Soder Sportfiske AB (SODER) AI Stock Analysis

• Market Cap: kr175.09M
• Dividend Yield: 3.38%
• Average Volume (3M): 2.07K
• Price to Earnings (P/E): 31.3
• Beta (1Y): -0.01
• Revenue Growth: 2.88%
• EPS Growth: -51.00%
• Country: SE
• Employees: 44
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Leisure
• EPS (TTM): 0.38
• Shares Outstanding: 8,458,475
• 10 Day Avg. Volume: 1,248
• 30 Day Avg. Volume: 2,071
• PEG Ratio: 1.19
• Price to Book (P/B): 2.38
• Price to Sales (P/S): 0.92
• P/FCF Ratio: 12.13
• 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: 63 Neutral
• Price Target: kr23.00 ▼(-2.95% Downside)

The score is primarily supported by low financial risk from a debt-free balance sheet and continued profitability/positive free cash flow. Offsetting this are a material TTM revenue decline and margin compression, plus a relatively high P/E multiple. Technically, near-term momentum is positive but readings are stretched, and the longer-term trend remains mixed.

Positive Factors

Debt-free balance sheet

A debt-free balance sheet materially lowers financial risk and increases strategic optionality over the medium term. It supports consistent dividend policy, funds working capital or opportunistic M&A, and helps the company absorb demand shocks without refinancing pressure.

Positive free cash flow

Sustained positive free cash flow underpins operational resiliency and capital allocation flexibility. Even with some weakening, FCF that closely tracks earnings funds dividends and modest reinvestment, reducing reliance on external financing over the next several quarters.

Consistent profitability / positive ROE

Positive ROE indicates the business continues to generate shareholder returns despite cooling performance. While below prior peaks, persistent profitability supports dividend coverage and reinvestment capacity, helping sustain competitive positioning across the medium term.

Negative Factors

Material revenue decline

A ~21% TTM revenue decline is a structural headwind that reduces scale economics and bargaining power. If demand weakness persists, revenue contraction will pressure margins, constrain reinvestment and growth initiatives, and could force difficult cost or strategic adjustments.

Margin compression

Significant gross and operating margin erosion cuts the business's earnings durability and cash cushion. Lower margins reduce tolerance for sales volatility, limit reinvestment and weaken return on capital unless the company restores pricing, cost discipline, or mix improvements.

Weakened and volatile cash generation

Declining and volatile cash flow increases execution risk for investments and dividends. Past periods of negative cash flow show conversion is not fully stable; over the medium term this raises uncertainty about sustaining shareholder distributions and funding growth without tapping reserves.

Soder Sportfiske AB Business Overview & Revenue Model

Company Description

Söder Sportfiske AB (publ) engages in the sale of sport fishing products in Sweden. It offers fishing rods, fishing lures, fishing reels, tools, caps, clothes, stickers, measuring decals, and accessories under the Söder Tackle, Söder Sportfiske, Söder Custom, and Eastfield Lures brand names. The company sells its products through e-commerce websites, such as Sportfiskeprylar.se, Sportfishtackle.com, and Sportfishtackle.de; and physical store. Söder Sportfiske AB (publ) was incorporated in 2004 and is based in Årsta, Sweden.

How the Company Makes Money

Soder Sportfiske AB generates revenue primarily through the sale of fishing equipment and accessories via its retail outlets and e-commerce platform. The company capitalizes on a broad product assortment to attract a wide customer base, ranging from hobbyists to seasoned anglers. SODER also benefits from partnerships with well-known fishing gear manufacturers, which allow it to offer exclusive products and promotions. Seasonal promotions and events further drive sales, leveraging the peak fishing seasons to maximize revenue. Additionally, the company may earn ancillary income from offering workshops, seminars, and fishing-related services, although the primary revenue stream remains its product sales.

Soder Sportfiske AB Financial Statement Overview

Summary

Strong balance sheet strength (no debt) supports overall quality, but performance has weakened: TTM revenue is down ~21% and margins compressed (gross margin ~30%, EBIT margin ~3.5%). Cash flow remains positive (FCF ~SEK 7.5m) but has softened versus 2024 and shows some volatility historically.

Income Statement

TTM (Trailing-Twelve-Months) revenue is down ~21% versus the prior year, and profitability has softened (gross margin ~30% vs ~40% in 2023–2024). Operating profitability remains positive (EBIT margin ~3.5%, EBITDA margin ~6.1%), but is well below earlier peaks (e.g., 2020–2021). Net margin is modest (~2.4%)—healthy enough to stay profitable, yet leaves limited cushion if demand remains choppy.

Balance Sheet

The balance sheet looks conservatively positioned with zero debt across all periods shown and equity consistently near ~SEK 88–90m. Returns on equity are positive but have come down in TTM (~6.3%) from stronger years (e.g., ~8.0% in 2024 and higher earlier), indicating profitability has cooled even though financial risk remains low.

Cash Flow

Cash generation is positive in TTM, with operating cash flow of ~SEK 7.8m and free cash flow of ~SEK 7.5m, and free cash flow broadly tracks net income (about 96%). However, cash flow momentum has weakened: operating cash flow fell sharply from 2024 and free cash flow is down ~16% in TTM, with a prior period (2022) showing negative operating and free cash flow—highlighting some volatility in cash conversion through the cycle.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	235.70M	232.40M	222.80M	187.10M	194.70M	165.66M
Gross Profit	70.30M	91.80M	89.70M	86.20M	77.60M	63.54M
EBITDA	14.30M	16.40M	14.50M	4.70M	13.50M	18.80M
Net Income	5.60M	7.20M	5.70M	3.10M	9.00M	14.50M
Balance Sheet
Total Assets	142.50M	135.30M	134.80M	135.30M	135.60M	56.94M
Cash, Cash Equivalents and Short-Term Investments	35.30M	34.40M	21.10M	11.10M	18.40M	19.85M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	53.00M	45.50M	47.10M	40.90M	43.00M	24.30M
Stockholders Equity	89.50M	89.80M	87.70M	88.00M	92.60M	31.10M
Cash Flow
Free Cash Flow	7.50M	17.60M	7.10M	-3.20M	1.90M	15.26M
Operating Cash Flow	7.80M	18.50M	9.50M	-3.00M	3.20M	15.80M
Investing Cash Flow	-300.00K	-100.00K	500.00K	-300.00K	-57.20M	-537.00K
Financing Cash Flow	-6.70M	-5.10M	0.00	2.00M	52.70M	-5.00M

Soder Sportfiske AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 23.70
• 50DMA: Positive
• 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:SODER, the sentiment is Neutral. The current price of 23.7 is above the 20-day moving average (MA) of 21.49, above the 50-day MA of 21.31, and below the 200-day MA of 25.84, indicating a neutral trend. The MACD of -0.39 indicates Positive momentum. The RSI at 51.10 is Neutral, neither overbought nor oversold. The STOCH value of 75.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:SODER.

Soder Sportfiske AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RVRC	78 Outperform	kr7.16B	23.45	23.71%	2.02%	6.44%	0.49%
NELLY	69 Neutral	kr3.95B	27.13	51.02%	―	12.45%	118.98%
BORG	69 Neutral	kr1.51B	17.43	23.44%	4.95%	9.20%	11.72%
SODER	63 Neutral	kr175.09M	31.26	6.37%	3.38%	2.88%	-51.00%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
USWE	48 Neutral	kr83.50M	-6.94	-16.28%	―	24.34%	39.30%
PIERCE	46 Neutral	kr996.14M	-98.41	-1.41%	―	15.59%	16.67%