olivLaw · European equity research
Stockwik AB (publ) STWK.ST
Sweden · Nasdaq Stockholm · ISIN SE0012257970 · Vertical: Listed companies from Sweden
Stockwik AB is a Swedish group that builds, through acquisitions, a portfolio of small and mid-sized companies with stable demand and low sensitivity to the economic cycle. In 2025 net sales rose to 906.3 MSEK, but EBITA growth slowed well below the 15 percent target, and the company closed the year with high leverage and 400 MSEK of bonds outstanding.
At the close of 05 Nov 2026, Stockwik AB (publ) (STWK.ST) stock was 14.50 SEK (+3.57% on the day), with market capitalisation 93.1 m SEK, beta 0.20, 52-week range 14.00–22.50 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)
- 47.8
- neutral
- Bollinger (20, 2)
- 13.98 – 15.07
- in the lower half of the band · %B 0.48 · band width 7.6%
- SMA 50 / 200
- 14.92 / 17.11
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.15 / -0.19
- 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 | −3.7% | −0.6% | −3.0 pp | — |
| 3 months | −13.7% | −4.2% | −9.5 pp | — |
| 6 months | −12.4% | +4.3% | −16.7 pp | — |
| Year to date | −27.9% | +7.5% | −35.4 pp | — |
| 1 year | −30.6% | +9.9% | −40.5 pp | −8.5% |
| 3 years | +17.4% | +49.8% | −32.4 pp | +12.3% |
| 5 years | −85.7% | +42.8% | −128.5 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 | 818.3 m | 850.9 m | 906.3 m |
| Revenue YoY | unavailable | +4.0% | +6.5% |
| Net income | -37.2 m | -13.6 m | -11.3 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -5.89 | -2.16 | -1.76 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -4.5% | -1.6% | -1.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 68.8 m SEK
- Financial debt
- 383.3 m SEK
- Net debt
- 314.5 m SEK
- Equity
- 217.2 m SEK
- Total assets
- 832.2 m SEK
- Debt / equity
- 1.76x
- Current ratio
- 1.28x
- ROE
- -5.3%
- ROA
- -1.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 818.3 m | 850.9 m | 906.3 m | esef· 26 Oct 2026verified |
| Operating income | 37.5 m | 44.8 m | 47.1 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 52.0 m | 50.3 m | 50.2 m | esef· 26 Oct 2026verified |
| EBITDA | 89.5 m ≈ | 95.1 m ≈ | 97.3 m ≈ | esef· 26 Oct 2026derived |
| Interest expense | 63.7 m | 53.5 m | 61.4 m | esef· 26 Oct 2026verified |
| Pre-tax income | -24.0 m | -6.8 m | -12.5 m | esef· 26 Oct 2026verified |
| Income tax | 13.2 m | 6.8 m | -1.3 m | esef· 26 Oct 2026verified |
| Net income | -37.2 m | -13.6 m | -11.3 m | esef· 26 Oct 2026verified |
| Diluted EPS | -5.89 | -2.16 | -1.76 | esef· 26 Oct 2026verified |
| Weighted average diluted shares | 6.3 m | 6.3 m | 6.4 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 | 38.7 m | 37.3 m | 68.8 m | esef· 26 Oct 2026verified |
| Inventories | 48.2 m | 48.3 m | 48.3 m | esef· 26 Oct 2026verified |
| Current assets | 222.2 m | 214.4 m | 247.0 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 15.1 m | 19.9 m | 22.2 m | esef· 26 Oct 2026verified |
| Goodwill | 350.9 m | 352.1 m | 351.2 m | esef· 26 Oct 2026verified |
| Intangibles (excl. goodwill) | 91.0 m | 83.3 m | 76.8 m | esef· 26 Oct 2026verified |
| Total assets | 804.4 m | 803.4 m | 832.2 m | esef· 26 Oct 2026verified |
| Short-term debt | 300.0 k | 300.0 k | 400.0 k | esef· 26 Oct 2026verified |
| Long-term debt | 339.6 m | 344.3 m | 382.9 m | esef· 26 Oct 2026verified |
| Current liabilities | 202.6 m | 203.4 m | 193.0 m | esef· 26 Oct 2026verified |
| Equity | 223.7 m | 211.2 m | 217.2 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 6.3 m | 6.3 m | 6.4 m | esef· 26 Oct 2026derived |
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
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 93.1 m SEK
Key indicators
Coverage and freshness
Score by group
48% · 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: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.5% | 30 (vs peers) | 22% |
| Net margin · Quality | -1.2% | 19 (vs peers) | 13% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 3.2x | 22 (on a fixed band) | 22% |
| Interest coverage · Balance sheet | 0.8x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 1.3x | 40 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 4.2x | 98 (on a fixed band) | 22% |
| 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 sheet19/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality26/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial98/100 · 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
Stockwik AB (publ) (STWK.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 906.3 m SEK in 2025; YoY growth 6.5%; net margin -1.2%; ROE -5.3%; net debt/EBITDA 3.2x.
The estimated value range is 19.57–64.84 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 31.62 SEK, the price of 14.50 SEK leaves a potential of 118.0% (value / price − 1) and a margin of safety of 54.1% (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: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/EBITDA: 4.2x
- The price is below the estimated value range
What contradicts it
- Net margin: -1.2%
- Net debt / EBITDA: 3.2x
- Interest coverage: 0.8x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, P/E (TTM), 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 STWK.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
Stockwik AB is a Swedish group that builds, through acquisitions, a portfolio of small and mid-sized companies with stable demand and low sensitivity to the economic cycle. In 2025 net sales rose to 906.3 MSEK, but EBITA growth slowed well below the 15 percent target, and the company closed the year with high leverage and 400 MSEK of bonds outstanding 1.
SWOT
Strengths
- Diversified business model with customers in both the public and private sectors and a strategy oriented toward stable businesses.
- Organic revenue growth in 2025, in line with the trend of earlier years.
- Well-defined control and integration processes for acquisitions, with reporting and follow-up of key indicators.
Weaknesses
- The net result remains negative, and high financing costs have reduced profitability.
- Leverage is high, and most of the debt carries a variable interest rate.
- EBITA growth remained below the financial target set by the company.
Opportunities
- Integrating recently acquired companies could generate synergies and support margin improvement.
- Lower refinancing costs could improve the financial result in the coming periods.
- Expanding the portfolio through acquisitions could accelerate growth if prices remain reasonable.
Threats
- Rising interest rates could increase financing costs and put pressure on liquidity.
- The change-of-control clause could require early repayment of the bonds if a new majority shareholder emerged.
- A decline in economic activity or investment could reduce volumes and margins.
Risks
- Refinancing and liquidityhigh
The bond and other financing need refinancing; if access to capital narrows, costs could rise considerably 1.
- Change-of-control clausehigh
If a new shareholder obtained a majority of the shares, the bonds could become immediately repayable together with accrued interest 1.
- Interest ratesmedium
Debt with variable interest makes profit and cash flow sensitive to rising rates 1.
- Goodwill impairmentmedium
Goodwill represents a large part of assets; a fall in forecasts could lead to impairment and affect results 1.
- Public procurement and seasonalitymedium
Loss of public contracts and seasonal swings could affect revenue between quarters 1.
Investment thesis
What would need to be true (bull case)
- If the integration of recent acquisitions succeeds and financing costs fall, results could improve significantly in the coming periods.
- Public-sector customers and steady demand for essential services could support revenue even in weaker economic periods.
- Successful refinancing of the debt could reduce liquidity risks and open room for further acquisitions.
What would break the thesis
- A negative net result and EBITA growth below target could indicate difficulty turning revenue growth into profit.
- High leverage with variable interest could amplify the impact of higher interest rates.
- The change-of-control clause could limit strategic options and create refinancing pressure.
What to watch
- Development of EBITA against the 15 percent target2026
- Integration of Labino, acquired after year end2026
- Level of financing costs and refinancing of the bondnext annual report
- Development of leverage and equity rationext 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
According to the 2025 annual report, the group is organised into segments, and the parent company's role mainly consists of segment management, control, analysis, business development and acquisitions 1. Stockwik invests in businesses that show low cyclical sensitivity and high stability over time 1. The strategy rests on acquiring small Swedish companies that are well run, profitable and held for the long term 1.
The customer base includes property companies, housing cooperatives, state and municipal bodies, transport operators, resellers of construction and agricultural machinery, tyre workshops and insurance companies 1. A significant share of customers comes from the public sector, which the company says dampens cyclicality 1.
The company does not publish forecasts, and forward-looking information in the report reflects management's assessment at the time of publication 1. No revisions to earlier financial targets were published in 2025, so the EBITA growth target of 15 percent remains the reference point 1.
Segments
Fastighetsservice
The Fastighetsservice segment covers property maintenance services, including winter upkeep and construction work, so demand depends on weather and season 1.
Industry and tyre trade
The industrial operations include tyre sales, with seasonal peaks that can cause volumes and revenue to shift between quarters 1.
Market context
Trends
- Variable interest ratesheadwind
Almost all interest-bearing debt carries a variable rate, so a rise in rates could increase financing costs 1.
- Acquisitions of small companiesmixed
The growth-by-acquisition model can support revenue if integration succeeds, but purchase prices and integration risks can affect results 1.
- Public sector demandmixed
The large share of public-sector customers may stabilise demand, but public contracts can be delayed or reduced 1.
- Higher input pricesheadwind
Geopolitical conflicts have led to general price increases for purchases of goods and services, without a significant effect on demand so far 1.
Competitive position
The annual report does not explicitly name the group's competitors, so no competing firms can be presented on the basis of this source 1. Competition is referred to indirectly, in the context of acquisitions of companies and certain public tenders 1.
In public procurement, competition for contracts can reduce margins and lead to lost or delayed contracts, which could affect revenue 1.
- No competitors named in source
The annual report does not name direct competitors of the company.
- Other investors in small companies
Competition for acquiring small companies is mentioned as a risk, without naming firms.
- Bidders in public tenders
Competition in public tenders is mentioned generically as a source of uncertainty.
- Property maintenance service providers
Competition in the property maintenance segment is not detailed 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 / Stockwik 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.