Norditek Group AB (NOTEK) AI Stock Analysis

• Market Cap: kr186.06M
• Dividend Yield: N/A
• Average Volume (3M): 5.14K
• Price to Earnings (P/E): 15.8
• Beta (1Y): 0.60
• Revenue Growth: 37.36%
• EPS Growth: 1536.66%
• Country: SE
• Employees: 11
• Sector: Technology
• Sector Strength: 88
• Industry: Waste Management
• EPS (TTM): 0.27
• 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: kr14.00 ▲(1.45% Upside)
• Action: Reiterated Date: 01/17/26
• Date: Action: Reiterated 01/17/26

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 and profitability trend

Consistent TTM revenue growth (+7.3%) alongside materially improved operating and net margins indicates the business is regaining profitability momentum. Durable revenue expansion and margin recovery support reinvestment in products and capacity, strengthening medium-term cash generation if conversion stabilizes.

Reasonable leverage and improving returns

Debt-to-equity near 0.43 and equity growth point to a stable balance sheet and manageable leverage, reducing refinancing risks. Improved trailing ROE to the low-teens signals better capital efficiency versus recent years, enabling sustainable reinvestment and cushioning cyclicality in industrial end markets.

B2B contracts, partnerships and R&D focus

A B2B model built on long-term contracts and strategic partnerships across automotive, aerospace and industrial clients creates structural revenue stability. Ongoing R&D and collaborative supplier relationships support product differentiation and stickier demand over multi-year cycles, aiding durable market position.

Negative Factors

Weak cash generation and negative free cash flow

Earnings are not translating into cash: very low TTM operating cash flow and deeply negative free cash flow undermine internal funding for capex, working capital and growth initiatives. This raises reliance on external financing, reducing resilience to cyclical stress and constraining strategic flexibility.

Volatile gross margin and cost pressure

A volatile gross margin, with a notable decline in the latest annual period, suggests ongoing cost pressures or inconsistent pricing. Such variability hampers margin sustainability and forecasting accuracy, making it harder to lock in long-term profitability improvements without clearer cost control or pricing power.

Uneven multi-year profitability profile

The multi-year pattern of uneven profitability reduces confidence in the durability of recent improvements. Inconsistent earnings history complicates long-range planning and raises execution risk for scaling operations or absorbing shocks, especially given limited operational scale and capacity to absorb setbacks.

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

Reported profitability and revenue growth are solid (TTM revenue +7.3% with materially improved operating and net margins) and leverage appears reasonable (debt-to-equity ~0.43). However, cash-flow quality is a major concern: TTM operating cash flow is very low and free cash flow is deeply negative despite positive net income, with a history of volatile cash conversion.

Income Statement

TTM (Trailing-Twelve-Months) revenue growth is solid (+7.3%) and profitability has improved materially versus prior years, with much stronger operating and net margins than 2023–2024. However, the gross margin trend is volatile (notably weaker in the latest annual period versus 2024), which suggests underlying cost pressure and less consistency in core profitability.

Balance Sheet

Leverage looks reasonable with debt-to-equity around 0.43 in the latest periods and equity has grown, supporting balance-sheet stability. Returns on equity have improved to low-teens in TTM (Trailing-Twelve-Months) after being very low in 2024, but the multi-year profile shows uneven profitability, which reduces confidence in the durability of those returns.

Cash Flow

Cash generation is the key weak point: TTM (Trailing-Twelve-Months) operating cash flow is very low and free cash flow is deeply negative despite positive net income, indicating earnings are not currently translating into cash. While 2024 showed strong positive operating and free cash flow, the broader history includes negative operating cash flow (2022–2023) and the latest shift back to weak cash conversion raises risk around funding growth and capital needs.

Breakdown	TTM	Aug 2025	Aug 2024	Aug 2023	Aug 2022	Aug 2021
Income Statement
Total Revenue	115.44M	107.55M	78.30M	91.64M	71.66M	70.59M
Gross Profit	30.01M	17.05M	35.19M	39.23M	31.37M	29.64M
EBITDA	22.16M	22.07M	10.13M	14.31M	14.32M	5.33M
Net Income	11.19M	11.44M	696.00K	4.80M	6.71M	6.77M
Balance Sheet
Total Assets	198.60M	178.75M	143.34M	141.40M	140.09M	98.15M
Cash, Cash Equivalents and Short-Term Investments	6.15M	20.61M	11.09M	369.00K	16.35M	4.01M
Total Debt	52.24M	42.19M	38.23M	46.44M	36.73M	39.50M
Total Liabilities	97.02M	80.83M	71.40M	70.21M	74.24M	63.53M
Stockholders Equity	101.59M	97.92M	71.94M	71.19M	65.86M	34.62M
Cash Flow
Free Cash Flow	-29.51M	-5.74M	21.93M	-13.29M	-13.89M	-4.97M
Operating Cash Flow	572.00K	7.86M	22.57M	-12.78M	-13.14M	-4.32M
Investing Cash Flow	-34.51M	-18.03M	-647.00K	-508.00K	3.71M	4.41M
Financing Cash Flow	38.22M	19.96M	-11.03M	-2.44M	21.76M	-1.61M

Norditek Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 13.80
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 Negative. The current price of 13.8 is below the 20-day moving average (MA) of 13.87, below the 50-day MA of 14.00, and below the 200-day MA of 14.19, indicating a bearish trend. The MACD of -0.26 indicates Positive momentum. The RSI at 44.34 is Neutral, neither overbought nor oversold. The STOCH value of 29.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NOTEK.

Norditek Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SVIK	69 Neutral	kr2.37B	63.02	5.48%	0.82%	3.86%	-28.91%
NOTEK	64 Neutral	kr186.06M	15.77	―	―	37.36%	1536.66%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
AXOLOT	53 Neutral	kr116.44M	-17.99	-17.60%	―	-27.29%	72.72%
CIRCHE	46 Neutral	kr44.23M	-3.45	-15.79%	―	―	―
SOLT	43 Neutral	kr146.30M	-0.10	-46.09%	―	-24.54%	-102.75%
SES	42 Neutral	kr136.09M	-0.36	-20.69%	―	-79.18%	-257.25%