olivLaw · European equity research
Ependion AB EPEN.ST
Sweden · Nasdaq Stockholm · ISIN SE0000671711 · Vertical: Listed companies from Sweden
Ependion AB is a Swedish group that develops industrial human-machine interface and industrial networking solutions through two units: Beijer Electronics (operator panels) and Westermo (industrial communications). In 2025 Beijer Electronics completed the launch of its X3 platform and focused on three segments, while revenue fell to 858 mkr and the operating margin reached 9.2 percent.
At the close of 05 Nov 2026, Ependion AB (EPEN.ST) stock was 148.80 SEK (−1.59% on the day), with market capitalisation 4.6 bn SEK, P/E 31.7 on diluted EPS of 4.70 SEK over the last 12 months, dividend yield 1.01%, beta 0.40, 52-week range 91.00–160.80 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)
- 42.5
- weak (30–45)
- Bollinger (20, 2)
- 147.56 – 160.78
- in the lower half of the band · %B 0.09 · band width 8.6%
- SMA 50 / 200
- 153.94 / 133.45
- mixed trend
- MACD (12, 26, 9)
- -0.46 / 0.05
- 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 | −5.2% | −0.6% | −4.6 pp | — |
| 3 months | −6.6% | −4.2% | −2.5 pp | — |
| 6 months | +8.1% | +4.3% | +3.8 pp | — |
| Year to date | +31.7% | +7.5% | +24.2 pp | — |
| 1 year | +26.3% | +9.9% | +16.4 pp | −8.5% |
| 3 years | +30.3% | +49.8% | −19.5 pp | +12.3% |
| 5 years | +93.2% | +42.8% | +50.4 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.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 18.0, median 18.3, max 24.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.5 bn | 2.3 bn | 2.2 bn |
| Revenue YoY | unavailable | −8.6% | −1.2% |
| Net income | 200.5 m | 158.0 m | 146.7 m |
| Net income YoY | unavailable | −21.2% | −7.1% |
| Diluted EPS | 6.86 | 5.38 | 4.70 |
| Diluted EPS YoY | unavailable | −21.6% | −12.6% |
| net % | 8.1% | 7.0% | 6.6% |
| Free cash flow | 308.1 m | 419.6 m | 349.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 159.6 m SEK
- Financial debt
- 416.0 m SEK
- Net debt
- 256.4 m SEK
- Equity
- 1.6 bn SEK
- Total assets
- 3.2 bn SEK
- Debt / equity
- 0.26x
- Current ratio
- 1.61x
- ROE
- 9.9%
- ROA
- 4.9%
- FCF margin
- 15.7%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.5 bn | 2.3 bn | 2.2 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 1.2 bn | 1.1 bn | 1.0 bn | esef· 26 Oct 2026verified |
| Gross profit | 1.2 bn | 1.1 bn | 1.2 bn | esef· 26 Oct 2026verified |
| Research & development | 213.4 m | 219.5 m | 259.9 m | esef· 26 Oct 2026verified |
| Operating income | 321.7 m | 250.9 m | 232.1 m | esef· 26 Oct 2026verified |
| Interest expense | 47.2 m | 46.0 m | 40.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 275.3 m | 206.4 m | 193.8 m | esef· 26 Oct 2026verified |
| Income tax | 74.9 m | 49.4 m | 47.1 m | esef· 26 Oct 2026verified |
| Net income | 200.5 m | 158.0 m | 146.7 m | esef· 26 Oct 2026verified |
| Diluted EPS | 6.86 | 5.38 | 4.70 | esef· 26 Oct 2026verified |
| Dividend per share | 1.00 | 1.25 | 1.50 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 142.5 m | 178.1 m | 159.6 m | esef· 26 Oct 2026verified |
| Inventories | 486.6 m | 396.3 m | 371.5 m | esef· 26 Oct 2026verified |
| Current assets | 1.1 bn | 1.0 bn | 974.5 m | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 85.8 m | 105.2 m | 102.0 m | esef· 26 Oct 2026verified |
| Total assets | 2.6 bn | 2.8 bn | 3.2 bn | esef· 26 Oct 2026verified |
| Long-term debt | 462.6 m | 430.5 m | 416.0 m | esef· 26 Oct 2026verified |
| Current liabilities | 630.1 m | 594.3 m | 604.4 m | esef· 26 Oct 2026verified |
| Total liabilities | 1.4 bn | 1.4 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Equity | 1.2 bn | 1.3 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 28.9 m | 29.0 m | 31.0 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 334.6 m | 459.5 m | 374.5 m | esef· 26 Oct 2026verified |
| Capex | 26.5 m | 39.9 m | 25.1 m | esef· 26 Oct 2026verified |
| Free cash flow | 308.1 m ≈ | 419.6 m ≈ | 349.4 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -232.2 m | -275.6 m | -613.7 m | esef· 26 Oct 2026verified |
| Financing cash flow | -111.4 m | -159.9 m | 258.4 m | esef· 26 Oct 2026verified |
| Dividends paid | 14.4 m | 28.9 m | 36.3 m | esef· 26 Oct 2026verified |
| Share repurchases | 63.0 k | 34.0 k | 18.0 k | 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: 60 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 4.6 bn SEK
Key indicators
Coverage and freshness
Score by group
- Quality63
- Returns47
- Balance sheet67
- Valuation59
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
Unattractive profile · Score 60/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.1% | 43 (vs peers) | 17% |
| Net margin · Quality | 6.6% | 58 (vs peers) | 10% |
| FCF conversion · Quality | 238.1% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 5.8x | 66 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.6x | 68 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 31.7x | 31 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 7.6% | 95 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 0.8% | 11 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 10.4% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet67/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 3/3 factors with a value
- Returns47/100 · 2/2 factors with a value
- Valuation59/100 · 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
Ependion AB (EPEN.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 2.2 bn SEK in 2025; YoY growth -1.2%; net margin 6.6%; ROE 9.9%.
The estimated value range is 72.94–142.64 SEK per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 99.99 SEK, the price of 148.80 SEK leaves a potential of -32.8% (value / price − 1) and a margin of safety of -48.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 60/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 238.1%
- FCF yield: 7.6%
- Payout ratio (FCF): 10.4%
What contradicts it
- Shareholder yield (distributions): 0.8%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
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% |
| EPEN.STEpendion AB | 4.6 bn | 31.7 | 9.9% | 6.6% | −1.2% | +29% / +31% |
| 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 EPEN.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 | 83.47 Total return -43% · Per year -43% | 148.00 Total return 0% · Per year 0% | 223.51 Total return 51% · Per year 51% |
| 3 years | 72.05 Total return -49% · Per year -20% | 144.56 Total return 0% · Per year 0% | 240.97 Total return 66% · Per year 18% |
| 5 years | 62.18 Total return -55% · Per year -15% | 141.21 Total return -0% · Per year -0% | 259.80 Total return 81% · Per year 13% |
- Exit P/E± 36.14
- Net margin± 25.30
- Annual revenue growth± 21.96
- Annual dilution± 2.13
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
Ependion AB is a Swedish group that develops industrial human-machine interface and industrial networking solutions through two units: Beijer Electronics (operator panels) and Westermo (industrial communications). In 2025 Beijer Electronics completed the launch of its X3 platform and focused on three segments, while revenue fell to 858 mkr and the operating margin reached 9.2 percent.
SWOT
Strengths
- Strong position in the marine and industrial segments, with relevant certifications and reference customers.
- A newly fully launched X3 platform with improved security and customisation features.
- Long-standing business relationships tied to machines and processes, generating recurring revenue.
Weaknesses
- Revenue declined compared with the prior year, and the operating margin narrowed.
- Dependence on production concentrated in Taiwan, a region exposed to climate and geopolitical risks.
- Development spending is high and can put pressure on profitability.
Opportunities
- Rising demand for software and services could improve margins over the longer term.
- Energy infrastructure projects such as carbon storage could open new markets.
- Re-industrialisation in the West and automation could increase demand for visualisation solutions.
Threats
- Tariffs and trade tensions could disrupt supply chains and costs.
- Regulatory changes, including cybersecurity requirements, could raise compliance costs.
- Competition in the global HMI market could limit pricing and market share.
Risks
- Supply chainhigh
Reliance on standard components and a few suppliers, plus logistics risks, could delay deliveries if external shocks occur.
- Geopolitical risk in Asiahigh
Main production in Taiwan could be affected by political tensions or trade restrictions.
- Cybersecurity and informationmedium
The large volume of classified data and the use of AI could increase the risk of information leakage if controls are not applied consistently.
- New regulationsmedium
GDPR, product security legislation and AI rules could generate additional compliance costs.
- Physical climate riskslow
Extreme weather events could affect production units and suppliers in sensitive regions.
Investment thesis
What would need to be true (bull case)
- If the X3 platform and associated software lift the share of recurring revenue, margins could return to an upward trend.
- The position in marine and industrial applications, supported by certifications, could provide a stable base for long-term customers.
- The global HMI market is estimated to grow steadily, which could support higher volumes and orders.
What would break the thesis
- The decline in revenue and operating margin shows that the strategic transformation could take longer than expected.
- Concentrating production in a region exposed to geopolitical risk could cause costly interruptions.
- Investment in development and software could delay a return to profitability if adoption of X3 is slow.
What to watch
- Development of Beijer Electronics revenue and operating marginQ1 2026
- Pace of X3 platform adoption and software revenue2026
- Progress of Project Greensand and carbon storage infrastructure2026
- Effect of tariffs and trade tensions on the supply chainnext 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
Ependion is a parent company with two autonomous business units, Beijer Electronics and Westermo. Beijer Electronics focuses on the human-machine interface, offering operator panels, hardware and software for visualisation, automation and digitalisation of industrial applications. The company seeks to extend customer relationships through software and periodic upgrades rather than one-off hardware sales.
Beijer Electronics manufactures mainly in Taipei, Taiwan, with a complementary unit in Malmö, Sweden. Distribution is organised from Malmö, Salt Lake City and Taipei. The 2025 strategy aimed to reduce complexity by phasing out low-margin products, and the X3 family was introduced to support recurring software revenue.
Ependion also highlights a cost reduction programme, and development spending fell as the X3 project moved into a calmer phase. The figures in the report show that development remains a central element, with a significant share of sales allocated to research and development.
Segments
Manufacturing industry
Machine builders and process industries accounted for 35 percent of Beijer Electronics sales in 2025. The company aims to offer robust, intuitive and future-ready visualisation and control to machine builders, with customers such as ABB and Alfa Laval.
Marine applications
Marine applications accounted for 26 percent of sales in 2025, with demand driven mainly by sustainability requirements. Beijer Electronics says it has deep knowledge and the certifications needed for shipboard use.
Demanding environments
Applications for demanding environments, including energy and infrastructure, accounted for 14 percent of sales in 2025. In this segment the company claims a premium position with robust solutions and relevant certifications.
Market context
The global operator panel (HMI) market could grow by about 8 percent a year until 2027, reaching 75 billion SEK, according to estimates cited in the report. Panel and PC-based solutions represent more than four fifths of volume, and demand for software is expected to grow faster than demand for hardware.
The US market is the largest, and growth could be supported by digitalisation, automation, sustainability requirements and the re-establishment of industry in the West. The report also signals that India, China and Mexico could see the highest growth.
Trends
- Digitalisation and Industry 4.0tailwind
Connecting machines and processes creates demand for interfaces and data software. If this trend continues, products with software and upgrades could generate more stable recurring revenue.
- Sustainability requirementsmixed
Regulation and customer demand for energy efficiency and recycled materials support demand in the marine segment, but can raise development costs.
- Electric vehicle chargingtailwind
Sales to charging infrastructure operators grew in 2025, particularly in the US. This niche could continue to support growth if energy investment is maintained.
- Geopolitical and tariff uncertaintyheadwind
Tariffs, trade tensions and supply chain risks could affect deliveries and costs, especially for production in Taiwan.
Competitive position
The report does not explicitly list direct competitors. It does note that the HMI market is competitive, with global players offering panels and industrial software, and that its advantage rests on certifications and software customisation.
- HMI market competitors referenced in context
The report does not name direct competitors; global industrial automation suppliers are involved indirectly in the market.
- Automation platform suppliers
The company differentiates through software compatibility with most existing automation solutions.
- Suppliers of solutions for extreme environments
The report lists customers rather than competitors; competition in this segment is not detailed in the source.
- Industrial software suppliers
Software is a differentiator, but the source does not identify specific competitors.
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 / Ependion AB · 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.