Kjell Group AB (KJELL) AI Stock Analysis

• Market Cap: kr879.00M
• Dividend Yield: N/A
• Average Volume (3M): 67.52K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.41
• Revenue Growth: -4.54%
• EPS Growth: -1024.16%
• Country: SE
• Employees: 1,350
• Sector: Technology
• Sector Strength: 88
• Industry: Consumer Electronics
• EPS (TTM): 0.36
• Shares Outstanding: 95,336,700
• 10 Day Avg. Volume: 72,287
• 30 Day Avg. Volume: 67,523
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.75
• Price to Sales (P/S): 0.25
• P/FCF Ratio: 7.28
• 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): 0.48
• Revenue Forecast (FY): kr2.54B

• Rating: 57 Neutral
• Price Target: kr8.50 ▼(-4.28% Downside)
• Action: Reiterated Date: 02/11/26
• Date: Action: Reiterated 02/11/26

The score is held back primarily by sharply weakened 2025 fundamentals (deep losses and rising leverage), partially offset by continued positive cash flow. Technical momentum is a meaningful positive, while valuation remains difficult to support due to negative earnings and no dividend data.

Positive Factors

Multi-channel retail model and repeat-purchase categories

A combined physical-store and e-commerce model tied to high-frequency accessory categories creates a durable revenue base. Omnichannel distribution supports cross-selling, repeat purchases (consumables/replacements) and in-store service attachments, improving customer retention and structural sales resilience.

Positive operating and free cash flow in 2025

Sustained positive operating and free cash flow despite an earnings loss provides financial flexibility to fund working capital, modest reinvestment and debt servicing. This cash generation cushions near-term stress and gives management time to execute margin-restoration or efficiency programs.

Prior history of solid margins and profitability

A track record of profitability and solid gross margins in prior years signals underlying unit economics that can be restored. This historical margin capacity suggests the deterioration may be cyclical or fixable via pricing, sourcing or assortment changes rather than structural business failure.

Negative Factors

Deep margin collapse in 2025

A negative gross margin and deeply negative operating and net margins indicate severe pricing pressure, cost misalignment or inventory/markdown issues. Such margin collapse erodes the core profitability model and requires substantive, sustained corrective action to restore long-term cash generation.

Rising leverage and eroded equity base

A material increase in debt-to-equity reduces financial flexibility and raises default and refinancing risk if losses persist. Higher leverage increases interest and covenant strain, limits investment capacity, and magnifies downside for equity holders absent a credible path back to consistent profits.

Declining revenue and collapsed EPS

Sharp EPS deterioration and declining top-line indicate weakening demand and worsening earnings quality. Falling revenue reduces scale benefits and amplifies fixed-cost pressure, making margin recovery harder and prolonging the period of cash conversion stress unless revenue stabilizes or costs are structurally reduced.

Kjell Group AB Business Overview & Revenue Model

Company Description

Kjell Group Ab (Publ) engages in the sale of consumer electronics accessories in Sweden, Norway, and Denmark. The company sells its products through a chain of stores and online channels. As of June 30, 2021, it operated 107 service points in Sweden and 23 service points in Norway. The company was founded in 1988 and is based in Malmö, Sweden.

How the Company Makes Money

Kjell Group AB generates revenue primarily through the sale of consumer electronics and accessories in its retail stores and e-commerce platform. The company operates a multi-channel revenue model, allowing it to reach a broad customer base. Key revenue streams include direct sales of products, online orders, and in-store purchases. Additionally, Kjell Group benefits from partnerships with various technology brands which may involve exclusive product offerings or promotional collaborations, enhancing its product range and market presence. The company's focus on customer loyalty programs and promotional campaigns also plays a significant role in driving repeat business and increasing overall sales.

Kjell Group AB Financial Statement Overview

Summary

Financial performance is weak: profitability deteriorated sharply in 2025 with deeply negative margins and slightly declining revenue, while leverage increased as equity fell. The key offset is positive operating and free cash flow, providing some near-term resilience despite losses.

Income Statement

Profitability deteriorated sharply in 2025, with a swing from near break-even in 2024 to deeply negative results (negative gross margin, operating margin, and net margin), indicating heavy pricing pressure and/or significant cost issues. Revenue has also softened, falling ~3.1% in 2025 after being roughly flat in 2024. While the company was profitable in 2020–2023 with solid gross margins, the recent collapse in earnings quality and margins drives a low score.

Balance Sheet

Leverage has risen meaningfully: debt-to-equity increased to ~1.25 in 2025 from ~0.72 in 2024, while equity fell, consistent with losses eroding the capital base. Returns on equity turned materially negative in 2025, signaling weaker balance-sheet efficiency and higher risk if losses persist. Offsetting this, the company still reports positive equity and a moderate asset base, but the trajectory is unfavorable.

Cash Flow

Cash generation is a relative bright spot: operating cash flow and free cash flow are positive in 2025, and free cash flow rebounded strongly versus 2024. That said, cash flow is not keeping pace with the scale of the loss (free cash flow covers only part of the net loss), and cash flow relative to the debt load appears limited, reducing flexibility if profitability does not recover.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	2.38B	2.58B	2.56B	2.61B	2.40B
Gross Profit	-376.84M	1.05B	1.08B	1.10B	1.02B
EBITDA	82.98M	206.04M	255.01M	295.14M	285.53M
Net Income	-388.13M	-19.89M	12.40M	71.20M	62.42M
Balance Sheet
Total Assets	2.16B	2.45B	2.42B	2.45B	2.56B
Cash, Cash Equivalents and Short-Term Investments	271.20M	178.83M	196.28M	117.62M	193.77M
Total Debt	979.25M	728.18M	748.87M	789.35M	858.18M
Total Liabilities	1.38B	1.45B	1.41B	1.45B	1.68B
Stockholders Equity	782.35M	1.01B	1.01B	998.78M	889.45M
Cash Flow
Free Cash Flow	80.05M	121.20M	235.61M	198.04M	103.21M
Operating Cash Flow	167.05M	139.16M	259.71M	242.25M	152.29M
Investing Cash Flow	-102.20M	-17.96M	-24.10M	-118.15M	-291.94M
Financing Cash Flow	38.26M	-139.41M	-155.15M	-204.40M	-10.25M

Kjell Group AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.88
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:KJELL, the sentiment is Positive. The current price of 8.88 is above the 20-day moving average (MA) of 8.76, above the 50-day MA of 8.65, and above the 200-day MA of 8.51, indicating a bullish trend. The MACD of 0.11 indicates Negative momentum. The RSI at 57.23 is Neutral, neither overbought nor oversold. The STOCH value of 69.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:KJELL.

Kjell Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
INFREA	65 Neutral	kr506.99M	6.76	―	3.51%	7.83%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
KJELL	57 Neutral	kr879.00M	-1.50	-42.09%	―	-4.54%	-1024.16%
ALCA	57 Neutral	kr821.12M	-55.21	―	―	-7.91%	-33.91%
4C	42 Neutral	kr336.82M	8.08	―	―	4.32%	57.79%