olivLaw · European equity research
Synsam AB (publ) SYNSAM.ST
Sweden · Nasdaq Stockholm · ISIN SE0016829709 · Vertical: Listed companies from Sweden
Synsam is the leading Nordic optics and eye-health retailer, with more than 600 stores across five countries and a subscription model that brings recurring customers. The Synsam Lifestyle subscription accounts for over half of net sales, which makes the revenue model relatively stable against economic cycles, but store expansion and online competition remain factors to watch.
At the close of 05 Nov 2026, Synsam AB (publ) (SYNSAM.ST) stock was 59.20 SEK (−1.00% on the day), with market capitalisation 8.6 bn SEK, P/E 18.9 on diluted EPS of 3.14 SEK over the last 12 months, dividend yield 3.04%, beta 0.58, 52-week range 50.80–70.00 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.3
- overbought (≥ 70)
- Bollinger (20, 2)
- 50.88 – 59.34
- in the upper half of the band · %B 0.98 · band width 15.4%
- SMA 50 / 200
- 54.70 / 58.58
- mixed trend
- MACD (12, 26, 9)
- 1.20 / 0.67
- 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 | +11.3% | −0.6% | +11.9 pp | — |
| 3 months | +5.0% | −4.2% | +9.1 pp | — |
| 6 months | +4.0% | +4.3% | −0.3 pp | — |
| Year to date | −12.3% | +7.5% | −19.8 pp | — |
| 1 year | −4.1% | +9.9% | −14.0 pp | −8.5% |
| 3 years | +64.2% | +49.8% | +14.4 pp | +12.3% |
| 5 years | −6.9% | +42.8% | −49.7 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 33 percentile of its own 3-quarter history (min 18.0, median 21.5, max 22.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.9 bn | 6.4 bn | 7.1 bn |
| Revenue YoY | unavailable | +9.0% | +9.8% |
| Net income | 311.0 m | 366.0 m | 454.0 m |
| Net income YoY | unavailable | +17.7% | +24.0% |
| Diluted EPS | 2.08 | 2.48 | 3.14 |
| Diluted EPS YoY | unavailable | +19.2% | +26.6% |
| net % | 5.3% | 5.7% | 6.4% |
| Free cash flow | 934.0 m | 598.0 m | 990.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 600.0 m SEK
- Financial debt
- 2.7 bn SEK
- Net debt
- 2.1 bn SEK
- Equity
- 2.4 bn SEK
- Total assets
- 7.9 bn SEK
- Debt / equity
- 1.12x
- Current ratio
- 1.08x
- ROE
- 18.2%
- ROA
- 5.6%
- FCF margin
- 14.0%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.9 bn | 6.4 bn | 7.1 bn | esef· 26 Oct 2026verified |
| Operating income | 696.0 m | 819.0 m | 862.0 m | esef· 26 Oct 2026verified |
| Depreciation & amortisation | 744.0 m | 777.0 m | 827.0 m | esef· 26 Oct 2026verified |
| EBITDA | 1.4 bn ≈ | 1.6 bn ≈ | 1.7 bn ≈ | esef· 26 Oct 2026derived |
| Interest expense | 554.0 m | 652.0 m | 593.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 415.0 m | 493.0 m | 590.0 m | esef· 26 Oct 2026verified |
| Income tax | 105.0 m | 127.0 m | 136.0 m | esef· 26 Oct 2026verified |
| Net income | 311.0 m | 366.0 m | 454.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 2.08 | 2.48 | 3.14 | esef· 26 Oct 2026verified |
| Dividend per share | 1.70 | 1.80 | 1.80 | 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 | 582.0 m | 420.0 m | 600.0 m | esef· 26 Oct 2026verified |
| Inventories | 707.0 m | 832.0 m | 893.0 m | esef· 26 Oct 2026verified |
| Current assets | 1.9 bn | 2.0 bn | 2.0 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 680.0 m | 787.0 m | 778.0 m | esef· 26 Oct 2026verified |
| Goodwill | 2.6 bn | 2.6 bn | 2.6 bn | esef· 26 Oct 2026verified |
| Total assets | 8.0 bn | 8.2 bn | 7.9 bn | esef· 26 Oct 2026verified |
| Short-term debt | 464.0 m | 0 | — | esef· 08 May 2025verified |
| Long-term debt | 2.0 bn | 2.6 bn | 2.7 bn | esef· 26 Oct 2026verified |
| Current liabilities | 2.5 bn | 2.1 bn | 1.8 bn | esef· 26 Oct 2026verified |
| Equity | 2.5 bn | 2.6 bn | 2.4 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 149.5 m | 147.6 m | 144.6 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.2 bn | 933.0 m | 1.3 bn | esef· 26 Oct 2026verified |
| Capex | 216.0 m | 335.0 m | 276.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 934.0 m ≈ | 598.0 m ≈ | 990.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -270.0 m | -398.0 m | -318.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -712.0 m | -672.0 m | -759.0 m | esef· 26 Oct 2026verified |
| Share repurchases | 30.0 m | 85.0 m | 206.0 m | 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: 64 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 8.6 bn SEK
Key indicators
Coverage and freshness
Score by group
- Quality71
- Returns34
- Balance sheet44
- Valuation79
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
Neutral profile · Score 64/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.3% | 61 (vs peers) | 13% |
| Net margin · Quality | 6.4% | 58 (vs peers) | 8% |
| FCF conversion · Quality | 218.1% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 1.3x | 78 (on a fixed band) | 13% |
| Interest coverage · Balance sheet | 1.5x | 0 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.1x | 23 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 18.9x | 62 (vs peers) | 13% |
| EV/EBITDA · Valuation | 6.3x | 79 (on a fixed band) | 13% |
| FCF yield · Valuation | 11.6% | 100 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 2.4% | 34 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet44/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality71/100 · 3/3 factors with a value
- Returns· partial34/100 · 1/2 factors with a value
- Valuation79/100 · 3/3 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
Synsam AB (publ) (SYNSAM.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 7.1 bn SEK in 2025; YoY growth 9.8%; net margin 6.4%; ROE 18.2%; net debt/EBITDA 1.3x.
The estimated value range is 43.46–89.59 SEK per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 57.14 SEK, the price of 59.20 SEK leaves a potential of -3.5% (value / price − 1) and a margin of safety of -3.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 64/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 218.1%
- Net debt / EBITDA: 1.3x
- EV/EBITDA: 6.3x
- FCF yield: 11.6%
What contradicts it
- Interest coverage: 1.5x
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, 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% |
| SYNSAM.STSynsam AB (publ) | 8.6 bn | 18.9 | 18.2% | 6.4% | +9.8% | −10% / +43% |
| 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% |
1- and 3-year price returns: for SYNSAM.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 | 36.85 Total return -35% · Per year -35% | 65.00 Total return 13% · Per year 13% | 97.69 Total return 69% · Per year 69% |
| 3 years | 39.67 Total return -25% · Per year -9% | 78.35 Total return 43% · Per year 13% | 128.72 Total return 131% · Per year 32% |
| 5 years | 42.70 Total return -14% · Per year -3% | 94.44 Total return 80% · Per year 12% | 169.61 Total return 213% · Per year 26% |
- Exit P/E± 19.59
- Net margin± 13.71
- Annual revenue growth± 10.71
- Annual dilution± 1.15
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
Synsam is the leading Nordic optics and eye-health retailer, with more than 600 stores across five countries and a subscription model that brings recurring customers. The Synsam Lifestyle subscription accounts for over half of net sales, which makes the revenue model relatively stable against economic cycles, but store expansion and online competition remain factors to watch. 1
SWOT
Strengths
- Leading position in Northern Europe, with an extensive store network and a recognised brand in the optics market.
- Subscription model generating recurring revenue and long-term customer relationships.
- Own production in Sweden and an integrated supply chain, supporting quality and cost control.
Weaknesses
- High dependence on one service, the Lifestyle subscription, which represents more than half of net sales.
- High fixed costs of the store network, which can weigh on results when sales are weak.
- Difficulty recruiting licensed optometrists in a market with personnel shortages.
Opportunities
- Growth of the subscriber base and extension of the model to new product categories, including hearing.
- Opening new stores and upgrading some to larger formats, as planned for 2027-2029.
- Development of online channels and circular products, which could attract new customers.
Threats
- Competition from online sellers and rival subscription offers, which could reduce market share.
- Pressure on consumer spending if the economy weakens, although optical services are considered relatively stable.
- Dependence on external suppliers of frames and lenses, exposed to logistics and geopolitical risks.
Risks
- Network expansionmedium
The store opening plan depends on locations and qualified staff. If the pace is not met, growth targets could be delayed.
- Shortage of optometristshigh
If the number of licensed specialists falls, examination services and sales could be constrained and wage costs could rise.
- Online competitionmedium
Digital platforms with lower prices could attract price-sensitive customers, especially in the simple-glasses segment.
- Dependence on subscriptionshigh
If subscriber retention falls, recurring revenue could be significantly affected, given the high weight of this service.
- Supply chainlow
Disruptions in transport from Asia or Europe could delay products and raise inventory costs.
Investment thesis
What would need to be true (bull case)
- The subscription model brings recurring revenue and loyal customers, which could support growth even in weaker economic periods.
- The leading position in Northern Europe and the extensive network offer a scale advantage that small competitors find hard to match.
- Demand for optical services is described as stable and supported by demographic factors, which could reduce revenue volatility.
What would break the thesis
- Heavy dependence on the Lifestyle subscription means results rest on a single business model.
- The shortage of optometrists and the fixed costs of stores could limit profit margins over the medium term.
- Online and alternative subscription competition could erode market share if younger customers migrate.
What to watch
- Development of the Synsam Lifestyle subscriber baseQ1 2027
- Number of new stores opened against the plan of 90 units2026
- Availability of optometrists and effect on wage costs2027
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
Synsam operates in optics, eye health and eyewear fashion in Sweden, Norway, Denmark and Finland, with company-owned and franchised stores, and also in Iceland and the Faroe Islands. The offer includes eye examinations, glasses, contact lenses, accessories and, through Synsam Lifestyle, subscriptions for glasses and lenses. The company combines its physical network with online sales and a own production and innovation centre at Frösön near Östersund. 1
The subscription model is the central pillar of the strategy: the customer pays a fixed monthly fee and receives new glasses, annual eye examinations and lens replacements when vision changes. The company has extended the subscription to contact lenses, and in 2025 the subscriber base grew by 7.5 percent. Synsam also pursues a circular model through second-hand frames and its Outlet stores. 1
The organisation is decentralised: each market segment has its own operating management and is responsible for sales and profitability. Central functions handle purchasing, logistics, IT and marketing, which creates economies of scale. The company also points to the role of licensed optometrists, a profession described as in short supply in several of its markets. 1
Segments
Synsam Lifestyle
The glasses and lens subscription is the most important revenue line, representing 53 percent of net sales in 2025. The subscriber base grew by 7.5 percent to roughly 756 000 customers, and the company aims to exceed one million customers by 2029. 1
Stores and online channels
The physical network includes Synsam, Profil Optik in Denmark and Synsam Outlet stores, and at the end of 2025 the company had six flagship stores, 74 Mega Stores and 16 Outlet stores. Online sales are integrated with the stores, and the Stylelab app lets customers try on glasses on their phone. 1
Market context
The optics and eye-health market is described by the company as medically driven and growing, with relatively stable demand across the economic cycle. The company estimates that seven in ten people have some form of vision defect, and an ageing population and screen time support demand. The market is concentrated in Northern Europe, where Synsam presents itself as the leader. 1
A market study cited by the company suggests that a significant share of customers without a subscription could be interested in one, which points to growth potential for the Lifestyle model. In audiology, the company sees a combined optics and hearing offer as common in Europe and North America but still early in the Nordic market. 1
Trends
- Ageing populationtailwind
A growing number of older people increases the need for vision correction, supporting long-term demand for Synsam products. The effect could be larger if the subscription model gains traction at older ages.
- Screen timetailwind
Intensive use of digital devices is cited by the company as a factor increasing vision problems, an argument for examinations and specialised eyewear.
- Shortage of optometristsheadwind
A lack of licensed specialists may limit the opening of new stores and raise wage costs, especially in markets where the network is expanding.
- Circular consumptionmixed
Preference for subscriptions, reuse and second-hand products could increase volume for Synsam Lifestyle, but may also reduce unit sales of new products if customers choose the subscription over purchases.
Competitive position
The Nordic optics market is fragmented, with national chains, independent opticians and online sellers. Synsam differentiates through its extensive network, the Lifestyle subscription and its own brands, which let it cover different price segments. Its advantage rests on scale, the volume of recurring customers and the integration of stores and online channels. 1
Competition also comes from subscription providers and online eyewear platforms that may target the lower-price segment. If these services win younger customers, Synsam's market position could come under pressure over the medium term. 1
- Nordic optical chains
National optics operators in Scandinavia and Finland with comparable store networks, but without a subscription share comparable to Synsam's.
- Independent opticians
Neighbourhood shops competing on personalised service and price, especially in smaller towns.
- Online eyewear sellers
Digital platforms offering lower prices and virtual try-on, competing in online sales and for younger customers.
- Contact lens suppliers and eye-health networks
Companies selling lenses and vision-care services, sometimes integrated with insurance or pharmacies.
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 / Synsam 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.