Scandinavian Enviro Systems AB (SES) AI Stock Analysis

• Market Cap: kr306.82M
• Dividend Yield: N/A
• Average Volume (3M): 2.49M
• Price to Earnings (P/E): ―
• Beta (1Y): -1.57
• Revenue Growth: -79.18%
• EPS Growth: -257.25%
• Country: SE
• Employees: 43
• Sector: Industrials
• Sector Strength: 72
• Industry: Waste Management
• EPS (TTM): -0.27
• Shares Outstanding: 1,095,772,200
• 10 Day Avg. Volume: 3,094,586
• 30 Day Avg. Volume: 2,489,538
• PEG Ratio: <0.01
• Price to Book (P/B): 3.45
• Price to Sales (P/S): 24.68
• P/FCF Ratio: -10.59
• 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): -0.04
• Revenue Forecast (FY): kr55.00M

• Rating: 44 Neutral
• Price Target: kr0.30 ▼(-63.73% Downside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is primarily weighed down by unstable financial performance and persistently negative free cash flow, including a sharp swing to heavy losses and negative operating cash flow in 2025. Technicals also indicate a broader downtrend (price below key moving averages and negative MACD). While leverage is very low and equity provides a cushion, the negative P/E (loss-making) and lack of dividend data limit valuation support.

Positive Factors

Conservative balance sheet

Consistently very low debt-to-equity and a sizable equity base provide structural financial resilience. This reduces bankruptcy risk, preserves optionality to fund project development or pursue partnerships, and gives time to execute commercialization without immediate refinancing pressure.

Negative Factors

Volatile and weak earnings

Large year-to-year swings from profit in 2024 to heavy losses in 2025 indicate unstable core profitability. Persistent volatility undermines ability to plan multi-year plant rollouts, secure long-term partner commitments, and demonstrate consistent returns necessary to convert pilot projects into repeatable commercial deployments.

Scandinavian Enviro Systems AB Business Overview & Revenue Model

Company Description

Scandinavian Enviro Systems AB (publ) develops, constructs, owns, and operates plants for material recovery of resources from used tires worldwide. Its plants and circular materials include carbon black, oil, steel, and gas for general rubber, tyr...

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Scandinavian Enviro Systems AB (publ) develops, constructs, owns, and operates plants for material recovery of resources from used tires worldwide. Its plants and circular materials include carbon black, oil, steel, and gas for general rubber, tyr...

How the Company Makes Money

SES primarily makes money by commercializing its tyre-recycling (pyrolysis) technology. Key revenue streams include: (1) Technology licensing fees paid by customers or project companies that build and operate plants using SES’s process; (2) Engine...

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SES primarily makes money by commercializing its tyre-recycling (pyrolysis) technology. Key revenue streams include: (1) Technology licensing fees paid by customers or project companies that build and operate plants using SES’s process; (2) Engine...

Scandinavian Enviro Systems AB Financial Statement Overview

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	31.53M	170.75M	13.94M	7.98M	7.59M
Gross Profit	-101.84M	161.05M	-27.50M	5.91M	6.68M
EBITDA	-84.25M	71.39M	-79.48M	-75.00M	-48.50M
Net Income	-366.62M	53.62M	-92.32M	-83.39M	-57.33M
Balance Sheet
Total Assets	281.04M	444.88M	381.40M	170.85M	243.04M
Cash, Cash Equivalents and Short-Term Investments	73.49M	75.31M	214.90M	29.98M	123.25M
Total Debt	3.58M	4.39M	5.21M	6.02M	776.00K
Total Liabilities	55.26M	57.47M	47.60M	27.27M	15.87M
Stockholders Equity	225.79M	387.41M	333.79M	143.58M	227.16M
Cash Flow
Free Cash Flow	-73.49M	-30.35M	-96.81M	-98.66M	-55.73M
Operating Cash Flow	-71.21M	54.24M	-57.80M	-65.74M	-41.30M
Investing Cash Flow	-134.79M	-193.01M	-39.01M	-32.78M	-14.43M
Financing Cash Flow	204.18M	-816.00K	281.73M	5.25M	139.40M

Scandinavian Enviro Systems AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 0.83
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SES, the sentiment is Neutral. The current price of 0.83 is above the 20-day moving average (MA) of 0.18, above the 50-day MA of 0.38, and above the 200-day MA of 0.77, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 53.23 is Neutral, neither overbought nor oversold. The STOCH value of 75.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:SES.

Scandinavian Enviro Systems AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
NORB.B	50 Neutral	kr669.68M	28.32	2.34%	―	4.24%	29.69%
EOLU.B	49 Neutral	kr877.34M	-3.09	18.63%	5.62%	―	―
GARO	47 Neutral	kr553.00M	-48.91	-2.59%	―	-9.58%	76.19%
SES	44 Neutral	kr306.82M	-2.12	-20.69%	―	-79.18%	-257.25%