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

• Market Cap: kr115.60M
• Dividend Yield: N/A
• Average Volume (3M): 106.12K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.50
• Revenue Growth: 2.70%
• EPS Growth: 85.94%
• Country: SE
• Employees: 137
• Sector: Industrials
• Sector Strength: 72
• Industry: Security & Protection Services
• EPS (TTM): 0.05
• Shares Outstanding: 210,187,650
• 10 Day Avg. Volume: 35,799
• 30 Day Avg. Volume: 106,121
• PEG Ratio: 0.83
• Price to Book (P/B): 0.46
• Price to Sales (P/S): 0.24
• P/FCF Ratio: 8.12
• 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): 0.1
• Revenue Forecast (FY): kr446.00M

• Rating: 54 Neutral
• Price Target: kr0.60 ▲(5.26% Upside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is driven primarily by improving financial performance—strong TTM revenue growth, positive operating/free cash flow, and manageable leverage. Offsetting this are weak technical signals (below key moving averages with negative MACD) and limited valuation support due to negative earnings and no indicated dividend.

Positive Factors

Strong TTM revenue growth

Sustained, large TTM revenue growth expands the company’s scale and market footprint, enabling investment in service capability and fixed-cost absorption. Over 2–6 months this supports stronger operating leverage potential and underpins durable recovery in core business volumes.

Positive operating and free cash flow

Consistent positive operating and free cash flow signals improved cash generation from core operations, reducing reliance on external financing. This durable cash profile supports reinvestment, working capital needs, and financial flexibility across multiple quarters.

Manageable leverage

Moderate debt-to-equity provides a healthy capital structure and headroom to fund growth or absorb shocks without overleveraging. This structural improvement increases resilience and preserves strategic optionality for investments or refinancing over the medium term.

Negative Factors

Net income still negative

Persisting negative net income means the company has not yet converted top-line gains into sustainable bottom-line profitability. Over coming quarters this constrains retained earnings growth, limits shareholder returns, and increases dependence on operational improvement to justify scaling.

Volatile and low margins

Margin volatility and thin operating margin indicate pricing, mix or cost pressures that could quickly erode earnings if revenue growth slows. Structurally weak margins reduce buffer against cyclical downturns and limit free cash flow resilience over a multi-month horizon.

Modest cash conversion vs revenue

Although cash flow is positive, conversion remains small versus revenue, leaving limited margin for error. If input costs rise or pricing weakens, cash generation could deteriorate quickly, constraining reinvestment and forcing external funding or cost cuts over the medium term.

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

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Nordic LEVEL Group AB Class B Financial Statement Overview

Summary

Operational recovery is evident with sharply higher TTM revenue and a meaningful swing to positive operating and free cash flow. Balance sheet leverage is moderate (debt-to-equity ~0.37), improving flexibility. The main constraint is profitability quality: net income is still slightly negative and margins (including gross margin) have been volatile.

Income Statement

Top-line momentum is strong, with revenue up sharply in TTM (Trailing-Twelve-Months) (+146.7%) and improving versus prior years. Profitability is still the key issue: net income remains negative in TTM (Trailing-Twelve-Months) (about -0.8% net margin), although operating profit has turned slightly positive (about 1.1% operating margin) compared with the prior annual period. Gross margin has been volatile (notably lower in TTM than the last annual period), suggesting pricing/mix or cost pressure that could limit near-term earnings upside.

Balance Sheet

Leverage looks manageable with debt-to-equity around 0.37 in TTM (Trailing-Twelve-Months), a major improvement from earlier years and broadly stable versus recent annual periods. Equity is substantial relative to assets, supporting financial flexibility. However, returns remain negative (TTM return on equity around -1.6%), reflecting that the business is still not consistently profitable and limiting the balance sheet’s ability to compound shareholder value.

Cash Flow

Cash generation has improved meaningfully: operating cash flow and free cash flow are positive in TTM (Trailing-Twelve-Months) (about 11.7M and 11.5M, respectively) and free cash flow has rebounded strongly versus the prior annual period. The company also improved substantially from the large negative cash flow seen in 2021–2023. The main weakness is that cash flow remains modest relative to revenue, indicating cash conversion is still a work in progress and could be sensitive if margins soften.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	389.90M	371.07M	361.95M	283.09M	227.46M
Gross Profit	184.09M	180.54M	172.97M	126.03M	141.90M
EBITDA	22.26M	13.54M	18.69M	-1.46M	-14.10M
Net Income	-3.10M	-6.03M	-5.15M	-77.42M	-23.75M
Balance Sheet
Total Assets	374.29M	379.92M	397.74M	423.17M	290.00M
Cash, Cash Equivalents and Short-Term Investments	2.99M	8.41M	36.49M	30.42M	33.01M
Total Debt	68.85M	70.30M	62.67M	110.54M	59.52M
Total Liabilities	172.22M	180.61M	206.87M	298.83M	150.22M
Stockholders Equity	202.07M	199.31M	190.88M	124.32M	139.79M
Cash Flow
Free Cash Flow	11.50M	3.40M	-36.67M	-43.76M	-54.80M
Operating Cash Flow	11.72M	5.21M	-34.80M	-40.71M	-54.55M
Investing Cash Flow	2.87M	-17.29M	-8.09M	-18.71M	20.37M
Financing Cash Flow	-20.01M	-15.99M	48.97M	56.83M	61.27M

Nordic LEVEL Group AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.57
• 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:LEVEL, the sentiment is Negative. The current price of 0.57 is below the 20-day moving average (MA) of 0.61, below the 50-day MA of 0.61, and below the 200-day MA of 0.60, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.03 is Neutral, neither overbought nor oversold. The STOCH value of 9.63 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	54 Neutral	kr115.60M	-30.10	-1.58%	―	2.70%	85.94%
IRIS	48 Neutral	kr49.18M	-0.22	-45.32%	―	-41.32%	34.95%
PREC	47 Neutral	kr153.75M	-7.15	-10.30%	―	-3.27%	-23.22%
TSEC	41 Neutral	kr104.84M	-38.00	―	―	9.39%	-378.80%