
Price Target:
kr307.00
▼(-6.17% Downside)
Action:Reiterated
Date:04/23/26
The score is driven primarily by solid fundamentals (strong profitability despite choppy growth and softer recent cash-flow coverage) and favorable technical momentum (price above major moving averages, positive MACD). These positives are partly offset by demanding valuation (high P/E, modest yield), while the latest earnings call was broadly supportive due to strong fundraising, liquidity, and notable realizations despite near-term market and fee-timing headwinds.
Positive Factors
Fundraising scale and momentum
A hard-cap close of BPEA IX materially expands fee-paying AUM and demonstrates LP demand. Larger flagship funds increase recurring management fees over multiple years, improve bargaining power in deal sourcing and syndication, and deepen institutional relationships—supporting durable revenue growth and platform scale.
Negative Factors
Uneven revenue and earnings trajectory
Volatile top-line trends make fee and carry forecasting difficult. Lumpy revenue and episodic realizations cause earnings to swing year-to-year, complicating operational planning and capital allocation. Persistent uneven growth increases dependence on large exits and fundraising pacing to stabilize long-term cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Fundraising scale and momentum
A hard-cap close of BPEA IX materially expands fee-paying AUM and demonstrates LP demand. Larger flagship funds increase recurring management fees over multiple years, improve bargaining power in deal sourcing and syndication, and deepen institutional relationships—supporting durable revenue growth and platform scale.
Read all positive factors
EQT AB (EQT) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr336.14B
Dividend Yield1.21%
Average Volume (3M)1.41M
Price to Earnings (P/E)42.5
Beta (1Y)1.19
Revenue Growth-12.20%
EPS Growth-8.81%
CountrySE
Employees1,937
SectorEnergy
Sector Strength52
IndustryAsset Management
Share Statistics
EPS (TTM)0.61
Shares Outstanding1,226,602,900
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
kr350.00Price Target Upside6.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)1.16
Revenue Forecast (FY)kr2.83B
EQT AB Business Overview & Revenue Model
Company Description
EQT AB (publ) operates as a private equity firm, specializing primarily in buyout investments. The company directs its strategic focus towards opportunities within the Private Capital and Real Asset segments, pursuing a global investment footprint...
How the Company Makes Money
EQT primarily makes money by managing investment funds and separately managed mandates for clients (limited partners and other investors). Its core revenue streams typically include: (1) Management fees: recurring fees charged to investors for man...
EQT AB Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 17, 2026
Earnings Call Sentiment Positive
The call highlighted several substantial and high-profile wins (largest single-fund capital gain from Galderma, hard-cap close of BPEA IX, record EUR 1bn evergreen inflows, launch of AI Infrastructure seeded by EdgeConneX, strong dry powder and fundraising momentum, and a progressing Coller Capital combination). These positives outweigh the challenges discussed — namely Q1 market volatility, software multiple contractions, and timing of fee recognition — which management contextualized as near-term valuation noise rather than structural performance deterioration. Given the breadth of achievements, strategic positioning for AI, and strong fundraising and liquidity posture, the overall tone is constructive and forward-looking.Positive Updates
Record Galderma Monetization
Completed final sell-down of Galderma including a $6bn sponsor-backed block trade; fully monetized investment returned ~ $26bn to investors and generated ~ $20bn in capital gains — the largest single-fund capital gain in the industry.
Negative Updates
Market Volatility and Valuation Pressure
Significant Q1 market volatility impacted fund valuations unevenly; listed software companies faced share price pressure and certain Private Capital funds saw lower valuations driven by lower reference multiples and public share price declines.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Galderma Monetization
Completed final sell-down of Galderma including a $6bn sponsor-backed block trade; fully monetized investment returned ~ $26bn to investors and generated ~ $20bn in capital gains — the largest single-fund capital gain in the industry.
Read all positive updates
Company Guidance
EQT reiterated guidance to keep full‑year exit volumes broadly in line with 2025 (targeting ~30 exit events), while highlighting strong fundraising and deployment momentum: BPEA IX closed at $15.6bn (≈$14.9bn fee‑generating, ~40% larger than BPEA VIII, >75 new investors with >45 internal investors contributing ~25% of commitments), EQT XI is on track for a mid‑year first close, Infra VI is ~75–80% invested with Infra VII targeted for activation around year‑end, EQT X is ~60–65% invested, and the new open‑ended AI Infrastructure strategy (seeded by EdgeConneX) launched early Q2 (fees on NAV, fee rate broadly in line with other long‑haul strategies); evergreen vehicles saw record net inflows of €1.0bn in Q1 (up from ~€0.2bn in Q4 2024) with redemptions <0.5%, dry powder exceeds €40bn (ex‑EQT XI), Coller is on track to close mid‑to‑late Q3 (>$400m net inflows in Q1) with a target to double fee‑paying AUM within 4 years, and financial guidance includes ~€600m of carry remaining across four funds (with ~€500m expected in H1), most new management‑fee contribution weighted to 2027, mid‑single‑digit OpEx growth, and a retained 55% fee‑related EBITDA margin target; notable monetizations this quarter included Galderma (≈$26bn returned to investors, ≈$20bn capital gains, $6bn final sponsor‑backed block trade).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
Negative
327.20
Price Trends
303.97
Negative
299.94
Negative
315.68
Negative
Market Momentum
-5.28
Positive
39.27
Neutral
4.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:EQT, the sentiment is Negative. The current price of 327.2 is above the 20-day moving average (MA) of 304.44, above the 50-day MA of 303.97, and above the 200-day MA of 315.68, indicating a bearish trend. The MACD of -5.28 indicates Positive momentum. The RSI at 39.27 is Neutral, neither overbought nor oversold. The STOCH value of 4.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | kr1.15T | 6.09 | 17.98% | 1.61% | 162.91% | 340.46% | |
83 Outperform | kr1.15T | 6.09 | 8.06% | 1.60% | 162.91% | 340.46% | |
76 Outperform | kr219.80B | 5.40 | 20.35% | 2.00% | 87.35% | 930.08% | |
76 Outperform | kr219.80B | 5.40 | 8.24% | 2.02% | 87.35% | 930.08% | |
68 Neutral | kr336.14B | 42.55 | ― | 1.21% | -12.20% | -8.81% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
51 Neutral | kr16.46B | -1.95 | 0.33% | ― | 143.59% | -52.62% |
* Energy Sector Average
SE:EQT
EQT AB
287.50
9.64
3.47%
SE:INDU.A
Industrivarden AB Class A
517.00
179.88
53.36%
SE:INDU.C
Industrivarden AB Class C
501.20
164.31
48.77%
SE:INVE.A
Investor AB
374.00
100.49
36.74%
SE:INVE.B
Investor AB
379.10
105.63
38.63%
SE:KINV.B
Kinnevik AB
58.22
-19.42
-25.01%
EQT AB Corporate Events
EQT Names Gustav Segerberg CFO as Veteran Finance Chief Shifts to Advisory Role
Jun 8, 2026
EQT AB has appointed long-time executive Gustav Segerberg as its new chief financial officer, effective 18 July 2026, succeeding Kim Henriksson, who moves into a senior adviser role after nearly eight years in the post. Segerberg, currently head o...
EQT Targets EUR 21 Billion for New Infrastructure VII Fund
May 31, 2026
EQT AB, a purpose-driven global investment firm with strong Nordic heritage and significant exposure across private capital and real assets, manages funds and vehicles worldwide with EUR 269 billion in total assets under management as of March 202...
EQT Cancels Treasury Shares to Offset Dilution From Incentive Programs
May 29, 2026
EQT AB has reduced its total number of shares and votes by cancelling 8,505,092 ordinary treasury shares, a move approved at the 2026 Annual Shareholders’ Meeting. Following the cancellation, EQT now has 1,169,938,099 shares outstanding, whi...
EQT Launches SEK 2.5 Billion Share Buyback to Adjust Capital Structure
May 12, 2026
EQT AB’s board has approved a new share buyback program of up to 4,368,899 ordinary shares, representing about 0.35% of its share capital, for a total consideration of up to SEK 2.5 billion. The purchases, to be executed in cash on Nasdaq St...
EQT Shareholders Back All Proposals, Clear Path for Coller Capital Deal
May 12, 2026
EQT AB’s annual shareholders’ meeting approved all board and nomination committee proposals, including the 2025 financial statements and a dividend of SEK 5.00 per share to be paid in two installments during 2026. Shareholders also gra...
EQT AB Continues Share Purchases on Nasdaq Stockholm
May 11, 2026
EQT AB disclosed a series of buy-side transactions in its own shares on Nasdaq Stockholm on 4 May 2026, with multiple trades executed throughout the morning session at prices generally ranging from about SEK 301 to SEK 308 per share. The pattern o...
EQT AB Reports Series of Share Buy Transactions on Nasdaq Stockholm
Apr 27, 2026
EQT AB reported a series of buy transactions in its own shares on the Nasdaq Stockholm on 20 April 2026, with hundreds of small-volume purchases executed throughout the morning session at prices fluctuating around SEK 318 to SEK 322 per share. The...
EQT Closes Record Asia-Pacific Fund and Expands Platform With Coller Deal and AI Push
Apr 22, 2026
EQT AB reported stable assets under management in the first quarter of 2026 while advancing several strategic initiatives, including closing its BPEA IX fund at $15.6 billion, the largest Asia-Pacific–focused private equity fund to date. The...
EQT AB Sets Hybrid Format and Procedures for 2026 Annual Shareholders’ Meeting
Apr 9, 2026
EQT AB has convened its 2026 Annual Shareholders’ Meeting for 12 May in Stockholm, offering shareholders the option to attend in person, participate online, or cast their votes in advance by postal voting. Shareholders must be registered wit...
EQT AB Reports Series of Share Buy Transactions on Nasdaq Stockholm
Apr 7, 2026
EQT AB disclosed a series of buy transactions in its own shares on Nasdaq Stockholm on 30 March 2026, with numerous small-volume trades executed throughout the opening hour of trading. The purchases, all in the range of roughly SEK 275 to SEK 278 ...
EQT boosts voting rights through conversion of class C shares to ordinary stock
Mar 31, 2026
EQT AB, the Stockholm-based global investment firm specializing in private capital and real assets strategies, manages EUR 270 billion in assets under management and advises funds investing across multiple sectors and geographies. The group, roote...
EQT AB Reports Series of Systematic Share Purchases on Nasdaq Stockholm
Mar 30, 2026
EQT AB disclosed a series of small, high-frequency share purchases in its own stock on Nasdaq Stockholm, executed throughout the morning of 23 March 2026 at prices mostly between SEK 262.8 and SEK 266.2. The pattern suggests a systematic buy progr...
EQT Sets Out Global Growth, AI and Sustainability Focus in 2025 Report
Mar 23, 2026
EQT AB’s 2025 annual and sustainability report outlines how its scaled global private markets platform is designed to deliver industry‑leading returns through integrated revenue streams, disciplined exits and a thematic investment appr...
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.