olivLaw · European equity research
Dustin Group AB DUST.ST
Sweden · Nasdaq Stockholm · ISIN SE0006625471 · Vertical: Listed companies from Sweden
Dustin Group AB is an online IT partner in the Nordics and Benelux that sells IT products and services to businesses, the public sector and private individuals. The company has a very broad product range and an online-led sales model, which makes it relevant as digitalisation and sustainability reporting requirements grow. Net sales reached 20 407 million SEK in fiscal 2024/25.
At the close of 05 Nov 2026, Dustin Group AB (DUST.ST) stock was 1.57 SEK (−2.49% on the day), with market capitalisation 1.4 bn SEK, dividend yield 0.00%, beta 0.93, 52-week range 1.32–1.99 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)
- 38.0
- weak (30–45)
- Bollinger (20, 2)
- 1.51 – 1.77
- in the lower half of the band · %B 0.21 · band width 15.6%
- SMA 50 / 200
- 1.70 / 1.67
- mixed trend
- MACD (12, 26, 9)
- -0.04 / -0.04
- MACD below 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 | −8.2% | −0.6% | −7.6 pp | — |
| 3 months | −13.8% | −4.2% | −9.6 pp | — |
| 6 months | −4.4% | +4.3% | −8.7 pp | — |
| Year to date | −13.0% | +7.5% | −20.5 pp | — |
| 1 year | −16.8% | +9.9% | −26.7 pp | −8.5% |
| 3 years | −77.6% | +49.8% | −127.4 pp | +12.3% |
| 5 years | −97.4% | +42.8% | −140.2 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.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 23.6 bn | 21.5 bn | 20.4 bn |
| Revenue YoY | unavailable | −8.9% | −5.0% |
| Net income | 173.9 m | 53.0 m | -2.6 bn |
| Net income YoY | unavailable | −69.5% | −5,064.2% |
| Diluted EPS | 0.81 | 0.08 | -2.92 |
| Diluted EPS YoY | unavailable | −90.1% | −3,750.0% |
| net % | 0.7% | 0.2% | -12.9% |
| Free cash flow | 584.0 m | 99.0 m | -87.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Aug 2025
- Cash
- 676.0 m SEK
- Financial debt
- 2.5 bn SEK
- Net debt
- 1.9 bn SEK
- Equity
- 5.5 bn SEK
- Total assets
- 13.4 bn SEK
- Debt / equity
- 0.46x
- Current ratio
- 1.18x
- ROE
- -42.0%
- ROA
- -18.0%
- FCF margin
- -0.4%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 23.6 bn | 21.5 bn | 20.4 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 20.2 bn | 18.3 bn | 17.6 bn | esef· 26 Oct 2026verified |
| Gross profit | 3.4 bn | 3.2 bn | 2.8 bn | esef· 26 Oct 2026verified |
| Operating income | 466.6 m | 332.0 m | -2.5 bn | esef· 26 Oct 2026verified |
| Interest expense | 238.7 m | 219.0 m | 201.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 237.2 m | 117.0 m | -2.7 bn | esef· 26 Oct 2026verified |
| Income tax | 63.2 m | 63.0 m | -70.0 m | esef· 26 Oct 2026verified |
| Net income | 173.9 m | 53.0 m | -2.6 bn | esef· 26 Oct 2026verified |
| Diluted EPS | 0.81 | 0.08 | -2.92 | esef· 26 Oct 2026verified |
| Dividend per share | 0.00 | 0.00 | — | esef· 08 May 2025derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.1 bn | 884.0 m | 676.0 m | esef· 26 Oct 2026verified |
| Inventories | 987.0 m | 826.0 m | 1.1 bn | esef· 26 Oct 2026verified |
| Current assets | 5.4 bn | 5.5 bn | 5.8 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 119.6 m | 114.0 m | 70.0 m | esef· 26 Oct 2026verified |
| Goodwill | 8.7 bn | 8.4 bn | 5.8 bn | esef· 26 Oct 2026verified |
| Total assets | 16.1 bn | 15.8 bn | 13.4 bn | esef· 26 Oct 2026verified |
| Short-term debt | 255.2 m | 108.0 m | 63.0 m | esef· 26 Oct 2026verified |
| Long-term debt | 5.1 bn | 3.5 bn | 2.5 bn | esef· 26 Oct 2026verified |
| Current liabilities | 4.9 bn | 4.7 bn | 4.9 bn | esef· 26 Oct 2026verified |
| Equity | 5.4 bn | 7.0 bn | 5.5 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 214.7 m | 662.5 m | 901.0 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 619.2 m | 147.0 m | -74.0 m | esef· 26 Oct 2026verified |
| Capex | 35.2 m | 48.0 m | 13.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 584.0 m ≈ | 99.0 m ≈ | -87.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -240.1 m | -244.0 m | -169.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | 26.7 m | -149.0 m | 21.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 0 | 0 | — | esef· 08 May 2025verified |
| Share repurchases | 4.1 m | 20.0 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 weight coverage: 41.7% 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: 1.4 bn SEK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
42% · 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: 41.7% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -24.8% | 13 (vs peers) | 25% |
| Net margin · Quality | -12.9% | 14 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -12.6x | 0 (on a fixed band) | 15% |
| Current ratio · Balance sheet | 1.2x | 32 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -6.2% | 0 (on a fixed band) | 20% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 15% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet13/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality13/100 · 2/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation· partial0/100 · 1/3 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
Dustin Group AB (DUST.ST). Latest full fiscal year: 2025; data up to 2025-08-31.
Figures computed from the financial statements: revenue 20.4 bn SEK in 2025; YoY growth -5.0%; net margin -12.9%; ROE -42.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 41.7% 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
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -24.8%
- Net margin: -12.9%
- Interest coverage: -12.6x
- FCF yield: -6.2%
- Shareholder yield (distributions): 0.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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 DUST.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 | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Dustin Group AB is an online IT partner in the Nordics and Benelux that sells IT products and services to businesses, the public sector and private individuals. The company has a very broad product range and an online-led sales model, which makes it relevant as digitalisation and sustainability reporting requirements grow. Net sales reached 20 407 million SEK in fiscal 2024/25 1.
SWOT
Strengths
Weaknesses
Opportunities
Threats
- A weaker IT investment cycle could reduce corporate and public order volumes.
- Competition from online providers and global platforms could compress margins.
- CSRD-type reporting requirements raise administrative costs and the risk of non-compliance 1.
Risks
- CSRD reporting compliancemedium
The sources show that sustainability reporting risks include non-compliance with rules, process weaknesses and calculation errors 1. If these issues arise, they could affect investor and customer confidence.
- Dependence on the online channelmedium
A model centred on online sales could become vulnerable to changes in search algorithms, digital advertising or consumer behaviour.
- Price pressuremedium
Strong competition in IT could lead to lower margins, especially on low-value products.
- IT investment cyclehigh
A decline in corporate or government investment in equipment and licences could directly reduce sales volumes.
- Supply chain managementlow
Dependence on external suppliers of IT products could expose the company to disruption or supplier compliance issues 1.
Investment thesis
What would need to be true (bull case)
- If demand for IT products and services stays solid, a very broad catalogue and an established online channel could support revenue growth 1.
- ISO certifications and sustainability commitments could become an advantage in public and corporate tenders 1.
- The return and recycling activity could add a growth-oriented revenue source if volumes increase 1.
What would break the thesis
- If IT investment slows, order volumes could fall in both the corporate and public segments at the same time.
- Competitive pressure from online platforms could reduce margins even if sales hold up.
- CSRD compliance costs could rise over time, especially if errors appear in data 1.
What to watch
- Trend in net sales and margins in the next quarterly reportQ1 2026
- Progress on ISO 45001 certification for the remaining operational premises2026
- Growth rate of the return and recycling activitynext 10-K
- Quality and compliance of sustainability reporting under CSRD2026
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
Dustin presents itself as a leading online IT partner in the Nordics and Benelux, helping customers choose the right IT solution at the right time and at the right price 1. The company offers about 280 000 products with related services to businesses, public bodies and private individuals 1. For fiscal 2024/25, net sales were 20 407 million SEK 1.
The business rests on the fact that IT products are essential to how companies operate, so a broad range of goods and services lets customers run their activities 1. The model is oriented toward the online channel, and sales functions are organised by customer segment, including online sales and relation sales 1.
Sustainability is built into operations, with ISO certifications covering all operational premises for quality, environmental and information security management 1. The company also runs product return and recycling activities, which appear both in operations and in long-term incentive metrics 1.
Segments
Online sales to businesses and the public sector
This segment is the core of the business, through which Dustin sells IT products and services via a digital channel, with a catalogue of about 280 000 products 1. Sustainability in this area relates to how initiatives are reflected in marketing and customer dialogue 1.
Market context
Dustin operates in the Nordics and Benelux, where IT buyers increasingly go through online channels to purchase equipment and licences 1. Net sales of 20 407 million SEK in fiscal 2024/25 place the company in an important position in this space 1. The sources reviewed do not provide market share or total market size data.
Demand depends on investment by companies and the public sector in IT infrastructure, as well as the need for compliance with new sustainability reporting rules 1. These conditions could influence purchasing volumes in the coming years if the investment cycle changes 1.
Trends
- Continued digitalisation of purchasingtailwind
Growth in the share of online sales could support a business model centred on the digital channel and a broad product catalogue 1.
- CSRD sustainability reportingmixed
CSRD requirements oblige the company to apply stricter governance and internal control over environmental and social data, which adds administrative cost 1.
- Sustainability requirements in tendersmixed
Public and corporate customers increasingly ask for evidence of compliance, which could open opportunities for certified suppliers but also add pressure on the supply chain 1.
- Circularity and equipment recyclingtailwind
Growing interest in recycling and returning electronic products could create new revenue for return activities, but requires efficient recycling processes 1.
Competitive position
The sources reviewed do not name Dustin's direct competitors and do not include market share data. Competition appears to span traditional IT distributors and online electronics retailers, but these points cannot be verified in the documents provided.
The advantage the company states is its online model, combined with certifications and a very broad catalogue, which could be a point of differentiation if these features are maintained 1.
- Traditional IT distributors in the Nordics
The sources reviewed do not name specific competitors; the category is mentioned only as a possible rival in Dustin's markets.
- Online electronics and IT retailers
No list of companies appears in the sources reviewed; the category could compete for the same customer segments.
- Regional IT service providers
Not named in the sources reviewed; they could compete for public and corporate contracts.
- Global online sales platforms
Not identified in the sources reviewed; they could pressure prices and the digital channel.
News & filings
In the press
- Cu Dustin Hoffman la filmAdevărul · 09 Jul 2026 · RO
- Dustin Hoffman, omagiat pentru întreaga carieră la unul dintre cele mai importante festivaluri de film din EuropaMediafax · 03 Jul 2026 · RO
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-08-31 (ESEF) · SEC / Dustin Group AB · 31 Aug 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.