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Freja eID Group AB
(FREJA)
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Rating:52Neutral
Price Target:
kr20.00
▲(34.23% Upside)
Action:Reiterated
Date:07/09/26
The score is primarily constrained by weak financial performance—negative gross profit and continued net losses—despite improving operating cash flow and reduced balance-sheet stress. Technicals are a meaningful offset, with a strong uptrend and positive momentum, but very overbought RSI/Stoch readings raise pullback risk. Valuation remains a headwind given the negative P/E and no provided dividend yield.
Positive Factors
Revenue Growth
Sustained multi-year revenue growth signals expanding adoption of Freja eID’s B2B/B2G identity services. Durable top-line expansion supports scale economies, grows transaction volumes that drive recurring usage fees, and creates a larger base to convert into future operating leverage and contract renewals.
Negative Factors
Negative Gross Margin
A negative gross margin indicates the core cost structure does not yet cover direct service delivery. This structural shortfall must be fixed via pricing, product mix shifts, or material cost reduction before growth can reliably translate into sustainable operating profits and healthy free cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained multi-year revenue growth signals expanding adoption of Freja eID’s B2B/B2G identity services. Durable top-line expansion supports scale economies, grows transaction volumes that drive recurring usage fees, and creates a larger base to convert into future operating leverage and contract renewals.
Read all positive factors
Freja eID Group AB (FREJA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr616.92M
Dividend YieldN/A
Average Volume (3M)48.41K
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth20.25%
EPS Growth21.76%
CountrySE
Employees32
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.49
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)-0.2
Revenue Forecast (FY)kr63.10M
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 | 58.02M | 51.09M | 43.91M | 36.29M | 29.42M | 20.64M |
| Gross Profit | -26.49M | 9.53M | 10.64M | 620.00K | 36.56M | 25.22M |
| EBITDA | 3.32M | -9.46M | -4.35M | -25.52M | -33.74M | -42.68M |
| Net Income | -12.93M | -15.31M | -23.37M | -31.96M | -38.76M | -52.33M |
Balance Sheet | ||||||
| Total Assets | 67.19M | 69.42M | 60.79M | 62.42M | 59.85M | 93.78M |
| Cash, Cash Equivalents and Short-Term Investments | 13.35M | 14.90M | 8.43M | 5.44M | 6.22M | 28.30M |
| Total Debt | 6.87M | 10.88M | 33.83M | 19.50M | 17.18M | 13.59M |
| Total Liabilities | 45.63M | 47.42M | 63.52M | 48.62M | 38.50M | 34.54M |
| Stockholders Equity | 21.57M | 21.99M | -2.73M | 13.80M | 21.35M | 59.24M |
Cash Flow | ||||||
| Free Cash Flow | 3.91M | 6.68M | -9.50M | -22.90M | -37.38M | -51.13M |
| Operating Cash Flow | 10.72M | 7.09M | 1.95M | -8.38M | -25.41M | -41.67M |
| Investing Cash Flow | -13.05M | -12.53M | -11.45M | -14.00M | 2.15M | -9.70M |
| Financing Cash Flow | -8.08M | 11.81M | 12.37M | 21.57M | 938.00K | 56.28M |
Freja eID Group AB Technical Analysis
Neutral
14.90
Price Trends
19.78
Positive
17.74
Positive
16.81
Positive
Market Momentum
0.41
Positive
47.07
Neutral
27.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:FREJA, the sentiment is Neutral. The current price of 14.9 is below the 20-day moving average (MA) of 21.67, below the 50-day MA of 19.78, and below the 200-day MA of 16.81, indicating a neutral trend. The MACD of 0.41 indicates Positive momentum. The RSI at 47.07 is Neutral, neither overbought nor oversold. The STOCH value of 27.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:FREJA.
Freja eID Group AB Peers Comparison
UnderperformOutperform
Sector (55)
SE:FREJA
Freja eID Group AB
20.90
7.50
55.97%
SE:CLAV
Clavister Holding AB
4.98
0.57
12.97%
SE:ADVE
Advenica AB
17.04
-3.67
-17.74%
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.