Freja eID Group AB (SE:FREJA)
:FREJA
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Freja eID Group AB
(FREJA)
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Rating:54Neutral
Price Target:
kr17.50
▲(17.45% Upside)
Action:Reiterated
Date:06/19/26
The score is held back primarily by weak profitability (negative gross profit and continued net losses) and uneven free-cash-flow consistency, despite clear improvements in operating cash flow and leverage. Technicals are supportive with a strong trend above key moving averages, but valuation remains constrained by losses (negative P/E) and no stated dividend yield.
Positive Factors
Revenue Growth
Sustained revenue expansion signals growing adoption of Freja eID's platform among public and private relying parties. Multi-year top-line growth supports scale economics, broadens addressable market penetration, and underpins the long-term opportunity to convert users into recurring transaction and subscription revenue.
Negative Factors
Negative Gross Margin
A negative gross margin indicates the core unit economics do not yet cover direct costs, signaling structural pricing or cost issues. Unless remediation occurs—via pricing, efficiency gains, or product redesign—this undermines the ability to scale profitably and threatens long-term margin sustainability despite top-line growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained revenue expansion signals growing adoption of Freja eID's platform among public and private relying parties. Multi-year top-line growth supports scale economics, broadens addressable market penetration, and underpins the long-term opportunity to convert users into recurring transaction and subscription revenue.
Read all positive factors
Freja eID Group AB (FREJA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr484.11M
Dividend YieldN/A
Average Volume (3M)48.41K
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue Growth17.00%
EPS Growth21.62%
CountrySE
Employees27
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.59
Shares Outstanding28,560,974
10 Day Avg. Volume28,956
30 Day Avg. Volume48,411
Financial Highlights & Ratios
PEG Ratio0.61
Price to Book (P/B)18.15
Price to Sales (P/S)7.81
P/FCF Ratio59.72
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.22
Revenue Forecast (FY)kr59.90M
Freja eID Group AB Business Overview & Revenue Model
Company Description
Freja eID Group AB (publ) operates as an IT security specialist, supplying advanced security solutions to banks, government agencies, and businesses across the globe. The company's product portfolio includes Freja eID, a comprehensive ecosystem de...
How the Company Makes Money
Freja eID Group AB makes money by selling access to and usage of its digital identity platform (Freja eID) to organizations that need identity verification, authentication (login), and electronic signing capabilities in their digital services. Rev...
Freja eID Group AB Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
55
Neutral
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 54.04M | 51.09M | 43.91M | 36.29M | 29.42M | 20.64M |
| Gross Profit | -21.04M | 9.53M | 10.64M | 620.00K | 36.56M | 25.22M |
| EBITDA | 1.73M | -9.46M | -4.35M | -25.52M | -33.74M | -42.68M |
| Net Income | -15.27M | -15.31M | -23.37M | -31.96M | -38.76M | -52.33M |
Balance Sheet | ||||||
| Total Assets | 63.97M | 69.42M | 60.79M | 62.42M | 59.85M | 93.78M |
| Cash, Cash Equivalents and Short-Term Investments | 13.80M | 14.90M | 8.43M | 5.44M | 6.22M | 28.30M |
| Total Debt | 7.49M | 10.88M | 33.83M | 19.50M | 17.18M | 13.59M |
| Total Liabilities | 43.64M | 47.42M | 63.52M | 48.62M | 38.50M | 34.54M |
| Stockholders Equity | 20.33M | 21.99M | -2.73M | 13.80M | 21.35M | 59.24M |
Cash Flow | ||||||
| Free Cash Flow | 996.00K | 6.68M | -9.50M | -22.90M | -37.38M | -51.13M |
| Operating Cash Flow | 7.48M | 7.09M | 1.95M | -8.38M | -25.41M | -41.67M |
| Investing Cash Flow | -12.62M | -12.53M | -11.45M | -14.00M | 2.15M | -9.70M |
| Financing Cash Flow | 11.25M | 11.81M | 12.37M | 21.57M | 938.00K | 56.28M |
Freja eID Group AB Technical Analysis
Positive
14.90
Price Trends
15.73
Positive
15.74
Positive
15.44
Positive
Market Momentum
0.04
Negative
68.01
Neutral
77.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:FREJA, the sentiment is Positive. The current price of 14.9 is below the 20-day moving average (MA) of 15.13, below the 50-day MA of 15.73, and below the 200-day MA of 15.44, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 68.01 is Neutral, neither overbought nor oversold. The STOCH value of 77.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:FREJA.
Freja eID Group AB Peers Comparison
UnderperformOutperform
Sector (61)
SE:FREJA
Freja eID Group AB
16.95
5.50
48.03%
SE:CLAV
Clavister Holding AB
4.65
-0.09
-1.90%
SE:ADVE
Advenica AB
19.74
-2.42
-10.90%
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.