KebNi AB Class B (KEBNI.B) AI Stock Analysis

• Market Cap: kr446.00M
• Dividend Yield: N/A
• Average Volume (3M): 1.61M
• Price to Earnings (P/E): 76.2
• Beta (1Y): 1.00
• Revenue Growth: 9.30%
• EPS Growth: N/A
• Country: SE
• Employees: 25
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): 0.00
• Shares Outstanding: 273,325,130
• 10 Day Avg. Volume: 2,673,263
• 30 Day Avg. Volume: 1,613,868
• PEG Ratio: -1.43
• Price to Book (P/B): 4.77
• Price to Sales (P/S): 2.31
• P/FCF Ratio: -114.09
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 58 Neutral
• Price Target: kr1.50 ▲(3.45% Upside)

The score is driven primarily by improved financial performance and a debt-free balance sheet, but it is held back by weak free-cash-flow conversion and a sharp step-down in TTM gross margin. Technicals show near-term momentum but appear overbought and remain below longer-term averages. Valuation is a key risk due to the very high P/E.

Positive Factors

Debt-free balance sheet

Zero total debt materially lowers financial risk, reduces interest burden and preserves optionality. Over a multi-month horizon this supports funding product development, program bids or working-capital needs without reliance on external financing, improving operational resilience.

Return to profitability and revenue growth

Sustained revenue expansion with positive net income and improving ROE signals the company has moved beyond loss-making cycles. This strengthens ability to invest in product development and supply capability, making earnings durability more plausible over the next several months.

Niche inertial sensing and stabilization expertise

Specialized IMUs and stabilization products for defense/security create high technical barriers and sticky customer relationships. Engineering and integration services deepen customer ties, supporting repeat program revenue and steady demand from long procurement cycles.

Negative Factors

Weak free-cash-flow conversion

Operating inflows are being consumed by investment and working capital, limiting internal funding for R&D, inventory build or contract ramp. Persistent weak FCF constrains flexibility to scale production or absorb delays in multi-step defense procurements.

Material gross-margin deterioration

A ~11 percentage-point gross-margin drop reduces the buffer against higher input costs or pricing pressure. Lower structural margins make profitability more sensitive to volume swings and jeopardize sustainable operating margins if adverse cost or mix trends persist.

Uneven historical profitability and small scale

Past multi-year losses and a small employee base imply limited scale and program concentration risk. Reliance on milestone-driven defense procurement cycles means earnings and cash can swing materially, making sustained margin and cash stability uncertain.

KebNi AB Class B Business Overview & Revenue Model

Company Description

KebNi AB (publ) develops, manufactures, markets, and sells 4-axes stabilizing VSAT antennas for maritime applications under the KebNi Maritime brand. It also provides inertial sensor systems for measuring movements in three dimensions; and communication on the move (COTM) antennas for land and mobile satellite communications systems. The company was formerly known as Advanced Stabilized Technologies Group AB (publ) and changed its name to KebNi AB (publ) in July 2020. KebNi AB (publ) is headquartered in Stockholm, Sweden.

How the Company Makes Money

KebNi AB generates revenue primarily through the sale of its advanced technological products and services. The company's key revenue streams include the manufacturing and distribution of satellite communication and stabilization equipment. KebNi AB also engages in long-term contracts with defense and aerospace clients, which contribute significantly to its earnings. In addition, the company may collaborate with governmental and commercial entities to develop customized solutions, further bolstering its revenue through strategic partnerships and projects.

KebNi AB Class B Financial Statement Overview

Summary

Earnings have turned positive with improved margins versus 2021–2023 and revenue growth, supported by a debt-free, strengthening balance sheet. However, the TTM gross margin has fallen versus 2024 and free cash flow is roughly breakeven to slightly negative, indicating the turnaround is still fragile.

Income Statement

Profitability has meaningfully improved versus prior years: TTM (Trailing-Twelve-Months) net income is positive (5.8M) with a ~4.2% net margin and ~5.0% EBIT margin, following deeply loss-making results in 2021–2023. Revenue has expanded sharply from 2022 to 2024 and remains higher in TTM (Trailing-Twelve-Months) vs 2024. The main weakness is margin pressure: gross margin stepped down to ~44% in TTM (Trailing-Twelve-Months) from ~55% in 2024, indicating profitability is still vulnerable if costs rise or volumes soften.

Balance Sheet

The balance sheet is conservatively positioned with zero total debt in both TTM (Trailing-Twelve-Months) and recent annual periods, which reduces financial risk and interest burden. Equity has grown from 2022 to TTM (Trailing-Twelve-Months), and returns have swung positive (ROE ~8.6% TTM vs ~3.2% in 2024, after large negatives in 2021–2023). The key drawback is that the company’s profitability track record is still uneven, so the stronger capital position could be pressured again if losses re-emerge.

Cash Flow

Cash generation is mixed. Operating cash flow is positive in TTM (Trailing-Twelve-Months) (7.3M) and 2024 (7.7M), a clear improvement from the large cash outflows in 2020–2023. However, free cash flow is essentially breakeven to slightly negative in TTM (Trailing-Twelve-Months) (-0.004M) and was notably negative in 2024 (-2.6M), meaning operating inflows are still being absorbed by investment and/or working-capital needs. This limits financial flexibility despite the return to accounting profitability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	139.44M	130.56M	65.53M	26.28M	18.26M	38.53M
Gross Profit	61.81M	71.58M	33.95M	10.52M	15.44M	20.38M
EBITDA	15.85M	9.56M	-30.07M	-53.38M	-28.77M	-25.66M
Net Income	5.81M	2.00M	-39.04M	-64.09M	-37.84M	-37.51M
Balance Sheet
Total Assets	119.33M	105.37M	88.82M	63.35M	92.29M	84.65M
Cash, Cash Equivalents and Short-Term Investments	9.70M	17.58M	20.93M	11.29M	15.14M	10.64M
Total Debt	0.00	0.00	0.00	0.00	12.00M	0.00
Total Liabilities	45.87M	42.24M	29.90M	19.84M	30.47M	19.34M
Stockholders Equity	73.47M	63.13M	58.91M	43.50M	61.82M	65.31M
Cash Flow
Free Cash Flow	-4.00K	-2.64M	-42.29M	-38.56M	-42.40M	-49.76M
Operating Cash Flow	7.27M	7.69M	-35.66M	-30.18M	-29.48M	-37.21M
Investing Cash Flow	-11.94M	-11.02M	-6.66M	-7.34M	-12.36M	-13.22M
Financing Cash Flow	4.34M	0.00	51.97M	33.67M	46.91M	52.93M

KebNi AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:KEBNI.B, the sentiment is Negative. The current price of 1.45 is below the 20-day moving average (MA) of 1.76, below the 50-day MA of 1.68, and below the 200-day MA of 1.94, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 41.33 is Neutral, neither overbought nor oversold. The STOCH value of 6.39 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:KEBNI.B.

KebNi AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TAGM.B	68 Neutral	kr287.09M	13.55	8.23%	―	14.89%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
KEBNI.B	58 Neutral	kr446.00M	76.17	8.68%	―	9.30%	―
WAYS	55 Neutral	kr342.16M	618.08	―	―	10.55%	―
MAVEN	53 Neutral	kr257.28M	-37.78	-5.81%	―	-9.79%	-144.24%
GAPW.B	47 Neutral	kr525.44M	-9.70	-52.89%	―	53.78%	19.38%
INCOAX	44 Neutral	kr90.05M	-2.72	-24.59%	―	-48.24%	-48.99%