Norditek Group AB (NOTEK) AI Stock Analysis

• Market Cap: kr203.91M
• Dividend Yield: N/A
• Average Volume (3M): 5.14K
• Price to Earnings (P/E): 17.3
• Beta (1Y): 0.44
• Revenue Growth: 37.36%
• EPS Growth: 1536.66%
• Country: SE
• Employees: 11
• Sector: Technology
• Sector Strength: 88
• Industry: Waste Management
• EPS (TTM): N/A
• Shares Outstanding: 13,731,187
• 10 Day Avg. Volume: 1,027
• 30 Day Avg. Volume: 5,145
• PEG Ratio: 0.01
• Price to Book (P/B): 1.96
• Price to Sales (P/S): 1.79
• P/FCF Ratio: -33.48
• 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): N/A
• Revenue Forecast (FY): N/A

• Rating: 64 Neutral
• Price Target: kr16.00 ▲(15.94% Upside)

The score is held back mainly by weak cash generation and deeply negative TTM free cash flow despite improved reported profitability. Offsetting this, the stock’s technical setup is strong (price above key moving averages with positive MACD), while valuation is broadly moderate at a ~17.3 P/E.

Positive Factors

Revenue growth and improved profitability

Sustained organic revenue growth combined with materially improved operating and net margins indicates the company is strengthening core demand and improving cost structure. Over 2–6 months this supports reinvestment capacity, commercial resilience and a more durable earnings base if trends persist.

Reasonable leverage and equity improvement

Moderate debt relative to equity provides financial flexibility, lowering refinancing and solvency risk. Improved equity and low-to-moderate leverage support capital allocation for R&D or contract fulfilment, making the balance sheet a durable foundation for multi-sector B2B demand.

B2B contract model and strategic partnerships

A B2B model with long-term supply agreements and industry partnerships strengthens recurring revenue and customer stickiness. Combined with targeted R&D, this bolsters competitive positioning in automotive, aerospace and industrial niches over the medium term.

Negative Factors

Weak cash generation and deeply negative free cash flow

Persistent weak operating cash flow and negative free cash flow mean reported profits are not converting to cash, raising risk for funding capex, working capital and contract fulfilment. This structural cash shortfall can constrain growth and increase refinancing dependence.

Volatile gross margins and recent cost pressure

Irregular gross margin performance signals exposure to input-cost swings or pricing pressure that can erode durable profitability. If cost pass-through or productivity gains are limited, margin volatility undermines long-term EBITDA predictability and strategic planning.

Uneven multi-year profitability and cash conversion history

A track record of uneven profits and prior negative operating cash flow indicates inconsistent earnings quality. This increases execution risk for scaling contracts or sustaining investment, making future growth and return metrics less certain without clearer cash-conversion improvement.

Norditek Group AB Business Overview & Revenue Model

Company Description

Norditek Group AB (publ) develops, sells, leases, or rents out crushers, sorting plants, and proprietary machines to recycle and convert materials into salable products in Sweden. It also offers waste compactors, magnets, wind visibility and water bath products, used machines, and accessories. The company was founded in 1998 and is headquartered in Gothenburg, Sweden.

How the Company Makes Money

Norditek Group AB generates revenue primarily through the sale of its technical components and systems to businesses in the automotive, aerospace, and industrial sectors. The company employs a B2B revenue model, creating long-term contracts with clients for consistent supply of products and services. Key revenue streams include direct sales of precision components, custom manufacturing services, and ongoing support and maintenance for its product lines. Additionally, Norditek Group has established partnerships with leading manufacturers and suppliers, which enhance its market presence and allow for collaborative innovation. These strategic alliances, along with a focus on research and development, contribute significantly to the company's earnings by expanding its product offerings and improving operational efficiencies.

Norditek Group AB Financial Statement Overview

Summary

Norditek Group AB faces challenges in revenue growth and cash flow generation, with increasing leverage posing potential risks. While profitability metrics show some strength, the volatility in margins and cash flow ratios indicates areas for improvement.

Income Statement

Norditek Group AB has shown fluctuating revenue growth with a recent decline in revenue. The gross profit margin has decreased over the years, indicating potential cost pressures. However, the company maintains a positive net profit margin, suggesting some level of profitability. The EBIT and EBITDA margins have been inconsistent, reflecting volatility in operational efficiency.

Balance Sheet

The company's debt-to-equity ratio has increased, indicating rising leverage, which could pose financial risk. However, the equity ratio remains stable, showing a balanced asset structure. Return on equity has declined, suggesting reduced efficiency in generating profits from shareholders' equity.

Cash Flow

Norditek Group AB has experienced negative free cash flow growth, indicating cash flow challenges. The operating cash flow to net income ratio is inconsistent, highlighting potential issues in converting income into cash. The free cash flow to net income ratio suggests that the company struggles to generate free cash flow relative to its net income.

Breakdown	Dec 2025	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	―	107.55M	78.30M	91.64M	71.66M
Gross Profit	―	17.05M	35.19M	39.23M	31.37M
EBITDA	―	22.07M	10.13M	14.31M	14.32M
Net Income	―	11.44M	696.00K	4.80M	6.71M
Balance Sheet
Total Assets	―	178.75M	143.34M	141.40M	140.09M
Cash, Cash Equivalents and Short-Term Investments	―	20.61M	11.09M	369.00K	16.35M
Total Debt	―	42.19M	38.23M	46.44M	36.73M
Total Liabilities	―	80.83M	71.40M	70.21M	74.24M
Stockholders Equity	―	97.92M	71.94M	71.19M	65.86M
Cash Flow
Free Cash Flow	―	-5.74M	21.93M	-13.29M	-13.89M
Operating Cash Flow	―	7.86M	22.57M	-12.78M	-13.14M
Investing Cash Flow	―	-18.03M	-647.00K	-508.00K	3.71M
Financing Cash Flow	―	19.96M	-11.03M	-2.44M	21.76M

Norditek Group AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NOTEK, the sentiment is Positive. The current price of 13.8 is below the 20-day moving average (MA) of 13.89, above the 50-day MA of 13.47, and below the 200-day MA of 13.83, indicating a bullish trend. The MACD of 0.32 indicates Negative momentum. The RSI at 64.55 is Neutral, neither overbought nor oversold. The STOCH value of 59.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:NOTEK.

Norditek Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
NOTEK	64 Neutral	kr203.91M	17.29	―	―	37.36%	1536.66%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SVIK	60 Neutral	kr2.43B	116.40	5.48%	0.82%	3.86%	-28.91%
AXOLOT	46 Neutral	kr97.82M	-9.97	-17.60%	―	-27.29%	72.72%
CIRCHE	46 Neutral	kr37.15M	-4.95	-15.79%	―	―	―
SOLT	42 Neutral	kr208.74M	-0.13	-46.09%	―	-24.54%	-102.75%
SES	41 Neutral	kr1.00B	-8.36	-20.69%	―	-79.18%	-257.25%