olivLaw · European equity research
GARO Aktiebolag GARO.ST
Sweden · Nasdaq Stockholm · ISIN SE0015812417 · Vertical: Listed companies from Sweden
GARO Aktiebolag is a Swedish maker of low-voltage distribution products, electric vehicle charging solutions and energy storage, with own production in Sweden and Poland. The company is in focus as demand for charging infrastructure grows and competitive pressure in home charging intensifies, according to its 2025 annual report.
At the close of 06 Nov 2026, GARO Aktiebolag (GARO.ST) stock was 12.24 SEK (+0.66% on the day), with beta 0.33, 52-week range 10.66–18.66 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)
- 58.5
- strong (55–70)
- Bollinger (20, 2)
- 11.08 – 12.71
- in the upper half of the band · %B 0.71 · band width 13.7%
- SMA 50 / 200
- 11.51 / 12.21
- mixed trend
- MACD (12, 26, 9)
- 0.16 / 0.12
- 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 | +9.1% | −0.2% | +9.2 pp | — |
| 3 months | +2.0% | −5.4% | +7.4 pp | — |
| 6 months | +3.4% | +4.4% | −1.0 pp | — |
| Year to date | −28.5% | +6.5% | −35.0 pp | — |
| 1 year | −26.0% | +10.0% | −36.0 pp | −7.6% |
| 3 years | −63.6% | +48.6% | −112.1 pp | +12.3% |
| 5 years | −94.9% | +41.4% | −136.4 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 | 1.4 bn | 1.2 bn | 1.0 bn |
| Revenue YoY | unavailable | −15.9% | −9.4% |
| Net income | unavailable | unavailable | unavailable |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | 0.63 | -1.20 | -0.35 |
| Diluted EPS YoY | unavailable | −290.5% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | -47.8 m | -46.9 m | 50.7 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 17.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 529.4 m SEK
- Total assets
- 1.0 bn SEK
- Debt / equity
- unavailable
- Current ratio
- unavailable
- ROE
- unavailable
- ROA
- unavailable
- FCF margin
- 4.9%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 1.4 bn | 1.2 bn | 1.0 bn | esef· 26 Oct 2026verified |
| Operating income | 51.1 m | -55.6 m | -8.1 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 48.5 m | 56.2 m | 53.8 m | esef· 26 Oct 2026verified |
| EBITDA | 99.6 m ≈ | 600.0 k ≈ | 45.7 m ≈ | esef· 26 Oct 2026derived |
| Interest expense | 14.2 m | 18.4 m | 18.1 m | esef· 26 Oct 2026verified |
| Pre-tax income | 47.8 m | -66.9 m | -21.9 m | esef· 26 Oct 2026verified |
| Income tax | 16.5 m | -6.8 m | -4.4 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.63 | -1.20 | -0.35 | 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 | 50.0 m | 16.5 m | 17.0 m | esef· 26 Oct 2026verified |
| Current assets | 763.3 m | 692.4 m | — | esef· 08 May 2025verified |
| Goodwill | 45.5 m | 45.5 m | 45.5 m | esef· 26 Oct 2026verified |
| Total assets | 1.2 bn | 1.1 bn | 1.0 bn | esef· 26 Oct 2026verified |
| Current liabilities | 503.8 m | 429.7 m | 421.0 m | esef· 26 Oct 2026verified |
| Total liabilities | 589.1 m | 553.2 m | 475.6 m | esef· 26 Oct 2026verified |
| Equity | 609.5 m | 555.5 m | 529.4 m | esef· 26 Oct 2026verified |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 25.6 m | -35.8 m | 57.9 m | esef· 26 Oct 2026verified |
| Capex | 73.4 m | 11.1 m | 7.2 m | esef· 26 Oct 2026verified |
| Free cash flow | -47.8 m ≈ | -46.9 m ≈ | 50.7 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -51.0 m | -17.1 m | -11.6 m | esef· 26 Oct 2026verified |
| Financing cash flow | 45.0 m | 18.1 m | -44.9 m | esef· 26 Oct 2026verified |
| Dividends paid | 40.0 m | 0 | — | esef· 08 May 2025verified |
≈ 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
- indicators available: 2 of at least 6
- score weight coverage: 10.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
10% · 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: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| 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 | -0.4x | 0 (on a fixed band) | 60% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| 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 | 0.0% | 100 (on a fixed band) | 40% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 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
GARO Aktiebolag (GARO.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.0 bn SEK in 2025; YoY growth -9.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% 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
- Payout ratio (FCF): 0.0%
What contradicts it
- Interest coverage: -0.4x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions).
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 | 219.9 bn | 26.6 | 19.4% | 11.9% | +4.1% | +19% / +36% |
| BOL.STBoliden Ab | 141.8 bn | 15.1 | 13.3% | 10.1% | +4.8% | +11% / +80% |
| CAST.STCastellum Aktiebolag | 66.4 bn | 70.8 | 1.2% | 9.8% | −2.6% | +26% / +6% |
| AAK.STAak Ab (publ) | 47.4 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 43.3 bn | 59.6 | 19.5% | 32.5% | +21.3% | +18% / +58% |
| ASKER.STAsker Healthcare Group AB | 30.0 bn | 60.9 | 9.8% | 2.9% | +11.7% | −17% / unavailable |
| BRAV.STBravida Holding AB | 29.3 bn | 23.8 | 13.7% | 4.4% | −4.9% | +79% / +118% |
| ALLEI.STAlleima AB | 22.7 bn | 33.9 | 4.1% | 3.6% | −5.4% | +11% / +20% |
| BURE.STBure Equity AB | 22.5 bn | — | -21.0% | — | unavailable | +19% / +19% |
| AQ.STAQ Group AB | 19.9 bn | 29.5 | 14.9% | 7.5% | +6.0% | +15% / +121% |
| ATT.STAttendo AB (publ) | 19.5 bn | 24.1 | 15.1% | 4.3% | +0.1% | +55% / +276% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| AFRY.STAfry Ab | 14.7 bn | 18.3 | 6.2% | 3.1% | −5.2% | −18% / +2% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.9 bn | 16.9 | 2.9% | 23.9% | −2.0% | −34% / −45% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.2 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.6 bn | 15.3 | 12.7% | 4.3% | +9.7% | +21% / +136% |
| APOTEA.STApotea AB (publ) | 10.8 bn | 47.4 | 31.3% | 3.2% | +10.1% | +16% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +57% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.0 | 15.1% | 6.9% | −7.4% | +34% / +107% |
| CEVI.STCellaVision AB | 4.7 bn | 31.0 | 18.0% | 20.2% | +4.9% | +21% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.1 | 13.0% | 2.2% | +16.7% | +1% / +24% |
| ACTI.STActive Biotech AB (publ) | 4.5 bn | — | -84.5% | — | unavailable | −38% / −79% |
| BHG.STBHG Group AB | 4.4 bn | 30.4 | 2.5% | 1.4% | +6.2% | −20% / +108% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.2 | 4.1% | 10.1% | +24.9% | −9% / +86% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +15% / −52% |
1- and 3-year price returns: for GARO.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
GARO Aktiebolag is a Swedish maker of low-voltage distribution products, electric vehicle charging solutions and energy storage, with own production in Sweden and Poland. The company is in focus as demand for charging infrastructure grows and competitive pressure in home charging intensifies, according to its 2025 annual report 1.
SWOT
Strengths
Weaknesses
Opportunities
Risks
- Competitive pressurehigh
International competition in home charging could lead to lower prices and thinner margins.
- Regulatory compliancemedium
CSRD, the EU taxonomy and chemical substance rules could require additional investment.
- Fossil-free supply chainmedium
The fossil-free energy target for suppliers is not yet reached, which could affect costs and reputation.
- Dependence on regional marketslow
Concentration on a few northern European markets could expose the company to local shifts in demand.
- Pace of EV adoptionmedium
If electric vehicle adoption slows, demand for charging infrastructure could fall short of estimates.
Investment thesis
What would need to be true (bull case)
- If demand for charging and electricity distribution grows as the cited estimates suggest, the company could benefit from its production capacity and its presence in Sweden and Poland.
- Rising requirements for EPDs and transparency could favour producers with verified documentation, an advantage the company is actively pursuing.
- Progress on fossil-free energy and emission reductions could bring long-term savings if sustained.
What would break the thesis
- If price pressure in home charging continues, margins could stay under strain even in a growing market.
- The fossil-free energy target for suppliers is not yet reached, and delays could raise compliance costs.
- Without an incentive system for management linked to sustainability, internal pressure to meet targets could be weaker.
What to watch
- Trend in margins in home chargingQ1 2027
- CSRD reporting readiness ahead of financial year 20272027
- Board approval of the climate-neutrality plan for 20402026
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
GARO develops and produces equipment for low-voltage distribution, electric vehicle charging and energy storage, with emphasis on innovation, sustainability and design. Production takes place in Gnosjö and Hillerstorp (Sweden) and in Szczecin (Poland), and sales go through wholesalers, resellers and direct sales 1. The group had 375 employees in 2025 1.
The strategy for the coming period focuses on profitability through products that simplify customers' daily work and meet energy efficiency and safety requirements, along with expansion in northern Europe, especially the UK and Ireland 1. Management also aims for tighter cost control to support margins 1.
Sustainability is presented as an integral part of the business model, with a target of climate neutrality across the value chain by 2040 and a gradual shift towards a circular company 1. The company reports under the EU taxonomy and is preparing for CSRD reporting, which becomes mandatory from the financial year 2027 1.
Segments
EV charging and electricity distribution
Solutions for electric vehicle charging and electricity distribution are described as the basis for expansion, supported by estimated demand for charging infrastructure 1. Strong competition in home charging has led to price pressure and a shift towards offers with greater value 1.
Market context
The annual report cites the International Energy Agency, which expects the number of electric vehicles to rise fourfold globally between 2024 and 2030, a pointer to a large future market for charging stations 1. The European Commission is cited on the need to install new public charging points every year until 2030 1.
In home charging, competition has intensified in recent years, with prices under pressure and a market dominated by large international competitors 1. EU requirements on operation, customer experience and data handling also raise standards for suppliers 1.
Trends
- Electrification of transport and buildingstailwind
Growth in the electric vehicle fleet and electrification of buildings and industry increase demand for distribution and charging infrastructure, including in densely populated areas 1.
- EU sustainability regulationmixed
EPD rules, the EU taxonomy, CSRD and PFAS rules raise transparency requirements and could favour suppliers with verified documentation in public tenders 1.
- Price pressure in home chargingheadwind
Stronger competition in home charging brings lower prices and a move towards higher-value products, which could weigh on margins if costs do not fall 1.
- Fossil-free energy and production costsmixed
A move to fossil-free energy in the supply chain may reduce long-term costs and supply risk, but requires investment and coordination with suppliers 1.
Competitive position
The annual report describes the market as dominated by large international competitors that drive aggressive pricing, especially in home charging 1. The company says its size is an advantage for future expansion, with capacity to scale production 1.
According to the source, differentiation rests on innovation, design, sustainability, local production and relationships with installers and wholesalers 1. The absence of comparable competitor data in the report limits any assessment of its position against each rival 1.
- Large international home-charging competitors
The annual report does not name them individually but describes them as large and international 1.
- Charging infrastructure suppliers
The competitive group in charging infrastructure is mentioned generically in the report, without named companies 1.
- Low-voltage distribution equipment makers
Competition in low-voltage distribution is described in general terms, with no company names in the source provided 1.
- Sustainable building solutions providers
Competition on sustainability criteria and EPDs is mentioned in the report, without naming other companies 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 / GARO Aktiebolag · 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.