olivLaw · European equity research
Acroud AB (publ) ACROUD.ST
Sweden · Nasdaq Stockholm · Vertical: Listed companies from Sweden
Acroud AB is a Swedish group listed on Nasdaq First North, active in affiliate marketing for online gaming operators and in software as a service. Despite regulatory requirements and reliance on search engines, the group aims for organic EBITDA growth of 20% per year over 2023 to 2025, after a fiscal 2022 EBITDA target of 8 to 10 million EUR.
At the close of 04 Nov 2026, Acroud AB (publ) (ACROUD.ST) stock was 0.09 SEK (−0.58% on the day), with beta -0.28, 52-week range 0.08–0.16 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 32.1
- weak (30–45)
- Bollinger (20, 2)
- 0.08 – 0.10
- in the lower half of the band · %B 0.22 · band width 20.3%
- SMA 50 / 200
- 0.11 / 0.13
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −22.0% | −1.5% | −20.5 pp | — |
| 3 months | −39.3% | −5.3% | −34.0 pp | — |
| 6 months | −41.8% | +4.7% | −46.5 pp | — |
| Year to date | −44.4% | +6.0% | −50.5 pp | — |
| 1 year | −43.0% | +8.2% | −51.1 pp | −7.5% |
| 3 years | −95.3% | +47.2% | −142.5 pp | +12.4% |
| 5 years | −96.5% | +41.8% | −138.3 pp | — |
Price returns, dividends excluded.
Quarterly results
unavailable
Balance sheet & financial health
Valuation
unavailable
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
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|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 224.5 bn | 27.1 | 19.4% | 11.9% | +4.1% | +22% / +39% |
| BOL.STBoliden Ab | 144.0 bn | 15.3 | 13.3% | 10.1% | +4.8% | +13% / +83% |
| CAST.STCastellum Aktiebolag | 66.3 bn | 70.7 | 1.2% | 9.8% | −2.6% | +26% / +5% |
| AAK.STAak Ab (publ) | 46.7 bn | 13.7 | 17.2% | 7.5% | +2.2% | −32% / −15% |
| CAMX.STCamurus AB | 39.4 bn | 54.2 | 19.5% | 32.5% | +21.3% | +8% / +44% |
| BRAV.STBravida Holding AB | 31.1 bn | 25.3 | 13.7% | 4.4% | −4.9% | +90% / +131% |
| ASKER.STAsker Healthcare Group AB | 29.5 bn | 60.0 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 23.1 bn | 34.4 | 4.1% | 3.6% | −5.4% | +12% / +22% |
| BURE.STBure Equity AB | 22.8 bn | — | -21.0% | — | unavailable | +21% / +21% |
| AQ.STAQ Group AB | 20.0 bn | 29.6 | 14.9% | 7.5% | +6.0% | +15% / +122% |
| ALTRA.STAltra Fastigheter AB | 17.9 bn | 33.0 | 3.0% | 15.1% | −2.2% | +6% / +16% |
| ATT.STAttendo AB (publ) | 17.1 bn | 21.1 | 15.1% | 4.3% | +0.1% | +36% / +230% |
| AFRY.STAfry Ab | 14.8 bn | 18.5 | 6.2% | 3.1% | −5.2% | −17% / +3% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.9 bn | 16.8 | 2.9% | 23.9% | −2.0% | −34% / −45% |
| ALIG.STAlimak Group AB (publ) | 12.8 bn | 21.3 | 8.2% | 8.8% | −3.2% | −17% / +51% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.4 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| BOOZT.STBoozt AB | 10.3 bn | 36.8 | 10.4% | 3.6% | +0.5% | +53% / +40% |
| APOTEA.STApotea AB (publ) | 9.9 bn | 43.5 | 31.3% | 3.2% | +10.1% | +7% / unavailable |
| BUFAB.STBufab AB (publ) | 5.1 bn | 9.3 | 15.1% | 6.9% | −7.4% | +38% / +112% |
| CEVI.STCellaVision AB | 4.8 bn | 31.1 | 18.0% | 20.2% | +4.9% | +21% / +13% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.4 | 13.0% | 2.2% | +16.7% | +2% / +26% |
| ACTI.STActive Biotech AB (publ) | 4.6 bn | — | -84.5% | — | unavailable | −37% / −79% |
| BHG.STBHG Group AB | 4.5 bn | 30.7 | 2.5% | 1.4% | +6.2% | −20% / +110% |
| CARA.STCarasent AB (publ) | 1.8 bn | 52.5 | 4.1% | 10.1% | +24.9% | −7% / +90% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +14% / −52% |
1- and 3-year price returns: for ACROUD.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Acroud AB is a Swedish group listed on Nasdaq First North, active in affiliate marketing for online gaming operators and in software as a service. Despite regulatory requirements and reliance on search engines, the group aims for organic EBITDA growth of 20% per year over 2023 to 2025, after a fiscal 2022 EBITDA target of 8 to 10 million EUR 1.
SWOT
Strengths
- Long-standing relationships with partner operators and a declared position as a leader in affiliation 1.
- A customer base spread across several regulated markets, which reduces the risk tied to any single jurisdiction 1.
- An extended revenue structure through acquisitions, including paid media and SaaS software 1.
Weaknesses
Opportunities
Risks
- Dependence on search engineshigh
The group says strategy changes by search engines could make operations harder and could lead to impairment of assets 1.
- Legal and regulatory riskhigh
Legislative changes in markets where clients operate could affect revenue and asset value, especially since most revenue comes from regulated markets 1.
- Credit riskmedium
The group periodically assesses client creditworthiness, but a counterparty failing to pay could cause financial losses 1.
- Liquidity riskmedium
Refinancing of bonds is essential, and the 2022 issue reduced this risk without eliminating it entirely 1.
- Currency risklow
Revenue is invoiced in euro, dollars and pounds, and costs are partly in the same currencies, providing a natural hedge but not a complete one 1.
Investment thesis
What would need to be true (bull case)
- If the group manages to keep its organic EBITDA growth target and reduce dependence on organic search through paid media, it could generate consistent results over 2023 to 2025 1.
- The Acroud Media acquisition and the expansion into SaaS software could open new revenue sources that are less exposed to a single channel 1.
- The global trend of gambling migrating online could support demand for affiliate services over the long term 1.
What would break the thesis
- Changes to search engine algorithms could quickly reduce the group's traffic and revenue if diversification does not happen fast enough 1.
- Restrictions in regulated markets could affect activity, and short-term effects could be significant 1.
- The fall in the share market value during 2022 shows that investors can react sharply to uncertainty, and an EBITDA below target could amplify this 1.
What to watch
- Achievement of the 20% annual organic EBITDA growth target2023-2025
- Development of net debt to adjusted EBITDA against the 2.5x targetDecember 2025
- Integration of Acroud Media and the contribution of paid media to revenue2023
- Impact of regulatory changes in core markets on affiliation revenuenext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Acroud AB (publ) is a group operating mainly through its iGaming Affiliation division, which generates customers for online gambling operators, and its As a Service segment, which offers software and SaaS solutions. The group works as an online affiliate, not as a gaming operator, and most revenue comes from regulated markets 1. In 2022 it acquired Acroud Media Ltd, an affiliate and media company, extending its activity into paid media 1. Shares have been listed on Nasdaq First North Premier Growth Market Stockholm since 2018 1.
The management structure includes a CEO, a CFO, a head of the As a Service segment and a head of the Affiliation segment, while the board is largely independent of the company 1. The group grew through acquisitions, including PMG Group and TheGambling Cabin in 2021, complemented by organic growth 1.
Financially, management has set targets for EBITDA and capital structure, prioritising organic growth over dividends for the next four years 1. For 2022 a achievement of 76 to 95% of the EBITDA target was reported 1.
Segments
iGaming Affiliation
The affiliation segment generates traffic and customers for online gambling operators, using search engine optimisation and, since 2022, paid media following the Acroud Media acquisition 1.
As a Service (SaaS)
The software-as-a-service segment, developed through the 2021 acquisition of PMG Group, offers SaaS and streaming solutions for the online gambling industry 1.
Market context
The online gambling market is regulated differently in each jurisdiction, and Acroud relies mainly on regulated markets, where operators must obtain licences; the group says some effects of regulation are short-term 1. Trends cited include growth in sports betting, rich content and mobile access 1.
The shift from physical retail to online, accelerated by the pandemic, is a favourable factor for an online affiliate, while dependence on search systems such as Google, Bing and Yahoo! remains a structural risk 1.
Trends
- Growth in online sports bettingtailwind
The group invested in sports betting through the Acroud Media acquisition, which could support demand for its affiliate services if this category continues to grow 1.
- Migration to onlinetailwind
The move from physical retail to online, supported by pandemic effects, may benefit an online affiliate such as Acroud 1.
- Regulatory changesmixed
New rules in core markets can produce short-term effects on activity, although if enough operators receive licences, growth could return 1.
- Dependence on search enginesheadwind
Strategy changes by Google, Bing and Yahoo! could make operations harder and could affect profitability if the group does not diversify its traffic sources 1.
Competitive position
Acroud presents itself as a leading company in the affiliation segment and maintains long-standing relationships with partners, but more players are entering the market, which may increase competitive pressure 1. The sources do not explicitly name listed competitors.
Over the longer term, the advantage depends on the group's ability to maintain partnerships with operators and to diversify into paid media and software 1.
- Other iGaming affiliates
Direct competitors in the affiliation segment are not named in the source.
- iGaming SaaS software providers
Competition in the As a Service segment is not detailed in the source.
- Paid media agencies
Competition in paid media is mentioned as a new direction, without names.
- Other listed affiliate companies
The source does not identify other listed companies by ticker.
News & filings
In the press
No news in our archive over the last 180 days.
Sources
- [1] Annual report, fiscal year ended 2022-12-31 (ESEF) · SEC / Acroud AB (publ) · 31 Dec 2022
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.