MilDef Group AB (MILDEF) AI Stock Analysis

• Market Cap: kr5.79B
• Dividend Yield: 0.41%
• Average Volume (3M): 422.70K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.43
• Revenue Growth: 47.87%
• EPS Growth: -439.87%
• Country: SE
• Employees: 327
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): 0.97
• Shares Outstanding: 47,114,895
• 10 Day Avg. Volume: 339,511
• 30 Day Avg. Volume: 422,703
• PEG Ratio: 0.06
• Price to Book (P/B): 4.60
• Price to Sales (P/S): 4.22
• P/FCF Ratio: 40.89
• 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: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: kr121.00 ▼(-1.55% Downside)

MilDef Group AB's overall stock score is primarily impacted by its financial performance challenges, including profitability and cash flow issues. Technical analysis indicates bearish momentum, further weighing on the score. Valuation metrics also reflect concerns, with a negative P/E ratio and low dividend yield. The absence of earnings call and corporate events data means these factors do not influence the score.

Positive Factors

Revenue Growth

The positive revenue growth trend indicates increasing demand for MilDef's products, suggesting a strong market position and potential for future expansion.

Cash Flow Improvement

Significant improvement in free cash flow demonstrates effective cash management, providing resources for reinvestment and financial stability.

Stable Balance Sheet

A stable balance sheet with moderate leverage indicates financial health, allowing MilDef to pursue growth opportunities without excessive risk.

Negative Factors

Profitability Challenges

Negative profitability metrics highlight operational inefficiencies, which could hinder long-term financial performance and investor confidence.

Negative Return on Equity

A negative return on equity suggests that the company is not effectively utilizing its equity, which may impact its ability to attract investment.

Low Operating Cash Flow

Weak cash generation from operations relative to net income could limit MilDef's ability to fund operations and growth without external financing.

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, handhelds, concepts, tracking solutions, servers, switches, routers, intelligent displays, and accessories. It has operations in Sweden, Norway, Finland, the United Kingdom, and the United States. The company was founded in 1997 and is headquartered in Helsingborg, Sweden.

How the Company Makes Money

MilDef generates revenue through the sale of its ruggedized IT products and systems to military and defense organizations. The company's primary revenue streams include direct sales of hardware, software licenses, and ongoing maintenance and support contracts. Additionally, MILDEF often engages in long-term contracts and partnerships with various government defense agencies and private defense contractors, which provide a stable income source. The company may also benefit from research and development funding through collaborations with defense ministries and participation in defense procurement programs.

MilDef Group AB Financial Statement Overview

Summary

MilDef Group AB shows strong revenue growth but faces significant profitability and cash flow challenges. The balance sheet indicates moderate stability with a solid equity base, but increasing leverage and negative returns on equity are concerning.

Income Statement

MilDef Group AB shows a mixed performance in its income statement. The company has experienced a strong revenue growth rate of 20.85% in the TTM, indicating robust top-line expansion. However, profitability metrics are concerning, with a negative net profit margin of -16.06% and an EBIT margin of 7.01%. The gross profit margin remains healthy at 47.64%, but the negative net income suggests challenges in managing costs or operational inefficiencies.

Balance Sheet

The balance sheet of MilDef Group AB reflects moderate financial stability. The debt-to-equity ratio of 0.52 indicates a manageable level of leverage, although it has increased from previous years. The return on equity is negative at -18.80%, highlighting profitability challenges. The equity ratio stands at 51.79%, suggesting a solid equity base relative to total assets, which is a positive sign for financial resilience.

Cash Flow

Cash flow analysis reveals significant challenges for MilDef Group AB. The company has a negative free cash flow growth rate of -208.62% in the TTM, indicating cash flow difficulties. The operating cash flow to net income ratio is low at 0.12, and the free cash flow to net income ratio is 0.74, suggesting that cash generation is not keeping pace with net income losses. These metrics highlight potential liquidity concerns.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.68B	1.20B	1.15B	738.80M	469.60M	398.50M
Gross Profit	780.50M	589.10M	556.30M	352.30M	210.10M	182.10M
EBITDA	472.30M	-36.10M	176.70M	57.80M	23.20M	67.00M
Net Income	-195.00M	-220.30M	69.00M	14.20M	-700.00K	42.50M
Balance Sheet
Total Assets	2.76B	1.68B	1.53B	1.39B	808.20M	367.90M
Cash, Cash Equivalents and Short-Term Investments	118.10M	530.40M	81.50M	59.90M	169.20M	46.80M
Total Debt	715.60M	220.40M	367.40M	314.70M	102.10M	66.70M
Total Liabilities	1.33B	581.90M	681.10M	606.00M	240.00M	235.30M
Stockholders Equity	1.43B	1.10B	844.60M	787.90M	568.20M	132.60M
Cash Flow
Free Cash Flow	-47.90M	123.90M	8.70M	-94.80M	-71.90M	52.80M
Operating Cash Flow	-31.10M	144.40M	54.50M	-76.80M	-55.50M	61.70M
Investing Cash Flow	-720.10M	-33.30M	-68.90M	-321.30M	-187.20M	-8.60M
Financing Cash Flow	829.00M	335.10M	38.50M	285.70M	362.90M	-14.40M

MilDef Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 122.90
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MILDEF, the sentiment is Negative. The current price of 122.9 is below the 20-day moving average (MA) of 128.80, below the 50-day MA of 145.14, and below the 200-day MA of 185.80, indicating a bearish trend. The MACD of -5.30 indicates Negative momentum. The RSI at 40.06 is Neutral, neither overbought nor oversold. The STOCH value of 15.45 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:MILDEF.

MilDef Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SAAB.B	70 Outperform	kr283.03B	54.65	13.56%	0.39%	22.49%	30.47%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
INSTAL	59 Neutral	kr6.85B	26.54	8.12%	2.67%	-3.68%	-48.79%
FAG	56 Neutral	kr7.13B	27.73	3.57%	3.46%	-6.23%	-37.00%
GOMX	48 Neutral	kr2.68B	-25.70	―	―	9.60%	40.86%
MILDEF	42 Neutral	kr5.79B	-26.30	-16.38%	0.41%	47.87%	-439.87%
SALT.B	39 Underperform	kr870.76M	-12.46	-40.77%	―	11.85%	6.39%

MilDef Group AB Corporate Events

MilDef Group AB Announces 2026 AGM Nomination Committee

MilDef Group AB has announced the formation of its Nomination Committee for the 2026 Annual General Meeting, comprising representatives from Swedbank Robur Fonder, Andra AP-Fonden, and Carnegie Fonder, with the Chair of the Board, Björn Karlsson, also participating. This committee will play a crucial role in preparing for the AGM, scheduled for May 21, 2026, in Helsingborg, by considering shareholder proposals submitted by January 31, 2026, thereby influencing the company’s governance and strategic direction.

MilDef to Release Q3 2025 Financial Report

MilDef has announced the release of its third quarter report for 2025, scheduled for October 23. The report will be presented by CEO Daniel Ljunggren during a conference call for investors, analysts, and media, highlighting the company’s ongoing commitment to transparency and stakeholder engagement.

MilDef Completes Share Buy-Back to Support Incentive Program

MilDef Group AB has completed a share buy-back program, repurchasing 20,000 shares for SEK 3,774,918 to support its incentive program LTIP 2025/2028. This move, conducted under EU regulations, aims to secure share delivery and cover associated costs, reflecting MilDef’s strategic financial management.

MilDef Group AB Announces Share Repurchase Program

MilDef Group AB has announced a share repurchase program authorized by its Board of Directors to secure shares for its incentive program LTIP 2025/2028. The repurchase, conducted by Skandinaviska Enskilda Banken AB, will adhere to the Market Abuse Regulation and Safe Harbour Regulation, with a maximum of 20,000 shares to be acquired between September 17 and October 17, 2025, without exceeding 10% of the company’s total shares.