olivLaw · European equity research
CTEK AB (publ) CTEK.ST
Sweden · Nasdaq Stockholm · ISIN SE0016798763 · Vertical: Listed companies from Sweden
CTEK AB is a Swedish maker of battery chargers and charging solutions for electric vehicles, sold in more than 70 countries. The company has set a target of reaching 2 bn SEK in net sales by 2028, a goal that depends on how well its electrification strategy performs. Investor attention is focused on whether it can reach its 20 percent adjusted margin target.
At the close of 05 Nov 2026, CTEK AB (publ) (CTEK.ST) stock was 13.90 SEK (−0.29% on the day), with beta 0.51, 52-week range 12.38–16.38 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)
- 53.5
- neutral
- Bollinger (20, 2)
- 12.68 – 14.40
- in the upper half of the band · %B 0.71 · band width 12.8%
- SMA 50 / 200
- 13.73 / 14.02
- mixed trend
- MACD (12, 26, 9)
- 0.12 / 0.05
- 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 | +3.9% | −0.6% | +4.5 pp | — |
| 3 months | −2.0% | −4.2% | +2.2 pp | — |
| 6 months | −7.5% | +4.3% | −11.8 pp | — |
| Year to date | +9.8% | +7.5% | +2.3 pp | — |
| 1 year | +10.3% | +9.9% | +0.4 pp | −8.5% |
| 3 years | −22.4% | +49.8% | −72.2 pp | +12.3% |
| 5 years | −92.2% | +42.8% | −135.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 898.0 m | 917.2 m | 835.4 m |
| Revenue YoY | unavailable | +2.1% | −8.9% |
| Net income | -256.9 m | -42.0 m | 26.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -28.6% | -4.6% | 3.1% |
| Free cash flow | 125.2 m | 117.3 m | 144.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 165.9 m SEK
- Financial debt
- 349.0 m SEK
- Net debt
- 183.1 m SEK
- Equity
- 718.0 m SEK
- Total assets
- 1.3 bn SEK
- Debt / equity
- 0.49x
- Current ratio
- 3.03x
- ROE
- 3.7%
- ROA
- 1.9%
- FCF margin
- 17.2%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 898.0 m | 917.2 m | 835.4 m | esef· 26 Oct 2026verified |
| Operating income | -230.4 m | -35.4 m | 74.8 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 308.5 m | 125.6 m | 78.4 m | esef· 26 Oct 2026verified |
| EBITDA | 78.1 m ≈ | 90.2 m ≈ | 153.2 m ≈ | esef· 26 Oct 2026derived |
| Interest expense | 49.3 m | 32.9 m | 36.8 m | esef· 26 Oct 2026verified |
| Pre-tax income | -276.0 m | -55.9 m | 40.2 m | esef· 26 Oct 2026verified |
| Income tax | -19.2 m | -13.9 m | 13.9 m | esef· 26 Oct 2026verified |
| Net income | -256.9 m | -42.0 m | 26.3 m | 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 | 192.3 m | 141.8 m | 165.9 m | esef· 26 Oct 2026verified |
| Inventories | 221.5 m | 189.9 m | 139.7 m | esef· 26 Oct 2026verified |
| Current assets | 580.3 m | 531.4 m | 452.6 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 38.8 m | 22.3 m | — | esef· 08 May 2025verified |
| Goodwill | 342.4 m | 342.4 m | 342.4 m | esef· 26 Oct 2026verified |
| Total assets | 1.5 bn | 1.4 bn | 1.3 bn | esef· 26 Oct 2026verified |
| Long-term debt | 497.7 m | 398.4 m | 349.0 m | esef· 26 Oct 2026verified |
| Current liabilities | 171.0 m | 223.0 m | 149.4 m | esef· 26 Oct 2026verified |
| Equity | 735.1 m | 693.1 m | 718.0 m | esef· 26 Oct 2026verified |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 135.2 m | 122.7 m | 151.4 m | esef· 26 Oct 2026verified |
| Capex | 10.0 m | 5.4 m | 7.3 m | esef· 26 Oct 2026verified |
| Free cash flow | 125.2 m ≈ | 117.3 m ≈ | 144.1 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -82.5 m | -68.9 m | -57.8 m | esef· 26 Oct 2026verified |
| Financing cash flow | 134.6 m | -108.2 m | -59.1 m | 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 weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
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
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.3% | 26 (vs peers) | 24% |
| Net margin · Quality | 3.1% | 39 (vs peers) | 14% |
| FCF conversion · Quality | 547.9% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.2x | 80 (on a fixed band) | 24% |
| Interest coverage · Balance sheet | 2.0x | 8 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet63/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality50/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 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
CTEK AB (publ) (CTEK.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 835.4 m SEK in 2025; YoY growth -8.9%; net margin 3.1%; ROE 3.7%; net debt/EBITDA 1.2x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 547.9%
- Net debt / EBITDA: 1.2x
- Current ratio: 3.0x
What contradicts it
- ROIC: 5.3%
- Interest coverage: 2.0x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), 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 CTEK.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
Scenarios are not available. input data missing
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
CTEK AB is a Swedish maker of battery chargers and charging solutions for electric vehicles, sold in more than 70 countries. The company has set a target of reaching 2 bn SEK in net sales by 2028, a goal that depends on how well its electrification strategy performs. Investor attention is focused on whether it can reach its 20 percent adjusted margin target.
SWOT
Strengths
- The company has a broad product range in battery charging and a commercial presence in several countries.
- Its innovation strategy and partnerships with strategic suppliers support the development of its offer.
- There is a stable shareholder base, with a main investor holding a significant stake.
Weaknesses
- The company has no own production, which makes the supply chain dependent on third parties.
- Concentration on certain customer segments can create large swings in demand.
- Reaching long-term financial targets depends on revenue growth and maintaining margins.
Opportunities
- Growing vehicle electrification could expand the market for charging solutions.
- New product segments such as Premium Boosters could add revenue.
- Expansion into new markets where electric vehicle chargers become essential could support growth.
Threats
- Inflationary pressure and weaker purchasing power could reduce demand for some products.
- Changes in trade tariffs could increase purchasing costs.
- International sanctions, which change quickly, could create compliance difficulties.
Risks
- Supply chain disruptionhigh
Centralised or vulnerable suppliers could cause delays or price volatility.
- Weaker consumer demandmedium
If purchasing power declines, sales of some product categories could slow.
- Tariff and regulatory changesmedium
Trade policy decisions could raise costs and change competitive conditions.
- Compliance with international sanctionsmedium
Sanctions change rapidly, and difficulty in complying could create legal risks.
- Human rights in the supply chainlow
Global supplier audits have been reduced, and insufficient control could hide breaches.
Investment thesis
What would need to be true (bull case)
- If vehicle electrification continues, demand for charging solutions could grow in several markets.
- New products in the Premium Charger and Premium Boosters segments could diversify revenue.
- The company could benefit from a broad customer base and continuous innovation.
What would break the thesis
- If inflation and cost pressure persist, margins could be affected.
- Lack of own production could expose the company to supply interruptions.
- Reaching financial targets could prove difficult if demand in certain segments falls.
What to watch
- Development of net sales against the 2 bn SEK target2028
- Development of adjusted EBITA margin against the 20 percent target2028
- Effect of tariffs and sanctions on costsnext 10-K
- Results of launches in the Premium Boosters segment2027
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
CTEK develops, markets and sells innovative, safe, easy-to-install and easy-to-use battery charging products for all types of vehicles, as well as complete charging solutions for electric vehicles 1. The company has operated under its own brand since 1997 and serves distributors, retailers, vehicle manufacturers, electricians, property owners and charging point operators 1. It is headquartered in Falun, Sweden, and had 201 employees at year end 2025 1.
Segments
Low-voltage battery chargers
The traditional segment includes chargers for car and other vehicle batteries sold under the company's own brand 1. In 2025 several new products were launched in the Premium Charger segment 1.
Premium Boosters and electric vehicle charging
In 2025 the company launched two products in the new Premium Boosters segment for immediate jump-starting, while charging solutions for electric vehicles are a stated growth direction 1.
Market context
Trends
- Vehicle electrificationtailwind
The shift to electric vehicles and growing fleet complexity support demand for charging solutions, according to management 1.
- Cost pressure and consumer demandheadwind
Inflation and weaker consumer purchasing power could reduce demand for some product categories and affect margins 1.
- Trade policy and tariffsheadwind
Changes in tariffs or regulation could raise component costs or lengthen lead times 1.
- Supply chain diversificationmixed
The company is working on diversifying its supplier base and using long-term contracts, which could reduce the risk of disruption 1.
Competitive position
The analysed sources do not contain a detailed list of competitors, so the competitive landscape cannot be described from the official documents provided 1. The company supports its position through innovation and partnerships with strategic suppliers 1.
- Global car charger suppliers
Competitors not named in the source; the annual report does not identify them.
- Electric vehicle charging solution makers
Cited only generically in the source, without company names.
- Private-label distributors
Not identified in the annual report provided.
- Charging point operators
Customers and possible players in this space, not named in the source.
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 / CTEK 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.