olivLaw · European equity research
Proact IT Group AB PACT.ST
Sweden · Nasdaq Stockholm · ISIN SE0015961222 · Vertical: Listed companies from Sweden
Proact IT Group is a Nordic IT services provider delivering infrastructure, hybrid cloud and managed services, with a focus on public-sector and industrial customers. In 2023 the company reported an NPS of 59 and an adjusted EBITA margin of 7.9 percent in Nordic & Baltics, in a context of more cautious demand for hardware systems.
At the close of 05 Nov 2026, Proact IT Group AB (PACT.ST) stock was 140.20 SEK (−3.04% on the day), with market capitalisation 3.8 bn SEK, P/E 22.3 on diluted EPS of 6.29 SEK over the last 12 months, dividend yield 1.32%, beta 0.62, 52-week range 96.00–155.80 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)
- 42.7
- weak (30–45)
- Bollinger (20, 2)
- 134.53 – 156.21
- in the lower half of the band · %B 0.26 · band width 14.9%
- SMA 50 / 200
- 141.32 / 122.64
- mixed trend
- MACD (12, 26, 9)
- 1.87 / 2.78
- 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 | −1.3% | −0.6% | −0.6 pp | — |
| 3 months | +10.9% | −4.2% | +15.1 pp | — |
| 6 months | +17.8% | +4.3% | +13.5 pp | — |
| Year to date | +23.9% | +7.5% | +16.3 pp | — |
| 1 year | +33.8% | +9.9% | +23.9 pp | −8.3% |
| 3 years | +73.7% | +49.8% | +23.9 pp | +12.0% |
| 5 years | +60.4% | +42.8% | +17.6 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 100 percentile of its own 3-quarter history (min 11.9, median 14.9, max 20.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 117.1 m | 191.3 m | 172.6 m |
| Net income YoY | unavailable | +63.3% | −9.7% |
| Diluted EPS | 4.27 | 6.97 | 6.29 |
| Diluted EPS YoY | unavailable | +63.2% | −9.8% |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2023 · 31 Dec 2023
- Cash
- 547.9 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 1.0 bn SEK
- Total assets
- 4.0 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.09x
- ROE
- 17.9%
- ROA
- 4.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cost of revenue | 2.7 bn | 3.7 bn | 3.8 bn | esef· 23 Apr 2024verified |
| Gross profit | 811.4 m | 1.1 bn | 1.1 bn | esef· 23 Apr 2024verified |
| Operating income | 166.2 m | 260.6 m | 229.8 m | esef· 23 Apr 2024verified |
| Interest expense | 19.8 m | 26.4 m | 40.0 m | esef· 23 Apr 2024verified |
| Pre-tax income | 151.9 m | 244.2 m | 218.3 m | esef· 23 Apr 2024verified |
| Income tax | 34.7 m | 52.6 m | 45.2 m | esef· 23 Apr 2024verified |
| Net income | 117.1 m | 191.3 m | 172.6 m | esef· 23 Apr 2024verified |
| Diluted EPS | 4.27 | 6.97 | 6.29 | esef· 23 Apr 2024verified |
| Dividend per share | — | 1.50 | 1.85 | esef· 23 Apr 2024verified |
Balance sheet · SEK
| Line | 2021 | 2022 | 2023 | Source (latest year) |
|---|---|---|---|---|
| Cash | 463.9 m | 505.7 m | 547.9 m | esef· 23 Apr 2024verified |
| Current assets | 1.6 bn | 2.1 bn | 2.0 bn | esef· 23 Apr 2024verified |
| Property, plant & equipment, net | 83.1 m | 74.2 m | 74.1 m | esef· 23 Apr 2024verified |
| Goodwill | 820.7 m | 983.6 m | 983.6 m | esef· 23 Apr 2024verified |
| Intangibles (excl. goodwill) | 224.9 m | 230.7 m | 177.3 m | esef· 23 Apr 2024verified |
| Total assets | 3.4 bn | 4.2 bn | 4.0 bn | esef· 23 Apr 2024verified |
| Current liabilities | 1.5 bn | 1.9 bn | 1.8 bn | esef· 23 Apr 2024verified |
| Total liabilities | 2.7 bn | 3.3 bn | 3.0 bn | esef· 23 Apr 2024verified |
| Equity | 713.9 m | 923.4 m | 1.0 bn | esef· 23 Apr 2024verified |
| Shares outstanding at year end | 27.4 m | 27.4 m | 27.4 m | esef· 23 Apr 2024derived |
Cash flow · SEK
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: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 3.8 bn SEK
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
27% · 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: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| 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 | 5.7x | 65 (on a fixed band) | 23% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | 22.3x | 50 (vs peers) | 38% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.5% | 7 (on a fixed band) | 23% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet49/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial7/100 · 1/2 factors with a value
- Valuation· partial50/100 · 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
Proact IT Group AB (PACT.ST). Latest full fiscal year: 2023; data up to 2023-12-31.
Figures computed from the financial statements: ROE 17.9%.
The estimated value range is 57.88–117.47 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 76.94 SEK, the price of 140.20 SEK leaves a potential of -45.1% (value / price − 1) and a margin of safety of -82.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
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
- Current ratio: 1.1x
- Shareholder yield (distributions): 0.5%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 40 companies
Multiples and returns vs the median
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 PACT.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
Proact IT Group is a Nordic IT services provider delivering infrastructure, hybrid cloud and managed services, with a focus on public-sector and industrial customers. In 2023 the company reported an NPS of 59 1 and an adjusted EBITA margin of 7.9 percent in Nordic & Baltics 1, in a context of more cautious demand for hardware systems.
SWOT
Strengths
- High recurring revenue and long-standing customer relationships, providing contractual stability.
- Relationships with several technology suppliers and the capacity to deliver complete hybrid architectures.
- High customer satisfaction scores in both external and internal measurements.
Weaknesses
- Systems sales fell in several units, weighing on revenue and margins.
- Dependence on external staff in some regions raises costs and reduces margins.
- Margins vary widely between business units, showing uneven performance.
Opportunities
- Demand for hybrid cloud, local cloud and security services could increase recurring revenue.
- Acquisitions of companies with hybrid cloud skills could accelerate the company's strategy.
- Services linked to artificial intelligence and data management could open new contracts.
Threats
- Longer sales cycles and economic uncertainty could postpone customer investment.
- Cost inflation pressure could reduce margins if it cannot be passed on to customers.
- Changes in relationships with key suppliers could affect the company's offering.
Risks
- Supplier dependencemedium
The company delivers products and services from a limited number of partners, and a change in a relationship could disrupt deliveries.
- Decline in systems saleshigh
Hardware revenue fell in several units, and recovery depends on customers deciding to invest.
- Margin pressuremedium
Personnel and sales costs have risen, and if they cannot be offset, profitability could be affected.
- Concentration in the public sectormedium
The large share of public-sector customers makes the company sensitive to government budgets and procurement procedures.
- Cyber security riskslow
A security incident at a customer or in a managed infrastructure could affect reputation and contracts.
Investment thesis
What would need to be true (bull case)
- If recurring revenue from cloud and services keeps growing, the company could become less dependent on hardware sales cycles.
- The high NPS and long-standing customers suggest a stable contract base that could support growth.
- If units with lower margins improve efficiency, group profitability could increase.
What would break the thesis
- If demand for systems stays weak, total revenue could continue to decline in some regions.
- Pressure from personnel and sales costs could limit margin improvement.
- Concentration on the public sector makes the company vulnerable to budget or policy changes.
What to watch
- Development of systems revenue in the West and Central unitsQ1 2027
- Adjusted EBITA margins for the UK unit2027
- Growth in cloud and support service revenue2027
- NPS and emissions targets set out in the sustainability strategynext 10-K
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
Proact presents itself as an independent IT specialist that does not manufacture equipment or own its own data centres, instead integrating solutions from a limited number of strategic partners, including Azure, Cisco, Dell, NetApp, Nvidia and VMware 1. The company delivers both systems and services, and its customers are mainly large and mid-sized companies and public authorities. According to the annual report, revenue from recurring customers accounted for around 97 percent of the total in 2023 1.
The business model combines system sales with recurring services for private cloud, local cloud, public cloud and infrastructure management. The company says it can build hybrid cloud architectures that combine private data centres with services from global or local providers, allowing it to address different security and regulatory requirements 1. This approach depends on supplier relationships and on the ability to retain specialist staff.
Segments
Market context
Customers from the public sector represent the largest share, at 36 percent of revenue in 2023 1, followed by retail and services at 23 percent 1. Demand for hybrid cloud and support services is described as growing, while investment in new systems has been more cautious, with longer sales cycles 1.
The Nordic & Baltics and Benelux markets remain the most important for the company, but the European IT sector is competitive and margins depend on the mix between systems and services. The report notes that macroeconomic uncertainty and budget pressure have delayed investment decisions 1.
Trends
- Hybrid cloudtailwind
Customers are looking for combinations of private cloud, local cloud and public cloud, and Proact sells services for this architecture 1. If demand for hybrid cloud continues, recurring service revenue could offset lower hardware sales.
- Longer sales cyclesheadwind
The report points to a more cautious market, with postponed investment decisions and falling systems sales in several units 1. If this trend persists, pressure on hardware revenue could continue.
- Cyber security and data requirementsmixed
Data protection requirements and cyber threats are increasing demand for managed solutions and local cloud, an area where the company is positioned 1. The effect, however, depends on the ability to deliver services at controlled cost.
- Cost inflation and staffingheadwind
The report mentions that inflation in sales and administration costs, together with dependence on external staff, reduced margins in some units 1. Persistence of these pressures could affect profitability.
Competitive position
Proact competes with IT integrators and managed service providers in Northern Europe and the rest of the continent. The report does not name direct competitors, but stresses that specialists able to combine systems, cloud and support are in demand from customers 1. The company differentiates itself through relationships with several suppliers in each technology area 1.
Competition runs on technical expertise, service levels and the ability to deliver hybrid cloud. Proact says that satisfaction scores and rankings in independent surveys in Germany and Sweden confirm its position 1.
- Regional IT integrators
Local and regional firms delivering infrastructure and managed services; the source does not name them individually.
- Global cloud service providers
Public platforms that Proact integrates into hybrid architectures; partly partners, partly competitors for customer budgets.
- Managed service providers
Companies offering operation and support for IT infrastructure, competing directly for recurring service contracts.
- IT consultancy firms
Firms delivering digital transformation and cloud projects, competing with the company's consultancy services.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202323 Apr 2024
- Annual report 202209 May 2023
Sources
- [1] Annual report, fiscal year ended 2023-12-31 (ESEF) · SEC / Proact IT Group AB · 31 Dec 2023
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.