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MilDef Group AB
(MILDEF)
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Rating:62Neutral
Price Target:
kr245.00
▲(11.72% Upside)
Action:Reiterated
Date:07/23/26
The score is driven primarily by improving fundamentals (solid growth and healthy margins with moderate leverage), but is held back by uneven cash conversion/FCF volatility. Technically, the trend is strong yet momentum appears stretched (RSI > 70). Valuation is the biggest drag given the high P/E and minimal dividend yield.
Positive Factors
Defensible Niche Products
MilDef’s core products are mission‑critical, ruggedized IT systems for defense/security — a high‑barrier niche requiring certifications, long validation cycles and reliability. This fosters sticky customer relationships, recurring sustainment demand and limited direct competition over multi‑year programs.
Negative Factors
Volatile Cash Conversion
Free cash flow has been uneven and below earnings in some years, reflecting working‑capital swings and timing on large contracts. Persistent volatility in cash conversion limits reinvestment capacity, raises refinancing sensitivity and weakens confidence in sustainably funding capex, support services or dividends.
Read all positive and negative factors
Positive Factors
Negative Factors
Defensible Niche Products
MilDef’s core products are mission‑critical, ruggedized IT systems for defense/security — a high‑barrier niche requiring certifications, long validation cycles and reliability. This fosters sticky customer relationships, recurring sustainment demand and limited direct competition over multi‑year programs.
Read all positive factors
MilDef Group AB (MILDEF) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr10.20B
Dividend Yield0.35%
Average Volume (3M)422.70K
Price to Earnings (P/E)38.0
Beta (1Y)0.98
Revenue Growth91.38%
EPS GrowthN/A
CountrySE
Employees553
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)5.70
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
kr225.00Price Target Upside2.60% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)7.09
Revenue Forecast (FY)kr3.01B
MilDef Group AB Business Overview & Revenue Model
Company Description
MilDef Group AB (publ), operating via its subsidiaries, specializes in the design, production, and distribution of resilient IT systems and bespoke electronic devices. Its core clientele includes organizations within the defense and security secto...
How the Company Makes Money
MilDef makes money primarily by selling ruggedized hardware and integrated solutions to defense forces and other security-oriented public-sector customers, typically through contract-based procurement. Key revenue streams include: (1) Product sale...
MilDef Group AB Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.66B | 2.05B | 1.20B | 1.15B | 738.80M | 469.60M |
| Gross Profit | 1.22B | 920.10M | 589.10M | 556.30M | 352.30M | 210.10M |
| EBITDA | 509.00M | 324.70M | -36.10M | 176.70M | 57.80M | 23.20M |
| Net Income | 266.60M | 147.70M | -220.30M | 69.00M | 14.20M | -700.00K |
Balance Sheet | ||||||
| Total Assets | 3.19B | 2.91B | 1.68B | 1.53B | 1.39B | 808.20M |
| Cash, Cash Equivalents and Short-Term Investments | 196.30M | 148.60M | 530.40M | 81.50M | 59.90M | 169.20M |
| Total Debt | 692.70M | 955.60M | 220.40M | 367.40M | 314.70M | 102.10M |
| Total Liabilities | 1.53B | 1.39B | 581.90M | 681.10M | 606.00M | 240.00M |
| Stockholders Equity | 1.66B | 1.52B | 1.10B | 844.60M | 787.90M | 568.20M |
Cash Flow | ||||||
| Free Cash Flow | 177.70M | -31.60M | 123.90M | 8.70M | -94.80M | -71.90M |
| Operating Cash Flow | 223.60M | -3.00M | 144.40M | 54.50M | -76.80M | -55.50M |
| Investing Cash Flow | -86.60M | -731.50M | -33.30M | -68.90M | -321.30M | -187.20M |
| Financing Cash Flow | -139.90M | 359.70M | 335.10M | 38.50M | 285.70M | 362.90M |
MilDef Group AB Technical Analysis
Positive
219.30
Price Trends
193.00
Positive
173.25
Positive
156.64
Positive
Market Momentum
9.94
Negative
63.00
Neutral
49.70
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 219.3 is above the 20-day moving average (MA) of 204.49, above the 50-day MA of 193.00, and above the 200-day MA of 156.64, indicating a bullish trend. The MACD of 9.94 indicates Negative momentum. The RSI at 63.00 is Neutral, neither overbought nor oversold. The STOCH value of 49.70 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | kr322.48B | 45.33 | 15.85% | 0.37% | 26.03% | 35.89% | |
66 Neutral | kr10.08B | 25.86 | 12.77% | 1.29% | 4.03% | 38.99% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | kr10.20B | 38.00 | 17.14% | 0.34% | 91.38% | ― | |
54 Neutral | kr3.06B | 16.72 | 2.57% | 6.34% | 1.95% | -19.30% | |
50 Neutral | kr2.13B | -40.53 | -24.76% | ― | ― | ― | |
44 Neutral | kr1.37B | -19.88 | -33.32% | ― | 120.73% | 7.14% |
* Industrials Sector Average
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MilDef Group AB Corporate Events
MilDef secures major Bundeswehr IT framework deal worth up to €527 million
Jul 21, 2026
MilDef’s German subsidiary roda computer GmbH has secured a seven-year extension to its framework agreement with the German Armed Forces procurement authority BAAINBw, enabling potential procurements of tactical IT equipment worth up to S...
MilDef boosts growth and margins as major defence contracts swell order backlog
Jul 16, 2026
MilDef reported a strong second quarter of 2026, with net sales climbing 64% to SEK 630 million on entirely organic growth and gross margins improving to 51.9% as higher-margin system, integration and software solutions gained share. Adjusted EBIT...
MilDef Secures Record 553 MSEK Hardware Order from European NATO Customer
Jul 13, 2026
MilDef Group AB, a specialist in rugged IT and systems integration for the defense sector, develops and delivers robust hardware and software tailored for military use in harsh conditions. Founded in 1997 and listed on Nasdaq Stockholm since 2021,...
MilDef Schedules Q2 2026 Report Release and Investor Presentation
Jul 8, 2026
MilDef will publish its second-quarter 2026 financial report on July 16 at 08:00 CEST, underlining its commitment to transparent communication with the market. The tactical IT and defense-focused technology company is inviting investors, analysts ...
MilDef Secures Seven-Year SEK 1.5 Billion Framework Deal with Swedish FMV
Jun 26, 2026
MilDef Group AB has signed a seven-year framework agreement with the Swedish Defense Materiel Administration to supply hardware, OneCIS software and related integration and lifecycle services for support systems command-and-control, with a potenti...
MilDef AGM Approves Dividend, New Incentive Plan and Share Issue Mandate
May 21, 2026
MilDef Group AB’s Annual General Meeting approved the 2025 financial statements, discharged the board and CEO from liability, and set a dividend of SEK 0.75 per share, reinforcing its capital return to shareholders. The meeting also confirme...
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 ...
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.