Nordic LEVEL Group AB Class B (LEVEL) AI Stock Analysis

• Market Cap: kr121.91M
• Dividend Yield: N/A
• Average Volume (3M): 106.12K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.55
• Revenue Growth: 2.70%
• EPS Growth: 85.94%
• Country: SE
• Employees: 137
• Sector: Industrials
• Sector Strength: 72
• Industry: Security & Protection Services
• EPS (TTM): -0.01
• Shares Outstanding: 210,187,650
• 10 Day Avg. Volume: 35,799
• 30 Day Avg. Volume: 106,121
• PEG Ratio: 1.83
• Price to Book (P/B): 0.70
• Price to Sales (P/S): 0.37
• P/FCF Ratio: 40.70
• 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: 56 Neutral
• Price Target: kr0.61 ▲(6.32% Upside)

The score is driven mainly by improving financial performance (strong revenue growth, stable margins, and positive operating profit) but is held back by continued net losses, inconsistent free-cash-flow momentum, and weak valuation signals due to a negative P/E. Technical indicators are broadly neutral, offering limited additional support.

Positive Factors

Strong revenue growth with stable gross margins

A sustained ~+160% TTM revenue increase coupled with a ~49% gross margin indicates durable product-market fit and recurring demand for LEVEL's subscription and cloud services. Stable gross margins imply pricing power and scalable unit economics that support long-term margin preservation as revenue scales.

Return to positive operating profit and expanding margins

Conversion of top-line growth into positive EBIT (~1.4%) and expanded EBITDA (~4.5%) signals improving operational efficiency and cost discipline. Structural improvements in operating profitability reduce reliance on financing, creating a clearer path to sustained net profitability if revenue momentum continues.

Manageable leverage and stronger equity base

A debt-to-equity near 0.37 and a meaningful equity base show a healthier balance sheet versus past periods of high leverage. This structural improvement preserves financial flexibility for investments, R&D, and partnerships, lowering refinancing risk and supporting longer-term strategic initiatives.

Negative Factors

Net income still negative and ROE below zero

Despite operational gains, a negative net margin (~-0.7%) and below-zero ROE mean the company has not converted operating improvement into shareholder returns. Persisting bottom-line losses constrain ability to pay dividends or buy back stock and increase sensitivity to interest, tax and one-off charges.

Volatile free cash flow and weak cash conversion

Sharp FCF decline (~-72% growth) and thin cash conversion relative to sales signal inconsistent cash generation. Structural FCF volatility weakens the company’s ability to self-fund growth, invest in product development, or weather downturns without tapping external capital, raising execution risk.

Total assets trended down from 2022–2024

A multi-year decline in total assets suggests shrinking operational scale or asset sales, which can limit capacity to support future revenue expansion. If driven by restructuring or divestments, this may reduce recurring revenue streams and impede long-term growth and margin stability unless new investments replace disposed capacity.

Nordic LEVEL Group AB Class B Business Overview & Revenue Model

Company Description

Nordic LEVEL Group AB (publ.), a systems integrator, designs and delivers security solutions primarily in Sweden. The company offers a portfolio of independent integrated products and services in the areas of security analysis, security, access control, fire protection and alarm, camera, video, and IT infrastructure. It also provides fire protection technology products, such as fire alarms. In addition, the company offers security technology solutions, including burglar alarm systems, access control systems, and camera systems, as well as access key cards. Further, it provides analysis and advisory, technical installation, and maintenance services. The company serves clients in infrastructure, real estate, and hotel and conference, as well as industrial, office, and property industries. The company was formerly known as Confidence International AB (publ.) and changed its name to Nordic LEVEL Group AB (publ.) in December 2021. Nordic LEVEL Group AB (publ.) is based in Sundbyberg, Sweden.

How the Company Makes Money

LEVEL generates revenue through multiple streams, primarily by offering subscription-based software services and cloud solutions to businesses seeking digital transformation. The company also earns income from consulting services that assist clients in implementing and optimizing its technology solutions. Key partnerships with major technology providers and telecommunications companies enhance LEVEL's service offerings and market reach, contributing significantly to its earnings. Additionally, LEVEL may engage in product sales and licensing agreements, further diversifying its revenue model and supporting its growth strategy.

Nordic LEVEL Group AB Class B Financial Statement Overview

Summary

Strong TTM revenue growth (~+160%) with stable gross margin (~49%) and a return to positive operating profit (EBIT margin ~1.4%) indicate a real operational rebound. Offsetting this, net income remains slightly negative (net margin ~-0.7%), ROE is still below zero, and free cash flow is positive but volatile (FCF growth about -72%).

Income Statement

TTM (Trailing-Twelve-Months) revenue is up strongly (about +160%) with gross margin essentially stable around ~49%, showing solid demand and pricing discipline. Profitability is improving versus 2024 as operating profit has turned positive (EBIT margin ~1.4% vs. negative last year) and EBITDA margin has modestly expanded (~4.5%). The key weakness is the bottom line: net income remains slightly negative in TTM (about -0.7% net margin), indicating costs/financing/taxes are still preventing a clean return to profitability.

Balance Sheet

Leverage appears manageable with debt-to-equity around ~0.37 in TTM (similar to recent years) and equity representing a meaningful capital base. The balance sheet looks far healthier than 2020 when leverage was extremely high due to very low equity. However, returns to shareholders are still negative (TTM return on equity is slightly below zero), and total assets have trended down from 2022–2024, which could signal pressure from restructuring, divestments, or working-capital normalization.

Cash Flow

Cash generation has improved materially: TTM operating cash flow and free cash flow are both positive, contrasting with large cash outflows in 2021–2023. That said, TTM free cash flow fell sharply versus the prior period (reported free cash flow growth about -72%), and cash conversion remains relatively thin versus the revenue base (operating cash flow is a low percentage of sales). Overall, the direction is better, but consistency is not yet established.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	384.33M	371.07M	361.95M	283.09M	227.46M	100.07M
Gross Profit	187.11M	180.54M	172.97M	126.03M	141.90M	51.42M
EBITDA	20.20M	13.54M	18.69M	-1.46M	-14.10M	-9.85M
Net Income	-2.74M	-6.03M	-5.15M	-77.42M	-23.75M	-15.80M
Balance Sheet
Total Assets	358.62M	379.92M	397.74M	423.17M	290.00M	79.04M
Cash, Cash Equivalents and Short-Term Investments	3.35M	8.41M	36.49M	30.42M	33.01M	5.92M
Total Debt	70.70M	70.30M	62.67M	110.54M	59.52M	41.24M
Total Liabilities	165.49M	180.61M	206.87M	298.83M	150.22M	73.89M
Stockholders Equity	193.13M	199.31M	190.88M	124.32M	139.79M	5.15M
Cash Flow
Free Cash Flow	5.54M	3.40M	-36.67M	-43.76M	-54.80M	-3.46M
Operating Cash Flow	5.83M	5.21M	-34.80M	-40.71M	-54.55M	-3.27M
Investing Cash Flow	382.00K	-17.29M	-8.09M	-18.71M	20.37M	167.00K
Financing Cash Flow	-14.59M	-15.99M	48.97M	56.83M	61.27M	-2.15M

Nordic LEVEL Group AB Class B Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.57
• 50DMA: Positive
• 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:LEVEL, the sentiment is Positive. The current price of 0.57 is below the 20-day moving average (MA) of 0.57, below the 50-day MA of 0.58, and below the 200-day MA of 0.59, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 51.67 is Neutral, neither overbought nor oversold. The STOCH value of 59.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:LEVEL.

Nordic LEVEL Group AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
LEVEL	56 Neutral	kr121.91M	-49.15	-1.58%	―	2.70%	85.94%
TSEC	52 Neutral	kr111.65M	-2.05	―	―	9.39%	-378.80%
IRIS	48 Neutral	kr49.95M	-0.08	-44.40%	―	-41.32%	34.95%
PREC	45 Neutral	kr170.23M	-11.58	-10.30%	―	-3.27%	-23.22%