Tellusgruppen AB (TELLUS) AI Stock Analysis

• Market Cap: kr106.58M
• Dividend Yield: N/A
• Average Volume (3M): 70.12K
• Price to Earnings (P/E): 26.5
• Beta (1Y): 0.16
• Revenue Growth: 8.31%
• EPS Growth: N/A
• Country: SE
• Employees: 636
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Education & Training Services
• EPS (TTM): -0.33
• Shares Outstanding: 17,763,422
• 10 Day Avg. Volume: 11,956
• 30 Day Avg. Volume: 70,119
• PEG Ratio: -0.17
• Price to Book (P/B): 35.07
• Price to Sales (P/S): 0.19
• P/FCF Ratio: 3.08
• 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: 54 Neutral
• Price Target: kr7.00 ▲(29.63% Upside)
• Action: Reiterated Date: 02/09/26
• Date: Action: Reiterated 02/09/26

The score is primarily constrained by financial risk: despite revenue growth and improved cash flow, the company shows weak earnings quality (negative gross profit in 2025) and a stretched balance sheet with high leverage. Technicals are supportive (strong uptrend), but overbought signals and a relatively high P/E without a dividend keep the overall score moderate.

Positive Factors

Revenue Growth

Sustained top-line growth across 2020–2025 indicates ongoing demand and successful market penetration. Over a 2–6 month horizon this durable revenue trend supports scaling benefits, predictable cash flow potential, and provides a base for margin recovery if cost dynamics normalize.

Improved Cash Generation

A material strengthening in operating and free cash flow in 2025 demonstrates improved cash-conversion ability and less reliance on financing. This enhances the company's capacity to meet obligations, invest in the business, and de-lever over time if the improvement persists.

Return to Profitability and EBITDA Margin Gain

Reaching positive net income and a materially higher EBITDA margin shows operational progress and potential for operating leverage. If sustained, this improvement supports internal funding for growth, builds earnings resilience, and bolsters credibility with creditors and partners.

Negative Factors

Highly Levered Balance Sheet

Very high leverage and a thin or previously negative equity base sharply reduce financial flexibility. Over months this elevates refinancing and covenant risk, limits capacity for M&A or capex, and makes the company vulnerable to any downturn or margin pressure.

Negative Gross Profit in 2025

A negative gross profit implies the core education services cost structure failed to cover direct costs, harming earnings quality. Persisting gross losses would undermine sustainable margins, hamper cash generation, and require structural pricing or cost changes to restore profitability.

Volatile Cash Flow Coverage

Although 2025 cash generation improved, recent negative FCF growth and modest coverage of profits point to volatility in cash conversion. This unpredictability complicates planning, constrains reliable debt paydown, and raises execution risk for multi‑period investments.

Tellusgruppen AB Business Overview & Revenue Model

Company Description

Tellusgruppen AB (publ), through its subsidiaries, operates in the education and childcare sectors in Sweden. The company operates 23 preschools in Stockholm and Uppsala counties under the Tellusbarn name; and 4 primary schools in Enköping under the Tellusskolan name. It also provides homework help services under the Tellusacademy name; and babysitting services under the Nanny by Tellus name. The company was founded in 2007 and is based in Stockholm, Sweden.

How the Company Makes Money

Tellusgruppen AB generates revenue through multiple streams, primarily by offering customized technology solutions and consulting services to its clients in telecommunications and energy sectors. The company charges fees for software development projects, data analytics services, and system integration solutions. Additionally, TELLUS may earn recurring revenue from maintenance contracts and support services associated with its technology products. Strategic partnerships with key industry players allow TELLUS to expand its market reach and enhance its service offerings, further contributing to its revenue growth.

Tellusgruppen AB Financial Statement Overview

Summary

Top-line growth and a strong rebound in operating/free cash flow support the score, and the return to a small profit in 2025 is encouraging. However, profitability quality is a concern (gross profit turned negative in 2025) and the balance sheet is highly leveraged with a very thin equity base, elevating financial risk.

Income Statement

Revenue has grown steadily over the last several years (from 2020 through 2025), but profitability has been inconsistent. After multiple years of losses, the company returned to a small profit in 2025 (annual net margin just under 1%), while cash-earnings improved meaningfully (2025 EBITDA margin ~7.5% vs ~3% in 2024). However, gross profitability deteriorated sharply in 2025 (gross profit turned negative), which is a key concern and suggests cost pressure or one-off items that need to normalize for earnings quality to improve.

Balance Sheet

The balance sheet looks stretched with very thin equity relative to debt. In 2025, debt is high versus equity (debt-to-equity ~11x) and equity was negative as recently as 2024, highlighting elevated financial risk and limited balance-sheet flexibility. Total assets have also trended down from 2022–2025, while leverage remains high, leaving the company more exposed if operating performance weakens.

Cash Flow

Cash generation strengthened materially in 2025: operating cash flow and free cash flow were both solidly positive, a major improvement versus the negative free cash flow in 2020–2022. Free cash flow was also well-supported relative to reported earnings in 2025 (free cash flow close to net income). The main weakness is that free cash flow growth turned negative in 2025 and cash flow coverage of profit remains modest, suggesting cash conversion could still be volatile year to year.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	488.99M	450.94M	399.34M	323.30M	244.53M
Gross Profit	-20.12M	90.33M	367.63M	69.89M	50.54M
EBITDA	36.83M	13.59M	13.21M	12.71M	1.97M
Net Income	4.59M	-19.77M	-16.88M	-6.40M	-6.80M
Balance Sheet
Total Assets	92.18M	107.70M	122.11M	130.13M	76.88M
Cash, Cash Equivalents and Short-Term Investments	7.97M	1.08M	1.15M	2.40M	7.07M
Total Debt	29.81M	19.55M	27.93M	43.00M	25.29M
Total Liabilities	89.49M	110.31M	121.22M	114.17M	63.90M
Stockholders Equity	2.69M	-2.66M	883.00K	15.89M	12.90M
Cash Flow
Free Cash Flow	30.62M	7.82M	4.03M	-20.74M	-26.28M
Operating Cash Flow	33.73M	11.84M	10.76M	3.82M	9.29M
Investing Cash Flow	-5.53M	-5.10M	-10.45M	-26.24M	-37.79M
Financing Cash Flow	-21.30M	-6.80M	-1.57M	17.75M	26.74M

Tellusgruppen AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:TELLUS, the sentiment is Positive. The current price of 5.4 is below the 20-day moving average (MA) of 5.86, below the 50-day MA of 5.59, and above the 200-day MA of 4.95, indicating a bullish trend. The MACD of 0.15 indicates Positive momentum. The RSI at 54.54 is Neutral, neither overbought nor oversold. The STOCH value of 49.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:TELLUS.

Tellusgruppen AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ACAD	64 Neutral	kr9.02B	10.70	12.65%	2.31%	9.02%	29.93%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
CEDER	62 Neutral	kr493.78M	24.85	13.22%	9.52%	45.29%	151.67%
TELLUS	54 Neutral	kr106.58M	26.45	128.49%	―	8.31%	―