Idun Industrier AB Class B (IDUN.B) AI Stock Analysis

• Market Cap: kr3.49B
• Dividend Yield: 0.31%
• Average Volume (3M): 2.81K
• Price to Earnings (P/E): 75.7
• Beta (1Y): 0.27
• Revenue Growth: 3.71%
• EPS Growth: 26.89%
• Country: SE
• Employees: 922
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 3.30
• Shares Outstanding: 8,402,133
• 10 Day Avg. Volume: 1,849
• 30 Day Avg. Volume: 2,805
• PEG Ratio: 1.14
• Price to Book (P/B): 6.72
• Price to Sales (P/S): 1.78
• P/FCF Ratio: 26.03
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 16.1
• Revenue Forecast (FY): kr2.53B

• Rating: 54 Neutral
• Price Target: kr329.00 ▼(-5.46% Downside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is driven primarily by solid financial performance (strong growth and positive cash generation), tempered by thin/volatile profitability and elevated leverage. Technicals are mixed with negative MACD and the price below longer-term moving averages, and valuation is a key drag due to the high P/E and low dividend yield.

Positive Factors

Strong revenue growth

Sustained ~194% TTM revenue growth signals expanding end-market penetration across subsidiaries and successful rollup or organic expansion. Durable top-line momentum provides capacity to fund reinvestment, acquisitions and deleveraging, strengthening long-term cash returns to the parent.

Positive cash generation

Consistent positive operating cash flow (~231M) and FCF (~156M) establish an operational cash cushion rather than relying solely on accounting profits. Over months this supports capex, working-capital needs, dividends or selective M&A and underpins financing flexibility versus peers with weaker cash conversion.

Holding-company, diversified B2B portfolio

The group's owner-operator model and diversified set of industrial B2B subsidiaries spreads operational and market risk. Active governance and capital-allocation expertise create repeatable value capture pathways (operational improvement, exits, upstreamed dividends) that are durable over business cycles.

Negative Factors

Thin net margins

A TTM net margin near 2.2% leaves little buffer against cost shocks or weaker end markets; volatility in net results means small operational setbacks can materially reduce distributable earnings. Structurally low net profitability limits internal capital for growth and heightens reliance on operational fixes or external funding.

Elevated leverage

Leverage around 1.6x, though improved from prior years, remains structurally elevated for an industrial holding group. That degree of debt increases interest and refinancing sensitivity, constrains strategic optionality for acquisitions or investments, and raises financial risk if margins or cash flows deteriorate.

Gross margin compression & cash conversion weaknesses

A meaningful drop in gross margin and a ~10% FCF decline point to pricing pressure, adverse mix, integration dilution or rising input costs. Combined margin erosion and weaker cash conversion reduce operational leverage, limit reinvestment ability and make the business more vulnerable to cyclical downturns over months.

Idun Industrier AB Class B Business Overview & Revenue Model

Company Description

Idun Industrier AB (publ), an investment holding company, manufactures and sells glass fiber reinforced fat- and oil separators primarily in Sweden. The company also offers a trading assortment, such as concrete separators; engages in the preventive maintenance of high-voltage substations in the greater Stockholm area; manufactures grips, grapples, weighing systems, and other load attachments for heavy vehicles and machinery; provides actuators for vehicle mounted tail lifts; manufactures and distributes micronutrients and fertilizers to commercial growers, farmers, golf courses, and peat producers; and offers water bottles used for sports and training through product media distributors primarily in Sweden and Norway. In addition, it provides specialized safety- and evaluator services to supermarket and other related chains in Sweden and Norway; and industrial maintenance services and products for heavy industry, water treatment plants, heating and power plants, etc. Further, the company is involved in the manufacturing and refurbishment of small and medium sized turbines for renewable hydropower electricity plants in Sweden; production and sale of workbenches and cabinets for craft shops in primary schools in Sweden, as well as to the United States and Germany; and manufacture and sale of stainless steel furnishings and related equipment primarily for commercial kitchens in Sweden. Additionally, it offers learning and competence management tools for industrial companies and vocational upper secondary school programs; delivers assortment of mechanical components and machine parts; and develops, optimizes, and sells technical components and products to Swedish industrial companies. The company was incorporated in 2013 and is based in Stockholm, Sweden.

How the Company Makes Money

Idun Industrier AB generates revenue primarily through the sale of its manufactured products, which include specialized components, materials, and services tailored to the needs of its diverse industrial clientele. Key revenue streams include direct sales to manufacturers in the automotive and aerospace sectors, as well as long-term contracts with construction firms for supply of materials. Additionally, the company may benefit from strategic partnerships with other industry players, enabling it to expand its market reach and enhance its product offerings. Factors contributing to its earnings include a strong focus on innovation, a commitment to quality, and an emphasis on customer satisfaction, which helps to build long-term relationships and repeat business.

Idun Industrier AB Class B Financial Statement Overview

Summary

Strong TTM revenue growth (~+194%) and fairly steady operating margins (EBIT ~8–9%, EBITDA ~16–17%), supported by positive operating cash flow (~231M) and free cash flow (~156M). Offsetting this, net margin is thin (~2.2%) with volatility, gross margin compressed (TTM ~25% vs ~30% in 2024), and leverage remains elevated (debt-to-equity ~1.6x), keeping overall quality in a “good but not low-risk” range.

Income Statement

TTM (Trailing-Twelve-Months) revenue is up strongly (about +194%), continuing a multi-year expansion, and operating profitability remains fairly steady with EBIT margin around 8–9% and EBITDA margin around 16–17%. However, net profitability is thin (TTM net margin ~2.2%) and has been volatile over time, and gross margin fell meaningfully versus prior years (TTM ~25% vs ~30% in 2024 and much higher in 2023), suggesting mix/price pressure or acquisition-related dilution.

Balance Sheet

Leverage remains a key constraint: TTM debt-to-equity is ~1.6x (still elevated, though improved from ~2.2–2.3x in 2022–2023). Equity has strengthened versus 2023, supporting a better capital cushion, but total debt is still large relative to equity. Return on equity is moderate (TTM ~8.0%), which is acceptable but not high enough to fully offset balance-sheet risk if profitability softens.

Cash Flow

Cash generation is generally positive with TTM operating cash flow of ~231M and free cash flow of ~156M. That said, free cash flow declined in the TTM period (about -10%), and cash conversion is only fair: free cash flow is ~72% of net income and operating cash flow covers roughly ~51% of EBIT, implying working-capital or cash cost headwinds. History also shows variability (2022 had negative free cash flow), so consistency is not yet best-in-class.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.30B	2.20B	2.06B	1.69B	1.16B
Gross Profit	186.00M	649.62M	1.20B	622.56M	433.07M
EBITDA	361.00M	363.38M	339.22M	288.45M	201.94M
Net Income	54.00M	30.69M	28.34M	35.66M	31.53M
Balance Sheet
Total Assets	2.35B	2.38B	2.30B	2.16B	1.71B
Cash, Cash Equivalents and Short-Term Investments	154.00M	395.96M	276.20M	337.00M	232.28M
Total Debt	989.00M	1.01B	1.00B	935.91M	615.45M
Total Liabilities	1.51B	1.52B	1.54B	1.44B	1.04B
Stockholders Equity	608.00M	612.99M	427.29M	419.90M	390.41M
Cash Flow
Free Cash Flow	157.00M	203.91M	202.03M	-11.86M	119.51M
Operating Cash Flow	231.00M	256.42M	242.31M	39.48M	155.53M
Investing Cash Flow	-386.00M	-220.25M	-257.00M	-194.84M	-418.55M
Financing Cash Flow	-85.00M	83.51M	-45.56M	258.60M	319.60M

Idun Industrier AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 348.00
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:IDUN.B, the sentiment is Negative. The current price of 348 is above the 20-day moving average (MA) of 307.75, above the 50-day MA of 318.88, and above the 200-day MA of 340.66, indicating a bearish trend. The MACD of -2.84 indicates Negative momentum. The RSI at 44.69 is Neutral, neither overbought nor oversold. The STOCH value of 28.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:IDUN.B.

Idun Industrier AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORES	78 Outperform	kr6.68B	6.12	―	6.23%	-0.22%	-58.80%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
VEFAB	60 Neutral	kr2.17B	2.89	―	―	―	―
SVOL.B	55 Neutral	kr5.13B	-35.16	7.55%	0.79%	-25.75%	-27.25%
IDUN.B	54 Neutral	kr3.49B	75.68	7.92%	0.31%	3.71%	26.89%
CAT.B	53 Neutral	kr1.93B	52.96	2.56%	3.30%	40.78%	―
LINC	48 Neutral	kr4.17B	-9.33	-1.58%	―	45733.33%	-105.08%