olivLaw · European equity research
Rusta AB (publ) RUSTA.ST
Sweden · Nasdaq Stockholm · ISIN SE0020848356 · Vertical: Listed companies from Sweden
Rusta AB operates a Nordic chain of stores selling home, garden, leisure and DIY products, supported by an automated central warehouse in Norrköping and the Club Rusta loyalty programme. For the company listed on Nasdaq Stockholm, around 70 million store visits in fiscal 2024/25 show the scale of its customer base, while its target to cut emissions by 2030 sets the direction of its sustainability strategy.
At the close of 05 Nov 2026, Rusta AB (publ) (RUSTA.ST) stock was 80.50 SEK (−3.42% on the day), with market capitalisation 12.3 bn SEK, P/E 22.4 on diluted EPS of 3.60 SEK over the last 12 months, dividend yield 1.80%, beta 0.44, 52-week range 61.90–103.80 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)
- 52.7
- neutral
- Bollinger (20, 2)
- 75.66 – 84.45
- in the upper half of the band · %B 0.55 · band width 11.0%
- SMA 50 / 200
- 78.50 / 85.27
- mixed trend
- MACD (12, 26, 9)
- 1.33 / 1.13
- 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 | +10.3% | −0.6% | +10.9 pp | — |
| 3 months | −6.1% | −4.2% | −1.9 pp | — |
| 6 months | −21.0% | +4.3% | −25.3 pp | — |
| Year to date | −6.9% | +7.5% | −14.4 pp | — |
| 1 year | +29.9% | +9.9% | +20.0 pp | −8.3% |
| 3 years | +77.1% | +49.8% | +27.3 pp | +12.0% |
| 5 years | unavailable | +42.8% | unavailable | — |
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 0 percentile of its own 3-quarter history (min 25.8, median 28.0, max 28.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable |
| Net income | 261.0 m | 408.0 m | 476.0 m | 549.0 m |
| Net income YoY | unavailable | +56.3% | +16.7% | +15.3% |
| Diluted EPS | 1.70 | 2.70 | 3.10 | 3.60 |
| Diluted EPS YoY | unavailable | +58.8% | +14.8% | +16.1% |
| net % | unavailable | unavailable | unavailable | unavailable |
| Free cash flow | 846.0 m | 1.3 bn | 807.0 m | 1.3 bn |
Balance sheet & financial health
Fiscal year 2026 · 30 Apr 2026
- Cash
- 160.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 2.2 bn SEK
- Total assets
- 9.6 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 1.21x
- ROE
- 28.3%
- ROA
- 5.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cost of revenue | 6.0 bn | 6.3 bn | 6.7 bn | 7.1 bn | esef· 28 Oct 2026verified |
| Gross profit | 4.2 bn | 4.8 bn | 5.1 bn | 5.5 bn | esef· 28 Oct 2026verified |
| Operating income | 518.0 m | 753.0 m | 853.0 m | 953.0 m | esef· 28 Oct 2026verified |
| Interest expense | 179.0 m | 241.0 m | 255.0 m | 249.0 m | esef· 28 Oct 2026verified |
| Pre-tax income | 341.0 m | 525.0 m | 615.0 m | 715.0 m | esef· 28 Oct 2026verified |
| Income tax | 79.0 m | 117.0 m | 139.0 m | 167.0 m | esef· 28 Oct 2026verified |
| Net income | 261.0 m | 408.0 m | 476.0 m | 549.0 m | esef· 28 Oct 2026verified |
| Diluted EPS | 1.70 | 2.70 | 3.10 | 3.60 | esef· 28 Oct 2026verified |
| Dividend per share | 1.00 | 0.69 | 1.15 | 1.45 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 182.0 m | 171.0 m | 99.0 m | 160.0 m | esef· 28 Oct 2026verified |
| Inventories | 2.6 bn | 2.6 bn | 3.0 bn | 3.0 bn | esef· 28 Oct 2026verified |
| Current assets | 2.9 bn | 3.0 bn | 3.3 bn | 3.4 bn | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 5.6 bn | 5.7 bn | — | — | esef· 08 May 2025verified |
| Goodwill | 113.0 m | 118.0 m | 110.0 m | 109.0 m | esef· 28 Oct 2026verified |
| Total assets | 8.9 bn | 9.1 bn | 9.3 bn | 9.6 bn | esef· 28 Oct 2026verified |
| Current liabilities | 2.7 bn | 2.6 bn | 2.9 bn | 2.8 bn | esef· 28 Oct 2026verified |
| Total liabilities | 7.6 bn | 7.5 bn | 7.6 bn | 7.4 bn | esef· 28 Oct 2026verified |
| Equity | 1.3 bn | 1.6 bn | 1.7 bn | 2.2 bn | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 153.5 m | 151.1 m | 153.5 m | 152.5 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 1.0 bn | 1.4 bn | 1.1 bn | 1.7 bn | esef· 28 Oct 2026verified |
| Capex | 161.0 m | 130.0 m | 316.0 m | 356.0 m | esef· 28 Oct 2026verified |
| Free cash flow | 846.0 m ≈ | 1.3 bn ≈ | 807.0 m ≈ | 1.3 bn ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -172.0 m | -166.0 m | -405.0 m | -480.0 m | esef· 28 Oct 2026verified |
| Financing cash flow | -826.0 m | -1.2 bn | -791.0 m | -1.2 bn | esef· 28 Oct 2026verified |
| Share repurchases | 0 | 22.0 m | 24.0 m | 0 | esef· 28 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: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 12.3 bn SEK
Key indicators
Coverage and freshness
Score by group
50% · 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: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 238.1% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | 28.4% | 100 (on a fixed band) | 17% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.8x | 36 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.2x | 34 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 22.4x | 50 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.6% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet35/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial100/100 · 1/3 factors with a value
- Returns· partial0/100 · 1/2 factors with a value
- Valuation72/100 · 2/3 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
Rusta AB (publ) (RUSTA.ST). Latest full fiscal year: 2026; data up to 2026-04-30.
Figures computed from the financial statements: ROE 28.3%.
The estimated value range is 35.05–69.60 SEK per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 46.15 SEK, the price of 80.50 SEK leaves a potential of -42.7% (value / price − 1) and a margin of safety of -74.4% (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 (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 238.1%
- EPS CAGR 3Y: 28.4%
- FCF yield: 10.6%
What contradicts it
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, Revenue CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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 RUSTA.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
Rusta AB operates a Nordic chain of stores selling home, garden, leisure and DIY products, supported by an automated central warehouse in Norrköping and the Club Rusta loyalty programme. For the company listed on Nasdaq Stockholm, around 70 million store visits in fiscal 2024/25 1 show the scale of its customer base, while its target to cut emissions by 2030 1 sets the direction of its sustainability strategy.
SWOT
Strengths
- A store network with high traffic in four countries and a uniform store concept.
- Direct purchasing and own quality-control offices, which support costs and standards.
- An automated central warehouse serving both stores and e-commerce.
Weaknesses
- Dependence on raw materials and transport makes costs sensitive to external shocks.
- The assortment includes materials with impacts on water and biodiversity, requiring continuous control.
- A large supplier base makes oversight of ethical and environmental standards complex.
Opportunities
- Growing use of recycled and certified materials could strengthen the image of sustainable products.
- The Club Rusta programme could support retention and targeted campaigns.
- Lower energy use and a shift to renewable sources could reduce costs over the longer term.
Threats
- Drought and extreme weather could disrupt supply and push up prices.
- Stricter environmental rules could raise compliance costs.
- Rising energy prices could squeeze operating and logistics margins.
Risks
- Climate risk in the supply chainhigh
Extreme weather could raise insurance and purchasing costs and could cause material losses 1.
- Emissions regulationmedium
Legislation on greenhouse gas emissions could generate additional costs if it tightens 1.
- Energy pricesmedium
Rising energy prices could increase transport and store operating costs 1.
- Chemicals and pollutionmedium
Use of chemicals and pollution risks in the supply chain could lead to supplier replacement 1.
- Shortage of key materialslow
High demand for materials needed in the transition could create shortages and extra costs 1.
Investment thesis
What would need to be true (bull case)
- High store traffic and the loyalty programme could support sales and demand for the assortment.
- Direct purchasing and quality control could help maintain price competitiveness.
- An automated central warehouse could support e-commerce growth without major additional distribution investment.
What would break the thesis
- Climate and supply risks could raise purchasing costs and compress margins.
- Sustainability regulation could require significant investment to comply.
- Energy prices could pressure transport and store operating costs.
What to watch
- Progress toward the target of 55 percent of Asian factories rated good or higher2025/26
- Development of Scope 1 and 2 emission reductions against the 2023 base year2030
- Share of recycled and certified materials in the assortmentnext annual report
- Development of energy and transport costs in operating marginsnext 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
Rusta sells products through stores in Finland, Germany, Norway and Sweden, as well as online, using a uniform store concept and promotional campaigns that aim for affordable prices and consistent quality 1. The company buys directly from a global supplier network, where it has its own purchasing offices and quality controls, combining cost efficiency with control over ethics and standards 1. Distribution is centred on an automated central warehouse in Norrköping that supports delivery to both stores and e-commerce 1.
The business model depends on high store traffic and customer loyalty, with Club Rusta acting as the engine for retention and offer communication 1. Rusta reports a value chain covering raw material extraction, purchasing, production, transport, distribution and end-of-life of products 1.
On the resource side, the company reported 4 860 employees and 565 suppliers in fiscal 2024/25, outlining an extensive operating structure across purchasing, logistics and sales 1.
Segments
Physical stores
The store network across four countries generates the main customer contact, and around 70 million visits in fiscal 2024/25 1 point to the central role of this channel.
Online commerce
Online sales are served from the same Norrköping central warehouse, so the distribution infrastructure supports both physical and digital channels 1.
Purchasing and supply chain
Direct purchasing from suppliers, with 565 partners in fiscal 2024/25 1, is the segment through which the company controls costs and product standards.
Market context
Rusta operates in the home, garden, leisure and DIY product segment in Northern Europe and Germany, competing on price, assortment and the accessibility of its store network 1. The supplied sources do not quantify the total market size, so its relative position remains unspecified.
Demand in this segment could be influenced by household consumption and the development of logistics costs, factors the annual report links to energy and transport risks 1.
Trends
- Climate pressure on raw materialsheadwind
Drought and extreme weather could reduce harvests of renewable raw materials and could raise prices, affecting purchasing costs 1.
- Stricter sustainability regulationmixed
EU and Swedish requirements on the circular economy and climate could raise costs or reduce revenues if the assortment does not adapt 1.
- Energy costsheadwind
Higher energy prices could raise transport, distribution and store operating costs 1.
- Recycled and renewable materialstailwind
Growing use of recycled plastic and certified cotton could reduce dependence on raw materials and could support demand for more sustainable products 1.
Competitive position
The supplied sources do not explicitly identify Rusta's competitors. Competition in home and DIY goods could come from DIY and home-goods chains active in the same countries, but without source data market shares cannot be compared.
The advantage the company states lies in direct purchasing, the automated central warehouse and the uniform store concept, which could support competitive pricing if these elements remain effective 1.
- Northern European DIY and home-goods chains
Potential competitors in the same markets, not explicitly identified in the supplied sources.
- Home-goods retailers with online sales
Competition in e-commerce, where Rusta serves customers from the same central warehouse.
- German DIY stores
Competition in the German market, where Rusta operates its own stores.
- Leisure product retailers
Competition in the leisure assortment, with no further detail in the given sources.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202628 Oct 2026
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-04-30 (ESEF) · SEC / Rusta AB (publ) · 30 Apr 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.