Safello Group AB (SFL) AI Stock Analysis

• Market Cap: kr63.39M
• Dividend Yield: N/A
• Average Volume (3M): 22.02K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.20
• Revenue Growth: 5.70%
• EPS Growth: -142.93%
• Country: SE
• Employees: 25
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -0.34
• Shares Outstanding: 20,449,600
• 10 Day Avg. Volume: 29,094
• 30 Day Avg. Volume: 22,024
• PEG Ratio: >-0.01
• Price to Book (P/B): 2.69
• Price to Sales (P/S): 0.15
• P/FCF Ratio: 65.57
• 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): kr686.00M

• Rating: 54 Neutral
• Price Target: kr4.00 ▼(-4.76% Downside)
• Action: Reiterated Date: 12/30/25
• Date: Action: Reiterated 12/30/25

The score is supported mainly by improved financial performance and a conservative, debt-free balance sheet, but is held back by weak cash-flow conversion/volatility and thin margins. Technical signals are bearish (below key moving averages with negative MACD), and valuation is less supportive given the negative P/E and no dividend data.

Positive Factors

Debt-free balance sheet

A virtually debt-free balance sheet materially lowers financial risk and interest burden, giving management flexibility to fund operations or invest in product and compliance initiatives internally. This strengthens resilience through crypto cycles and reduces refinancing exposure.

Return to profitability and revenue rebound

A return to positive EBIT and net income alongside revenue growth demonstrates the core brokerage model can scale to profitability. This validates unit economics and supports continued investment in customer onboarding, compliance and platform features over the coming quarters.

Positive operating and free cash flow in 2024

Restored positive operating and free cash flow marks a structural improvement vs prior years, enabling internal funding for tech, compliance and marketing. Positive FCF enhances optionality and reduces reliance on external capital for near-term growth investments.

Negative Factors

Thin gross and net margins

Very slim margins leave limited room to absorb higher compliance, payment or personnel costs and reduce ability to self-fund expansion. In a market downturn or with competitive pricing pressure, profitability could deteriorate quickly, stressing long-term margin sustainability.

Weak cash conversion and FCF volatility

Low cash conversion and historical FCF volatility imply earnings quality and working-capital swings. This increases forecasting risk, limits dependable internal funding for product and compliance, and could force external financing during adverse periods.

Revenue concentration on crypto trading volumes

A business model heavily dependent on trading volumes makes revenue cyclical and correlated with crypto market activity. Structural exposure to volatility and regulatory changes in digital assets can produce sustained revenue swings and heighten strategic risk.

Safello Group AB Business Overview & Revenue Model

Company Description

Safello Group AB (publ) engages in the cryptocurrency brokerage business. It operates brokerage platform enables individuals and companies to buy, store, and sell cryptocurrencies, including Bitcoin, Ethereum, Chainlink, Polkadot, and Polygon in Swedish kronor. The company offers its services through various platforms and products, such as Safello Web App and Safello Mobile. Safello Group AB (publ) was founded in 2013 and is based in Stockholm, Sweden.

How the Company Makes Money

Safello Group AB generates revenue primarily through transaction fees charged on cryptocurrency purchases and sales executed on its platform. The company earns a percentage of each transaction, which serves as its main revenue stream. Additionally, Safello may partner with financial institutions or payment service providers to enhance its service offerings, potentially earning additional income through collaborative initiatives. The company's focus on compliance and security also positions it well to attract institutional clients, potentially contributing to its revenue growth.

Safello Group AB Financial Statement Overview

Summary

Income statement shows a clear 2024 rebound with a return to positive EBIT and net income, and the balance sheet is strong with essentially no debt. Offsetting this, profitability is still thin (low gross and net margins) and cash-flow quality is weaker, with low operating cash flow coverage of net income and historical free-cash-flow volatility.

Income Statement

Revenue rebounded strongly in 2024 (up ~9% vs. 2023) after declines in 2022–2023, and profitability improved materially with positive EBIT and net income in 2024 (vs. a small loss in 2023 and a large loss in 2022). That said, profitability remains thin: 2024 gross margin (~4.4%) and net margin (~1.2%) are modest, indicating limited cushion if volumes or pricing weaken.

Balance Sheet

The balance sheet is conservatively positioned with essentially no debt across the period (2024 total debt = 0), which limits financial risk. Equity also increased in 2024 (to ~43m) alongside a strong return on equity (~21%) driven by the return to profitability. The main watch-out is that the company’s asset base is relatively small, so earnings and equity can be more sensitive to operating swings.

Cash Flow

Cash generation improved in 2024 with positive operating cash flow (~1.9m) and positive free cash flow (~1.8m), a clear turnaround from meaningfully negative operating/free cash flow in 2021–2023. However, cash conversion is still a weak spot: operating cash flow covered only ~21% of net income in 2024, suggesting earnings quality/working-capital volatility. Free cash flow also appears volatile year-to-year (including negative levels in multiple prior years).

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	716.24M	766.95M	561.11M	634.90M	757.90M	315.01M
Gross Profit	40.93M	34.12M	22.62M	-3.15M	36.90M	15.69M
EBITDA	2.72M	10.85M	-2.02M	-12.36M	-11.29M	2.80M
Net Income	-1.58M	9.00M	-447.00K	-21.50M	-14.79M	882.00K
Balance Sheet
Total Assets	42.77M	51.79M	41.06M	41.51M	62.86M	28.18M
Cash, Cash Equivalents and Short-Term Investments	18.51M	24.92M	17.33M	21.38M	34.60M	17.01M
Total Debt	0.00	0.00	0.00	0.00	19.00K	0.00
Total Liabilities	7.59M	8.85M	6.68M	7.13M	6.98M	5.44M
Stockholders Equity	35.19M	42.94M	34.38M	34.38M	55.88M	22.74M
Cash Flow
Free Cash Flow	741.00K	1.76M	-4.50M	-13.33M	-21.66M	2.45M
Operating Cash Flow	741.00K	1.90M	-4.39M	-12.16M	-11.12M	2.87M
Investing Cash Flow	-221.00K	5.46M	-113.00K	-1.10M	-12.47M	-13.15K
Financing Cash Flow	0.00	239.00K	447.00K	0.00	41.18M	10.90M

Safello Group AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.20
• 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:SFL, the sentiment is Negative. The current price of 4.2 is above the 20-day moving average (MA) of 3.32, above the 50-day MA of 3.72, and below the 200-day MA of 5.35, indicating a bearish trend. The MACD of -0.15 indicates Negative momentum. The RSI at 38.71 is Neutral, neither overbought nor oversold. The STOCH value of 29.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SFL.

Safello Group AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SFL	54 Neutral	kr63.39M	-4.00	-5.80%	―	5.70%	-142.93%
SFTR	54 Neutral	kr135.16M	172.00	―	―	―	―
RPLAN	48 Neutral	kr86.37M	-4.31	―	―	―	―
GREAT	44 Neutral	kr204.73M	-2.72	―	―	-69.94%	-7367.66%
TERRNT.B	42 Neutral	kr144.84M	-2.10	-188.09%	―	―	24.94%