ITAB Shop Concept AB (ITAB) AI Stock Analysis

• Market Cap: kr3.61B
• Dividend Yield: N/A
• Average Volume (3M): 215.97K
• Price to Earnings (P/E): 27.5
• Beta (1Y): 1.23
• Revenue Growth: 73.48%
• EPS Growth: -46.74%
• Country: SE
• Employees: 5,400
• Sector: Industrials
• Sector Strength: 72
• Industry: Business Equipment & Supplies
• EPS (TTM): -0.03
• Shares Outstanding: 255,275,510
• 10 Day Avg. Volume: 189,851
• 30 Day Avg. Volume: 215,971
• PEG Ratio: -0.54
• Price to Book (P/B): 1.07
• Price to Sales (P/S): 0.35
• P/FCF Ratio: 5.71
• 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: kr27.00
• Price Target Upside: 54.82% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: kr15.00 ▼(-13.99% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held back primarily by the 2025 margin/earnings deterioration and higher leverage, alongside weak technical momentum with the stock trading below major moving averages. Offsetting factors include strong top-line growth and currently healthy cash generation, while valuation appears only moderate given the elevated P/E and no dividend data.

Positive Factors

Revenue Growth

A material rebound in 2025 revenue indicates improving demand for ITAB’s shopfitting and rollout services. Durable top-line growth supports scale benefits, strengthens customer win prospects for multi-store programs, and provides a base to restore margins and fund strategic reinvestment over the medium term.

Cash Generation

Improved operating and free cash flow in 2025 enhances financial flexibility: it enables funding of working capital for rollouts, supports deleveraging or targeted capex, and cushions earnings variability. Reliable cash conversion is a durable advantage for capital-intensive project delivery models.

Integrated Business Model

Combining product sales with planning, installation and lifecycle services creates higher-value customer relationships and recurring service revenue. This integrated model strengthens switching costs, increases customer stickiness across rollouts and refurbishments, and supports margin recovery over time.

Negative Factors

Margin Compression

A sharp margin reset to roughly 1% materially reduces earnings resilience and limits internal funding capacity. Persistently lower margins make the business more sensitive to cost inflation and project mix shifts, constraining ability to invest in product development or service expansion without outside financing.

Rising Leverage

The step-up in leverage reduces balance sheet flexibility and raises interest and covenant risk. Higher debt limits capacity for opportunistic M&A or contract-backed rollouts, increases refinancing exposure during downturns, and amplifies the impact of any further margin pressure on credit metrics.

Profitability & Cash Volatility

Historic inconsistency in cash generation and prior negative cash flow years indicate operational and cyclical sensitivity. This volatility complicates forecasting and financing for multi-store rollouts; if margins stay depressed, intermittent cash shortfalls could force costly external funding or delay strategic investments.

ITAB Shop Concept AB Business Overview & Revenue Model

Company Description

ITAB Shop Concept AB (publ) provides solution design, customized shop fittings, checkouts, consumer flow solutions, professional lighting systems, and digitally interactive solutions for the physical stores in Europe. The company also offers checkouts and self-service systems; click and collect, an automated and convenient online delivery option; consumer and colleague safety systems; consumer interaction systems; security gates for entrance and exit; queue management solutions; standard fittings and accessories; retail lighting products. In addition, it provides solution design; services to consolidate goods not for resale; installation and assembly services for retail concepts; and after-sales and maintenance services. ITAB Shop Concept AB (publ) is headquartered in Jönköping, Sweden.

How the Company Makes Money

ITAB generates revenue through the sale of its products and services, which includes checkout systems, automated checkout solutions, and various retail fixtures. The company's revenue model is diversified, with key revenue streams arising from direct product sales, service contracts, and maintenance agreements. Additionally, ITAB benefits from strategic partnerships with major retailers and technology providers, allowing them to integrate advanced solutions into their offerings. The company also explores opportunities for innovation in retail technology, which can lead to new revenue-generating products and services.

ITAB Shop Concept AB Financial Statement Overview

Summary

Strong 2025 revenue growth and improved free cash flow support the score, but this is tempered by a sharp 2025 profitability deterioration (net margin ~1%) and a meaningful step-up in leverage (debt-to-equity moving above 1.0), which increases financial risk.

Income Statement

Revenue growth has improved meaningfully after earlier volatility, with 2025 showing a strong increase versus 2024. However, profitability has weakened sharply in 2025: gross margin and operating margin declined, and net margin fell to roughly 1% despite solid sales growth. The track record is mixed—losses in 2020, recovery and improving profitability through 2024, followed by a notable margin reset in 2025.

Balance Sheet

Leverage increased significantly in 2025, with debt rising and the debt-to-equity ratio moving from low levels in 2023–2024 to above 1.0 in 2025, which reduces financial flexibility. Equity has grown over time versus 2020, but the 2025 step-up in debt meaningfully increases balance sheet risk. Overall asset growth is solid, but the capital structure trend in the most recent year is a clear negative.

Cash Flow

Cash generation is a relative strength: operating cash flow and free cash flow were positive across most years and improved in 2025, with a large rebound in free cash flow growth. That said, cash flow has been inconsistent historically (notably negative in 2021), and the 2025 drop in earnings means cash flow quality versus profits looks less favorable than in prior years. Still, the company is currently producing healthy cash flow.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.78B	6.58B	6.14B	6.87B	6.25B
Gross Profit	3.02B	1.86B	1.72B	1.58B	1.68B
EBITDA	604.00M	751.00M	701.00M	692.00M	491.00M
Net Income	131.00M	311.00M	270.00M	243.00M	95.00M
Balance Sheet
Total Assets	12.47B	7.08B	5.77B	6.58B	6.02B
Cash, Cash Equivalents and Short-Term Investments	971.00M	1.51B	578.00M	756.00M	208.00M
Total Debt	4.75B	1.23B	1.24B	1.83B	1.44B
Total Liabilities	8.08B	2.82B	2.56B	3.41B	3.24B
Stockholders Equity	4.17B	4.13B	3.05B	3.01B	2.65B
Cash Flow
Free Cash Flow	785.00M	551.00M	666.00M	437.00M	-256.00M
Operating Cash Flow	785.00M	624.00M	810.00M	542.00M	-165.00M
Investing Cash Flow	-1.77B	-144.00M	-107.00M	-150.00M	-103.00M
Financing Cash Flow	533.00M	432.00M	-810.00M	153.00M	-253.00M

ITAB Shop Concept AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 17.44
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ITAB, the sentiment is Negative. The current price of 17.44 is above the 20-day moving average (MA) of 16.52, below the 50-day MA of 17.55, and below the 200-day MA of 19.09, indicating a bearish trend. The MACD of -1.05 indicates Positive momentum. The RSI at 27.22 is Positive, neither overbought nor oversold. The STOCH value of 4.39 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ITAB.

ITAB Shop Concept AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INT	69 Neutral	kr1.55B	6.99	68.49%	―	191.86%	220.33%
COOR	64 Neutral	kr5.62B	25.38	10.13%	3.29%	-0.69%	-14.04%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
EPEN	60 Neutral	kr3.20B	20.72	9.68%	1.11%	-1.85%	-16.44%
REJL.B	56 Neutral	kr3.66B	18.26	10.98%	2.68%	7.23%	1.27%
ITAB	53 Neutral	kr3.61B	27.52	5.45%	―	73.48%	-46.74%
PRIC.B	48 Neutral	kr480.41M	358.54	2.03%	―	-19.18%	-76.85%

ITAB Shop Concept AB Corporate Events

ITAB’s HMY merger reshapes retail solutions group as profits lag integration costs

ITAB Shop Concept AB capped an eventful 2025 by completing the acquisition and merger with HMY, creating what it describes as a leading solutions provider for major retail chains while broadening its geographic reach and technological capabilities. The group also strengthened its offering through the full acquisition of retail AI firm Signatrix, the purchase of design agency Blink, and new contracts to supply smart gates, self-checkouts and loss-prevention systems to large grocery and DIY customers in Europe and Australia.

Reported net sales almost doubled to SEK 12.78 billion for the year, with currency-adjusted growth driven largely by HMY and a smaller organic uplift, while pro forma figures for the combined group showed stable sales and margins. Profitability was weighed down by non-recurring items tied to the integration and higher financing, pushing profit after tax sharply lower, but operating cash flow rose 26 percent and reached SEK 785 million, prompting the board to conserve capital by proposing no dividend as the company manages higher net debt and completes its leadership transition to incoming CEO Björn Borgman in 2026.

The most recent analyst rating on (SE:ITAB) stock is a Buy with a SEK30.00 price target. To see the full list of analyst forecasts on ITAB Shop Concept AB stock, see the SE:ITAB Stock Forecast page.

ITAB Schedules Webcast for 2025 Year-End Results

ITAB Shop Concept AB will publish its Year-End Report for 2025 on 10 February 2026 and has invited investors and analysts to a webcast and teleconference presentation the same morning, where Interim President & CEO Glauco Frascaroli and CFO Andreas Helmersson Sköld will review the results and take questions. The event, held in English with presentation materials and a replay available on the company’s website, underscores ITAB’s continued focus on transparency and engagement with the capital market as it reports on performance in its core retail solutions business.

The most recent analyst rating on (SE:ITAB) stock is a Hold with a SEK18.00 price target. To see the full list of analyst forecasts on ITAB Shop Concept AB stock, see the SE:ITAB Stock Forecast page.

ITAB Shop Concept Increases Share Capital Through LTIP 2025 Share Issue

ITAB Shop Concept AB has increased its total number of shares and votes in December following the issue of 611,000 Class C shares tied to the company’s LTIP 2025 long-term incentive program. After the transaction, ITAB has 258,231,533 registered shares—255,275,518 ordinary shares and 2,956,015 Class C shares—corresponding to 255,571,119.5 votes and a share capital of SEK 109,107,199.849095, a change that modestly dilutes existing shareholders but underlines the company’s continued use of equity-based incentives to align management and employee interests with long-term shareholder value.

The most recent analyst rating on (SE:ITAB) stock is a Buy with a SEK20.00 price target. To see the full list of analyst forecasts on ITAB Shop Concept AB stock, see the SE:ITAB Stock Forecast page.

ITAB buys design agency Blink to bolster retail concept offering

ITAB Shop Concept AB has acquired all shares in Blink AB, a solution-focused Brand & Retail Design agency with annual turnover of about SEK 13 million, in a move to strengthen its position in solution-based design for the retail sector. The acquisition, effective immediately, is intended to deepen ITAB’s ability to co-create store concepts that improve consumer experiences and operational efficiency, expand its design capabilities across European and global markets, and is expected to have a marginally positive impact on earnings per share in the current financial year.

The most recent analyst rating on (SE:ITAB) stock is a Buy with a SEK20.00 price target. To see the full list of analyst forecasts on ITAB Shop Concept AB stock, see the SE:ITAB Stock Forecast page.

ITAB Shop Concept AB Announces Share Issue and Repurchase for Incentive Program

ITAB Shop Concept AB has announced a strategic move to issue and repurchase 611,000 Class C shares to support its performance-based incentive program, LTIP 2025. This decision aims to ensure the delivery of ordinary shares to participating employees, enhancing employee engagement and aligning their interests with the company’s growth objectives.

The most recent analyst rating on (SE:ITAB) stock is a Buy with a SEK20.00 price target. To see the full list of analyst forecasts on ITAB Shop Concept AB stock, see the SE:ITAB Stock Forecast page.