olivLaw · European equity research
B3 Consulting Group AB (publ) B3.ST
Sweden · Nasdaq Stockholm · ISIN SE0008347660 · Vertical: Listed companies from Sweden
B3 Consulting Group is a Swedish IT and management consultancy operating in Sweden, Poland and Norway, delivering digital transformation, systems development and specialist services. In a year of more cautious demand, the group returned to revenue growth while profitability remained under pressure.
At the close of 05 Nov 2026, B3 Consulting Group AB (publ) (B3.ST) stock was 24.30 SEK (−1.62% on the day), with market capitalisation 220.7 m SEK, P/E 20.3 on diluted EPS of 1.20 SEK over the last 12 months, beta 0.10, 52-week range 18.10–43.85 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 57.8
- strong (55–70)
- Bollinger (20, 2)
- 19.32 – 26.15
- in the upper half of the band · %B 0.73 · band width 30.1%
- SMA 50 / 200
- 22.56 / 27.45
- mixed trend
- MACD (12, 26, 9)
- 0.73 / 0.52
- 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 | +12.5% | −0.6% | +13.1 pp | — |
| 3 months | +20.9% | −4.2% | +25.1 pp | — |
| 6 months | −12.3% | +4.3% | −16.6 pp | — |
| Year to date | −42.6% | +7.5% | −50.1 pp | — |
| 1 year | −43.8% | +9.9% | −53.7 pp | −8.2% |
| 3 years | −69.1% | +49.8% | −118.9 pp | +12.3% |
| 5 years | −63.7% | +42.8% | −106.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 7.7, median 15.4, max 35.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.2 bn |
| Revenue YoY | unavailable | −1.0% | +7.1% |
| Net income | 60.5 m | 83.3 m | 10.9 m |
| Net income YoY | unavailable | +37.7% | −86.9% |
| Diluted EPS | 7.12 | 9.56 | 1.20 |
| Diluted EPS YoY | unavailable | +34.3% | −87.4% |
| net % | 5.3% | 7.4% | 0.9% |
| Free cash flow | 63.2 m | -19.1 m | 36.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 63.5 m SEK
- Financial debt
- 295.5 m SEK
- Net debt
- 232.0 m SEK
- Equity
- 259.9 m SEK
- Total assets
- 835.8 m SEK
- Debt / equity
- 1.14x
- Current ratio
- 1.21x
- ROE
- 4.2%
- ROA
- 1.3%
- FCF margin
- 3.0%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.2 bn | esef· 26 Oct 2026verified |
| Research & development | — | 0 | -1.3 m | esef· 26 Oct 2026verified |
| Operating income | 86.1 m | 26.3 m | 48.3 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 21.2 m | 31.2 m | — | esef· 08 May 2025verified |
| EBITDA | 107.3 m ≈ | 57.5 m ≈ | — | esef· 08 May 2025derived |
| Interest expense | 3.9 m | 17.7 m | 24.1 m | esef· 26 Oct 2026verified |
| Pre-tax income | 88.3 m | 93.0 m | 23.8 m | esef· 26 Oct 2026verified |
| Income tax | 19.9 m | 7.8 m | 9.4 m | esef· 26 Oct 2026verified |
| Net income | 60.5 m | 83.3 m | 10.9 m | esef· 26 Oct 2026verified |
| Diluted EPS | 7.12 | 9.56 | 1.20 | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 48.9 m | 77.7 m | 63.5 m | esef· 26 Oct 2026verified |
| Current assets | 281.4 m | 345.5 m | 302.5 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 6.1 m | 9.0 m | 7.6 m | esef· 26 Oct 2026verified |
| Total assets | 632.6 m | 885.3 m | 835.8 m | esef· 26 Oct 2026verified |
| Short-term debt | 64.7 m | 37.1 m | — | esef· 08 May 2025verified |
| Long-term debt | 106.3 m | 265.9 m | 295.5 m | esef· 26 Oct 2026verified |
| Current liabilities | 342.6 m | 342.3 m | 249.6 m | esef· 26 Oct 2026verified |
| Equity | 180.2 m | 262.2 m | 259.9 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 8.5 m | 8.7 m | 9.1 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 67.8 m | -14.6 m | 37.6 m | esef· 26 Oct 2026verified |
| Capex | 4.6 m | 4.5 m | 1.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 63.2 m ≈ | -19.1 m ≈ | 36.6 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -2.1 m | -18.5 m | -60.9 m | esef· 26 Oct 2026verified |
| Financing cash flow | -100.2 m | 61.7 m | 10.1 m | esef· 26 Oct 2026verified |
| Share repurchases | 18.3 m | 6.6 m | 0 | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 220.7 m SEK
Key indicators
Coverage and freshness
Score by group
- Quality47
- Returns0
- Balance sheet25
- Valuation80
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Neutral profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.0% | 30 (vs peers) | 13% |
| Net margin · Quality | 0.9% | 22 (vs peers) | 8% |
| FCF conversion · Quality | 335.8% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.9x | 31 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 2.0x | 8 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.2x | 34 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 20.3x | 60 (vs peers) | 13% |
| EV/EBITDA · Valuation | 5.7x | 85 (on a fixed band) | 13% |
| FCF yield · Valuation | 16.6% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet25/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality47/100 · 3/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation80/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
B3 Consulting Group AB (publ) (B3.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.2 bn SEK in 2025; YoY growth 7.1%; net margin 0.9%; ROE 4.9%; net debt/EBITDA 2.9x.
The estimated value range is 18.60–52.80 SEK per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 27.45 SEK, the price of 24.30 SEK leaves a potential of 13.0% (value / price − 1) and a margin of safety of 11.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 335.8%
- EV/EBITDA: 5.7x
- FCF yield: 16.6%
What contradicts it
- Net margin: 0.9%
- Interest coverage: 2.0x
- Shareholder yield (distributions): 0.0%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for B3.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.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.73 Total return -39% · Per year -39% | 26.02 Total return 7% · Per year 7% | 39.15 Total return 61% · Per year 61% |
| 3 years | 15.05 Total return -38% · Per year -15% | 29.82 Total return 23% · Per year 7% | 49.16 Total return 102% · Per year 26% |
| 5 years | 15.37 Total return -37% · Per year -9% | 34.19 Total return 41% · Per year 7% | 61.74 Total return 154% · Per year 21% |
- Exit P/E± 7.46
- Net margin± 5.22
- Annual revenue growth± 4.18
- Annual dilution± 0.44
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
B3 Consulting Group is a Swedish IT and management consultancy operating in Sweden, Poland and Norway, delivering digital transformation, systems development and specialist services. In a year of more cautious demand, the group returned to revenue growth while profitability remained under pressure 1.
SWOT
Strengths
- The group has a broad client base with no dependence on a single client, and good diversification across industries, with a significant share of revenue in sectors with low cyclical sensitivity 1.
- The structure of autonomous companies with shared group functions allows quick adaptation while preserving an entrepreneurial culture 1.
- A remuneration model linked to revenue means that a large part of costs adjusts with income, reducing exposure to fluctuations 1.
Weaknesses
Opportunities
- Demand for AI, automation and digital transformation could create new offers if the group integrates them into its services 1.
- Acquisitions and new companies can bring clients, competences and new geographies, if integration succeeds 1.
- Higher administrative efficiency could reduce shared costs and improve margins over the longer term 1.
Risks
- Cyclical demandhigh
Clients can reduce orders in periods of economic uncertainty, which directly affects revenue 1.
- Impact of AI on the business modelhigh
If adaptation is not fast enough, AI could reduce margins and revenue from traditional services 1.
- Price pressuremedium
Competition from brokers and offshore providers could limit increases in hourly rates 1.
- Dependence on staffmedium
Retention and recruitment of senior consultants are essential for growth and can be difficult 1.
- Integration of acquisitions and expansionmedium
Integrating acquired and newly founded companies carries culture, retention and financial risks 1.
Investment thesis
What would need to be true (bull case)
- If revenue returns to growth and margins improve through efficiency, profitability could advance significantly from current levels 1.
- Diversification across clients and industries, and the large share of efficiency work, could make revenue more resilient to the cycle 1.
- If AI becomes a growth driver for the group and the Habberstad integration succeeds, the company could open new revenue sources 1.
What would break the thesis
- Returns fell under pressure from weaker demand, and a new negative economic cycle could again hit revenue 1.
- Net debt and bonds limit flexibility, and if profitability does not rise, financing could become more costly 1.
- AI and competitive pressure could reduce rates and demand for traditional services faster than the group adapts 1.
What to watch
- Development of net revenue and EBIT margin in the quarterly reportQ1 2026
- Integration of Habberstad and contribution of the B3 Norway segment2026
- Outcome of the annual general meeting on dividends and new capital decisions13 May 2026
- Trend in headcount and consultant retention ratenext 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
The group's parent company, B3 Consulting Group AB (publ), is listed on Nasdaq Stockholm and is structured as a network of specialist companies with a high degree of autonomy, organised in business areas 1. The parent handles shared functions such as IT, finance, People & Culture and business development, as well as the group's combined offer to large framework-agreement clients 1. Consolidated net revenue reached 1 209,1 MSEK in 2025, and the group had 868 employees at 31 December 2025 1.
The revenue model is mainly based on hourly consultant rates, and fixed-price assignments account for less than two percent of revenue 1. The group aims to grow faster than the market, combining organic growth with acquisitions and start-ups led by entrepreneurs 1. In December 2025 the associated company B3 Zenith, 50 percent owned, was launched, focused on modernising finance functions with AI and automation 1.
A new chief executive takes over from 1 February 2026, following the departure of the predecessor at his own request 1. In 2025 the group also acquired 51 percent of the Norwegian firm Habberstad, consolidated from March 2025, with a significant client base in the defence sector 1.
Segments
B3 Sweden, B3 Poland, B3 Norway
From 1 January 2025 segment reporting follows a geographic structure of Sweden, Poland and Norway, reflecting operational management by country 1. The Polish company B3 Consulting Poland is 90 percent owned, while the Norwegian business was expanded through Habberstad and B3 Norway AS 1.
New business development and associated companies
The group develops entrepreneur-led companies, started as associates and consolidated gradually as its stake rises, with call options on remaining stakes typically over a three to five year period 1. This line is smaller but could become relevant if the new companies reach growth and profitability 1.
Market context
Demand for IT consultancy is cyclical, and in 2025 clients were more cautious, reducing billing volumes for companies in the group 1. The company notes that a significant part of its work targets efficiency and cost reduction, activities that remain relevant regardless of the cycle 1. The market also carries pricing pressure from consultant brokers, offshore providers and tighter procurement processes 1.
The company describes competition in two groups: large multinational IT and management consultancies, active mainly in big projects, and regional or local firms, active mainly in the private sector in the Nordics and in the public sector 1. The client base is diversified, with more than 200 active clients at the end of 2025 1.
Trends
- Artificial intelligencemixed
AI could change the structure of the IT consultancy market through efficiency, price pressure and greater competition, which could affect revenue and margins if adaptation is not fast enough 1. The group is investing in AI competence and new delivery models to support its position 1.
- Weaker cyclical demandheadwind
Clients became more cautious in 2025, reducing the volume of assignments and framework-agreement revenue, mainly at parent level 1. If conditions improve, the company could quickly regain capacity, since it can scale back recruitment and intensify sales in weaker periods 1.
- Client demand for cost reduction and efficiencytailwind
Demand for cost-reduction and efficiency projects remains steady across the economic cycle, supporting the group's portfolio 1. The company also lowered operating costs in 2025 through savings and fewer employees 1.
- Geographic expansion in the Nordics and Central Europemixed
The Habberstad acquisition and the set-up of B3 Norway AS open access to the Norwegian market, and the Polish presence complements the expansion 1. If integration succeeds, the expansion could support growth, but it also carries integration risks 1.
Competitive position
Competition includes both multinational IT and management consultancies, which dominate large projects, and regional and local Nordic firms, which compete for clients in the private and public sectors 1. The company says specialisation and close client relationships differentiate it from offshore providers, which cannot deliver as close to the client 1.
Competitive position depends on niche specialisation, depth of client relationships and the ability to retain skilled staff, all risks the company explicitly cites 1. Price pressure from brokers and offshore providers remains the main competitive risk factor 1.
- Multinational IT and management consultancies
Compete mainly for the largest clients and large IT projects, according to the company 1.
- Regional and local consultancy firms
Active mainly in the private market in the Nordics and in the public sector, with a focus on mid-sized clients 1.
- Consultant brokers
A source of pricing pressure, according to the company, through their access to clients and supply 1.
- Offshore IT service providers
A source of price pressure, although the company argues that projects requiring proximity to clients are less exposed 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / B3 Consulting Group AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.