MilDef Group AB (SE:MILDEF)
:MILDEF
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MilDef Group AB
(MILDEF)
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Rating:71Outperform
Price Target:
kr183.00
▲(46.75% Upside)
Action:Upgraded
Date:04/24/26
The score is driven primarily by improving fundamentals (revenue acceleration and restored profitability) but held back by inconsistent cash flow and higher leverage. Technicals are a clear positive with strong trend/momentum, while valuation is reasonable but not compelling given the low yield and past earnings volatility.
Positive Factors
Revenue growth & restored profitability
Sustained revenue acceleration alongside a return to positive operating and net margins indicates the core business and cost structure have recovered. Over 2–6 months this supports program delivery, improves contract competitiveness and underpins reinvestment capacity for product and service expansion.
Negative Factors
Rising leverage
A meaningful increase in debt reduces financial flexibility and raises interest and covenant risk if margins compress. In a contract-driven defense business, higher leverage limits ability to absorb delayed payments or bid for capital-intensive programs without raising new capital or curbing investment.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth & restored profitability
Sustained revenue acceleration alongside a return to positive operating and net margins indicates the core business and cost structure have recovered. Over 2–6 months this supports program delivery, improves contract competitiveness and underpins reinvestment capacity for product and service expansion.
Read all positive factors
MilDef Group AB (MILDEF) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr7.82B
Dividend Yield0.41%
Average Volume (3M)422.70K
Price to Earnings (P/E)22.9
Beta (1Y)0.85
Revenue Growth84.46%
EPS GrowthN/A
CountrySE
Employees327
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)4.65
Shares Outstanding47,114,895
10 Day Avg. Volume339,511
30 Day Avg. Volume422,703
Financial Highlights & Ratios
PEG Ratio-0.24
Price to Book (P/B)3.69
Price to Sales (P/S)2.74
P/FCF Ratio-177.48
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr210.00Price Target Upside68.40% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6.08
Revenue Forecast (FY)kr2.86B
MilDef Group AB Business Overview & Revenue Model
Company Description
MilDef Group AB (publ), through its subsidiaries, develops, manufactures, and sells rugged IT solutions and special electronics primarily to customers in the security and defense sectors. The company's IT solutions include laptops, tablets, handhe...
How the Company Makes Money
MilDef primarily makes money by selling ruggedized hardware and integrated IT solutions to defense and security customers, with revenue typically tied to contract-based procurement programs. Key revenue streams include: (1) Product sales: rugged l...
MilDef Group AB Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
67
Positive
Cash Flow
54
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.41B | 2.05B | 1.20B | 1.15B | 738.80M | 469.60M |
| Gross Profit | 1.07B | 920.10M | 589.10M | 556.30M | 352.30M | 210.10M |
| EBITDA | 435.60M | 324.70M | -36.10M | 176.70M | 57.80M | 23.20M |
| Net Income | 219.10M | 147.70M | -220.30M | 69.00M | 14.20M | -700.00K |
Balance Sheet | ||||||
| Total Assets | 3.02B | 2.91B | 1.68B | 1.53B | 1.39B | 808.20M |
| Cash, Cash Equivalents and Short-Term Investments | 241.40M | 148.60M | 530.40M | 81.50M | 59.90M | 169.20M |
| Total Debt | 707.40M | 955.60M | 220.40M | 367.40M | 314.70M | 102.10M |
| Total Liabilities | 1.41B | 1.39B | 581.90M | 681.10M | 606.00M | 240.00M |
| Stockholders Equity | 1.61B | 1.52B | 1.10B | 844.60M | 787.90M | 568.20M |
Cash Flow | ||||||
| Free Cash Flow | 202.10M | -31.60M | 123.90M | 8.70M | -94.80M | -71.90M |
| Operating Cash Flow | 239.20M | -3.00M | 144.40M | 54.50M | -76.80M | -55.50M |
| Investing Cash Flow | -76.80M | -731.50M | -33.30M | -68.90M | -321.30M | -187.20M |
| Financing Cash Flow | -128.50M | 359.70M | 335.10M | 38.50M | 285.70M | 362.90M |
MilDef Group AB Technical Analysis
Positive
124.70
Price Trends
149.47
Positive
141.71
Positive
152.25
Positive
Market Momentum
3.47
Positive
58.18
Neutral
40.43
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MILDEF, the sentiment is Positive. The current price of 124.7 is below the 20-day moving average (MA) of 172.79, below the 50-day MA of 149.47, and below the 200-day MA of 152.25, indicating a bullish trend. The MACD of 3.47 indicates Positive momentum. The RSI at 58.18 is Neutral, neither overbought nor oversold. The STOCH value of 40.43 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:MILDEF.
MilDef Group AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | kr7.82B | 22.93 | 10.29% | 0.41% | 84.46% | ― | |
68 Neutral | kr10.13B | 28.65 | 11.66% | 2.67% | 0.30% | 28.26% | |
67 Neutral | kr265.55B | 57.79 | 13.56% | 0.39% | 26.26% | 38.19% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | kr3.29B | -997.43 | ― | ― | ― | ― | |
50 Neutral | kr1.54B | -10.24 | -39.97% | ― | 120.73% | 7.14% | |
48 Neutral | kr3.37B | -41.50 | 3.57% | 3.46% | -3.64% | -25.09% |
* Industrials Sector Average
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MilDef Group AB Corporate Events
MilDef shifts press release distribution from Cision to MFN
May 13, 2026
MilDef Group is shifting its press release and financial report distribution from Cision to MFN (Modular Finance News) beginning May 13, 2026, and is asking existing Cision News subscribers to re-register on the MFN platform. The move centralizes ...
MilDef Boosts Orders and Profit as Defense Demand Spurs Expansion
Apr 23, 2026
MilDef reported a strong first quarter of 2026, with order intake soaring 169% to SEK 1,085 million and net sales more than doubling to SEK 708 million, driven by both robust organic growth and contributions from acquisitions. The order backlog cl...
MilDef Calls 2026 AGM With Flexible Voting Options for Shareholders
Apr 21, 2026
MilDef Group AB has called its shareholders to the Annual General Meeting to be held on 21 May 2026 at the company’s premises in Helsingborg, Sweden, with participation possible in person, by proxy or via postal voting. The meeting framework...
MilDef Signals Record First-Quarter Growth and Cash Flow
Apr 15, 2026
Defense IT specialist MilDef has signaled a sharp outperformance for the first quarter of 2026, driven by improved delivery capabilities and strong demand for its ruggedized products and solutions. Preliminary figures show revenue doubling to abou...
MilDef to Present First-Quarter 2026 Results in Investor Webcast on April 23
Apr 14, 2026
MilDef Group AB will publish its first-quarter 2026 report on April 23 at 08:00 CEST, underscoring the company’s commitment to regular financial transparency for investors in the defense technology sector. Later that morning, management will...
MilDef Expands Helsingborg Headquarters to Boost Defense Production Capacity
Apr 9, 2026
MilDef Group AB is expanding its headquarters in Helsingborg by 6,000 square meters to meet rising demand from armed forces for its rugged IT and defense solutions. The project, executed with real estate partner Wihlborgs and contractor MVB, will ...
MilDef’s Nomination Committee Proposes Strengthened Board Ahead of 2026 AGM
Mar 17, 2026
MilDef’s nomination committee proposes a seven-member board with the re-election of Björn Karlsson as chairman, alongside the reappointment of Charlotte Darth, Carl Mellander, Lennart Pihl and Lisa Åbom. The committee also recommen...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.