NAXS AB (SE:NAXS)
:NAXS
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NAXS AB
(NAXS)
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Rating:49Neutral
Price Target:
kr38.00
â–Ľ(-1.55% Downside)
Action:ReiteratedDate:02/19/26
The score is held down primarily by weakened recent profitability and persistently negative operating/free cash flow, despite a strong no-debt balance sheet. Technicals are slightly bearish with price below key moving averages and negative MACD. A high dividend yield provides some support, but losses (negative P/E) keep valuation risk elevated.
Positive Factors
Conservative Balance Sheet (No Debt)
A zero-debt capital structure gives NAXS durable financial flexibility typical of long-term investment vehicles. It can withstand portfolio drawdowns, fund follow-on commitments or distributions from equity, and avoid refinancing risk—supporting stability across private equity cycles.
Negative Factors
Persistent Negative Cash Generation
Sustained negative operating and free cash flow erodes liquidity and undermines the firm's ability to fund distributions, follow-on investments, or cover fees without selling assets. This structural cash conversion weakness raises long-term funding and operational sustainability concerns.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet (No Debt)
A zero-debt capital structure gives NAXS durable financial flexibility typical of long-term investment vehicles. It can withstand portfolio drawdowns, fund follow-on commitments or distributions from equity, and avoid refinancing risk—supporting stability across private equity cycles.
Read all positive factors
NAXS AB (NAXS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr379.78M
Dividend Yield8.78%
Average Volume (3M)275.18K
Price to Earnings (P/E)―
Beta (1Y)0.61
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees1
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-0.60
Shares Outstanding11,077,585
10 Day Avg. Volume22,347
30 Day Avg. Volume275,180
Financial Highlights & Ratios
PEG Ratio0.26
Price to Book (P/B)0.75
Price to Sales (P/S)-2661.54
P/FCF Ratio-31.44
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
NAXS AB Business Overview & Revenue Model
Company Description
NAXS AB (publ) is an investment firm specializing in fund of funds and secondary indirect investments. It does not invest in pure debt instruments, convertible debentures, and mezzanine instruments. Within the fund of fund investments, it makes in...
How the Company Makes Money
NAXS primarily makes money through investment returns generated by its private equity portfolio. This typically includes (1) value appreciation on its holdings as underlying private equity investments increase in value and are realized through exi...
NAXS AB Financial Statement Overview
Summary
Income Statement
27
Negative
Balance Sheet
74
Positive
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | -156.00K | -58.83M | 12.13M | 187.34M | 186.42M |
| Gross Profit | -23.44M | -61.49M | 9.61M | 185.98M | 183.80M |
| EBITDA | -27.89M | -66.57M | 4.36M | 180.09M | 177.41M |
| Net Income | -25.77M | -66.58M | 4.35M | 180.08M | 177.41M |
Balance Sheet | |||||
| Total Assets | 566.41M | 809.88M | 923.76M | 960.67M | 824.41M |
| Cash, Cash Equivalents and Short-Term Investments | 65.88M | 203.60M | 209.23M | 211.67M | 265.52M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 10.07M | 1.47M | 1.70M | 1.42M | 1.56M |
| Stockholders Equity | 556.35M | 808.41M | 922.07M | 959.25M | 822.86M |
Cash Flow | |||||
| Free Cash Flow | -13.21M | -10.11M | -9.52M | -14.30M | -10.24M |
| Operating Cash Flow | -13.21M | -10.11M | -9.52M | -14.30M | -10.24M |
| Investing Cash Flow | 101.66M | 51.67M | 48.60M | 4.14M | 89.92M |
| Financing Cash Flow | -226.13M | -47.08M | -41.54M | -43.68M | -33.46M |
NAXS AB Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | kr6.82B | 6.12 | ― | 6.23% | -0.22% | -58.80% | |
71 Outperform | kr656.56M | 18.21 | ― | ― | 34.18% | 242.91% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
60 Neutral | kr2.13B | 2.89 | ― | ― | ― | ― | |
49 Neutral | kr379.78M | -15.68 | ― | 8.78% | ― | ― |
* Financial Sector Average
SE:NAXS
NAXS AB
36.80
0.93
2.58%
DE:7EU
Vo2 Cap Holding AB
0.13
0.01
11.67%
DE:SKVB
Catella AB Class B
1.80
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-21.67%
SE:CASE
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20.40
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34.21%
SE:ORES
Investment AB Oresund
150.00
49.14
48.72%
SE:VEFAB
VEF AB
2.04
0.51
33.68%
NAXS AB Corporate Events
NAXS Realizes Strong Return on Reledo Co-Investment in Oversubscribed SPV Deal
Mar 16, 2026
NAXS AB has divested its co-investment in Reledo Holding AB, a leading Nordic provider of property services to small and medium-sized enterprises, in connection with Celero Capital Fund I’s partial sale of its Reledo stake to a newly establi...
NAXS Continues Share Buybacks to Optimize Capital Structure and Shareholder Value
Mar 16, 2026
NAXS AB has continued to execute on its share repurchase program, buying back 5,645 shares on Nasdaq Stockholm between 9 and 12 March 2026. The transactions, carried out by Pareto Securities AB under EU Market Abuse and Safe Harbour regulations, w...
NAXS Expands Share Buyback Program to Bolster Capital Structure
Mar 9, 2026
NAXS AB has continued to execute its share repurchase program, buying 8,918 shares on Nasdaq Stockholm between 2 and 6 March 2026 through Pareto Securities AB, which conducts the trades independently. The buybacks are intended to optimize capital ...
NAXS Expands Share Buyback to Optimize Capital Structure
Mar 2, 2026
NAXS AB, a Nordic-focused private equity investment company listed on Nasdaq Stockholm, continues to build its portfolio through fund and co-investments in alternative assets. The firm aims to offer shareholders exposure to private equity while ac...
NAXS Expands Share Buyback to Bolster Capital Flexibility and Shareholder Value
Feb 23, 2026
NAXS AB has continued its ongoing share repurchase program, buying 4,778 of its own shares on Nasdaq Stockholm between 16 and 20 February 2026, executed independently by Pareto Securities. The program is designed to enhance capital management flex...
NAXS Expands Share Buyback as Treasury Holdings Climb
Feb 16, 2026
NAXS AB has continued its ongoing share repurchase program, buying back 3,521 shares on Nasdaq Stockholm between 9 and 13 February 2026 through Pareto Securities, which executes the trades independently. The program is designed to provide flexibil...
NAXS Calls 2026 AGM With Proposals on Board Changes and Share Buyback Mandate
Feb 13, 2026
NAXS AB has convened its annual general meeting for 17 March 2026 in Stockholm, outlining standard participation procedures for shareholders, including registration deadlines, proxy rules and requirements for nominee-registered investors to re-reg...
NAXS Continues Nordic-Focused Investor Buyback Program to Optimize Capital Structure
Feb 9, 2026
NAXS AB has continued to execute its share repurchase program, buying back 5,630 shares between 2 and 6 February 2026 on Nasdaq Stockholm through Pareto Securities, which acts independently in timing the transactions. The buyback aims to optimize ...
NAXS Expands Share Buyback to Bolster Capital Structure and Shareholder Value
Feb 2, 2026
NAXS AB has repurchased 4,544 of its own shares on Nasdaq Stockholm between 26 and 30 January 2026 as part of an ongoing share buyback program designed to increase capital management flexibility, facilitate capital returns to shareholders, optimis...
NAXS Narrows 2025 Loss as New Owners and Board Pivot Strategy Toward Shareholder Value
Jan 29, 2026
NAXS AB reported a reduced full-year loss for 2025, with net profit improving to a negative MSEK 25.9 from a negative MSEK 66.6, while net asset value fell to MSEK 556, or SEK 50.44 per share, and net cash declined to MSEK 66 at year-end, reflecti...
NAXS Expands Share Buyback to Bolster Capital Structure and Shareholder Value
Jan 26, 2026
NAXS AB has continued executing its previously announced share repurchase program, buying back 6,902 shares on Nasdaq Stockholm between 19 and 23 January 2026 at weighted average prices around SEK 39 per share. The program, conducted under EU mark...
NAXS Steps Up Share Buybacks to Bolster Capital Structure and Shareholder Value
Jan 19, 2026
NAXS AB has repurchased 5,827 of its own shares on Nasdaq Stockholm between 12 and 16 January 2026 as part of an ongoing share buyback program designed to increase capital management flexibility, support capital returns to shareholders, optimize t...
NAXS Expands Share Buyback, Lifts Treasury Stake to 48,668 Shares
Jan 12, 2026
NAXS AB has repurchased 4,723 of its own shares on Nasdaq Stockholm between 29 December 2025 and 2 January 2026 as part of an ongoing share buyback programme designed to increase capital management flexibility, support potential acquisitions, opti...
NAXS Continues Share Buybacks to Optimize Capital Structure and Narrow NAV Discount
Jan 5, 2026
NAXS AB has continued to execute its previously announced share repurchase program, buying back 4,723 of its own shares on Nasdaq Stockholm between 29 December 2025 and 2 January 2026 through Pareto Securities AB. The program is intended to increa...
NAXS Names Co‑Founder Amaury de Poret as New CEO
Dec 31, 2025
NAXS AB, a NASDAQ Stockholm-listed Nordic-focused private equity investment company, has appointed co-founder and long-time investment advisor Amaury de Poret as its new Chief Executive Officer, effective January 1, 2026. De Poret’s elevatio...
NAXS Ends Advisory Pact with Naccess, Takes SEK 11m Hit to Cut Future Fees
Dec 30, 2025
NAXS AB’s subsidiary NAXS A/S has agreed with Naccess Partners AB to immediately terminate their long-standing investment advisory agreement, originally signed in 2007, in exchange for a one-off settlement that replaces all future fixed and ...
NAXS Expands Share Buyback to Bolster Capital Structure and Shareholder Value
Dec 29, 2025
NAXS AB has continued to execute on its previously announced share repurchase program, buying back 3,726 shares on 22–23 December 2025 on Nasdaq Stockholm as part of a broader initiative to optimize its capital structure and enhance sharehol...
NAXS Expands Share Buyback Program to Enhance Capital Structure and Shareholder Value
Dec 22, 2025
NAXS AB has repurchased 6,807 of its own shares on Nasdaq Stockholm between 15 and 19 December 2025 under a share buyback program authorized by the board to optimize capital management, adjust the company’s capital structure, support potenti...
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
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