Norditek Group AB (NOTEK) AI Stock Analysis

• Market Cap: kr167.52M
• Dividend Yield: N/A
• Average Volume (3M): 5.14K
• Price to Earnings (P/E): 11.9
• Beta (1Y): 0.65
• 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: kr13.50 ▼(-2.17% Downside)
• 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

Improving revenue and margins

Solid TTM revenue growth (+7.3%) and materially improved operating and net margins indicate the company has strengthened core profitability versus recent years. If these improvements persist, they increase capacity to reinvest in product development, projects and service operations, supporting durable operating performance.

Reasonable leverage and stronger equity base

A ~0.43 debt-to-equity ratio alongside rising equity and TTM ROE in the low teens supports balance-sheet resilience. This financial position reduces refinancing pressure, helps absorb project timing volatility and provides structural capacity to fund organic growth or service the installed base without immediate external recapitalization.

Diversified business model with aftermarket revenue

The mix of stand-alone machinery, turnkey systems/projects and recurring aftermarket/service provides multiple revenue channels and lifecycle exposure. Durable aftermarket income from an installed base tends to be higher margin and recurring, anchoring revenues and reducing reliance on one-time project sales over the medium term.

Negative Factors

Weak cash conversion and negative FCF

Operating cash flow that fails to match reported profits and deeply negative free cash flow indicate earnings are not translating into liquidity. This structural cash conversion gap raises funding risk for capex, working capital and growth initiatives, and increases dependence on external financing or equity raises over the medium term.

Volatile gross margins and cost pressure

Notable gross margin volatility and recent weakening point to cost pressure or unfavorable mix shifts in the core equipment and project business. Margin unpredictability reduces visibility on sustainable profitability and makes it harder to bank incremental revenue into durable earnings and cash flow.

Uneven profitability and small operational scale

A multi-year pattern of uneven profitability combined with a very small employee base suggests limited organizational scale and heightened execution risk on turnkey projects. Small scale constrains capacity to deliver multiple large projects simultaneously and weakens resilience to operational 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 makes money primarily by selling environmental and bulk-material processing equipment and delivering project-based solutions to customers that need to sort and process waste and recyclable materials. Key revenue streams typically include: (1) Machinery and equipment sales: revenue from delivering individual machines (e.g., screening, sorting, crushing/shredding, conveying and similar material-handling equipment) either as stand-alone products or as part of a packaged solution; (2) Systems/projects and integration: revenue from designing, engineering, and delivering complete processing lines or turnkey installations, which may include procurement of third-party components, integration, commissioning, and project management; (3) Service and aftermarket: recurring revenue from maintenance, spare parts, repairs, upgrades/retrofits, and service agreements that support the installed base over its lifecycle; and (4) Potential rentals/temporary deployments: if offered, revenue from renting out machines for periods where customers prefer operational flexibility instead of capital purchase. Earnings are influenced by customer investment cycles in recycling and waste infrastructure, the company’s ability to win and execute projects, and the size and retention of its aftermarket installed base. Specific material partnership arrangements, pricing terms, customer concentration, or segment-level revenue splits are not available here and are therefore null.

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: Positive
• 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 above the 20-day moving average (MA) of 13.26, below the 50-day MA of 13.89, and below the 200-day MA of 14.14, indicating a bearish trend. The MACD of -0.42 indicates Positive momentum. The RSI at 29.90 is Positive, neither overbought nor oversold. The STOCH value of 41.55 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	kr2.54B	59.05	9.66%	0.82%	3.86%	-28.91%
NOTEK	64 Neutral	kr167.52M	11.90	―	―	37.36%	1536.66%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
AXOLOT	53 Neutral	kr113.25M	-13.81	-17.60%	―	-27.29%	72.72%
CIRCHE	49 Neutral	kr46.64M	-2.71	-25.32%	―	―	―
SES	44 Neutral	kr142.89M	-2.12	-20.69%	―	-79.18%	-257.25%
SOLT	42 Neutral	kr137.57M	-0.10	-96.77%	―	-24.54%	-102.75%