Svolder AB Class B (SVOL.B) AI Stock Analysis

• Market Cap: kr5.13B
• Dividend Yield: 0.79%
• Average Volume (3M): 138.06K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.86
• Revenue Growth: -25.75%
• EPS Growth: -27.25%
• Country: SE
• Employees: 6
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): N/A
• Shares Outstanding: 97,417,435
• 10 Day Avg. Volume: 148,343
• 30 Day Avg. Volume: 138,061
• PEG Ratio: -6.49
• Price to Book (P/B): 0.94
• Price to Sales (P/S): 173.73
• P/FCF Ratio: 56.37
• 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: 55 Neutral
• Price Target: kr50.00 ▼(-14.31% Downside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held back primarily by weak and volatile profitability (including a sizable TTM loss) and bearish technicals (price below key moving averages with negative MACD). Offsetting factors are strong solvency from a debt-free balance sheet and steady positive cash generation, with only modest support from the dividend and limited valuation usefulness due to negative earnings.

Positive Factors

Debt-free balance sheet

A zero-debt, equity-funded balance sheet provides durable solvency and financial flexibility. It reduces the risk of forced asset sales during market declines, lets management hold positions to realize long-term gains, and preserves capacity to fund dividends or opportunistic purchases without leverage.

Consistent cash generation

Steady positive operating and free cash flow supports ongoing dividend capacity and portfolio activity without reliance on external financing. Consistent cash generation underpins operative resilience and enables reinvestment or selective realizations to compound NAV over multi-month horizons.

Durable investment company model

A business model focused on minority stakes in small/mid Swedish companies offers diversified long-term return drivers: dividends, realized capital gains and NAV appreciation. This structure provides strategic flexibility to allocate capital across cycles and capture idiosyncratic alpha via active selection.

Negative Factors

Earnings volatility and recent losses

Large, recent TTM losses and marked swings in net income indicate earnings are driven by volatile portfolio revaluations. This undermines near-term NAV growth predictability, constrains dividend reliability, and raises the probability that management must crystallize losses or cut payouts in adverse markets.

Steep revenue & EPS declines

Sharp negative revenue and EPS growth metrics reflect severe portfolio performance deterioration or realized losses. Such dramatic declines signal fragile earnings quality and heighten downside risk to capital preservation, reducing confidence in stable returns over the medium term.

Cash flow compressed vs. balance sheet size

Although positive, free cash flow has declined and is modest relative to a multi-billion equity base. This limits the firm's ability to fund large new investments or sustained higher dividends without selling holdings, increasing sensitivity to market declines and slowing NAV recovery after losses.

Svolder AB Class B Business Overview & Revenue Model

Company Description

Svolder AB (publ) operates is a publicly owned investment manager. The firm operates as an investment trust. It invests in the shares of listed small and medium-size companies in Sweden. Svolder AB (publ) was founded in June, 1993 and is based in Stockholm, Sweden.

How the Company Makes Money

Svolder makes money primarily through returns generated by its investment portfolio rather than by selling operating products or services. Its key economic drivers are: (1) Dividends and other distributions received from portfolio holdings, which provide recurring cash inflows when investee companies pay dividends. (2) Realized capital gains from selling investments at prices higher than Svolder’s cost basis; these gains can be an important contributor to reported earnings in periods with portfolio turnover. (3) Unrealized changes in the market value of its listed equity holdings; while not cash income, these fair-value movements affect reported results and net asset value (NAV), which is central to shareholder value in an investment company. (4) Interest income or financial income from cash and short-term investments held for liquidity management, and potentially costs or income associated with financing; specific details on financing structure are not provided here. Overall, Svolder’s earnings depend on equity market performance, the dividend capacity of its portfolio companies, and management’s ability to select investments that appreciate in value and to time exits. Information on significant partnerships is null.

Svolder AB Class B Financial Statement Overview

Summary

Mixed fundamentals. A very strong balance sheet with zero debt and substantial equity supports solvency, and cash flow is consistently positive. However, the income statement is a major concern due to highly volatile results and a sizable TTM net loss with negative TTM revenue, reducing confidence in near-term profitability.

Income Statement

Results are highly volatile and recently weak. TTM (Trailing-Twelve-Months) revenue is negative with a sizable net loss (about -451m), following another loss year in 2023 and large loss in 2022. While 2024 and 2021 show very strong profitability and positive net income, the sharp swing back to losses and the steep TTM revenue decline indicates earnings quality and performance are not stable, which materially lowers confidence in near-term profitability.

Balance Sheet

Balance sheet strength is a clear positive: the company reports zero debt across all periods, with substantial equity (roughly 5.3–7.1bn) and assets closely matching equity, implying low financial leverage and strong solvency. The main weakness is variability in shareholder returns (return on equity swings from strongly positive in 2021/2024 to negative in 2022/2023), reflecting earnings volatility rather than balance-sheet stress.

Cash Flow

Cash generation is consistently positive, with operating cash flow and free cash flow positive every year (about 73m–113m historically; ~90m TTM). Free cash flow generally tracks reported earnings closely, which is supportive. However, TTM free cash flow is down versus the prior year (negative growth), and cash flow strength is modest relative to the size of the balance sheet, suggesting cash generation is steady but not accelerating.

Breakdown	TTM	Aug 2025	Aug 2024	Aug 2023	Aug 2022	Aug 2021
Income Statement
Total Revenue	-339.00M	31.80M	894.46M	-493.48M	-1.16B	3.51B
Gross Profit	-339.00M	31.73M	894.46M	-493.48M	-1.16B	3.51B
EBITDA	-372.79M	8.68M	149.78M	-525.44M	-1.19B	3.49B
Net Income	-450.90M	8.60M	876.20M	-525.50M	-1.19B	3.49B
Balance Sheet
Total Assets	5.37B	5.88B	6.03B	5.27B	5.88B	7.13B
Cash, Cash Equivalents and Short-Term Investments	359.60M	430.80M	323.90M	190.20M	734.10M	429.90M
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	109.50M	25.20M	6.40M	21.50M	15.40M	10.90M
Stockholders Equity	5.26B	5.86B	6.02B	5.25B	5.87B	7.12B
Cash Flow
Free Cash Flow	89.80M	98.00M	86.40M	77.50M	113.10M	73.40M
Operating Cash Flow	89.80M	98.10M	86.50M	77.60M	113.20M	73.40M
Investing Cash Flow	-280.00M	183.00M	149.50M	-529.30M	255.00M	167.20M
Financing Cash Flow	-92.20M	-174.10M	-102.40M	-92.20M	-64.00M	-56.30M

Svolder AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 58.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SVOL.B, the sentiment is Negative. The current price of 58.35 is above the 20-day moving average (MA) of 50.27, above the 50-day MA of 53.76, and above the 200-day MA of 54.53, indicating a bearish trend. The MACD of -1.24 indicates Positive momentum. The RSI at 33.65 is Neutral, neither overbought nor oversold. The STOCH value of 13.23 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SVOL.B.

Svolder AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ORES	78 Outperform	kr6.68B	6.12	―	6.23%	-0.22%	-58.80%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CRED.A	63 Neutral	kr9.25B	12.56	11.24%	2.18%	4.72%	-38.28%
SVOL.B	55 Neutral	kr5.13B	-35.16	7.55%	0.79%	-25.75%	-27.25%
IDUN.B	54 Neutral	kr3.49B	75.68	7.92%	0.31%	3.71%	26.89%
LINC	48 Neutral	kr4.17B	-9.33	-1.58%	―	45733.33%	-105.08%