olivLaw · European equity research
NAXS AB (publ) NAXS.ST
Sweden · Nasdaq Stockholm · ISIN SE0001965369 · Vertical: Listed companies from Sweden
NAXS AB is a Swedish private equity fund-of-funds listed on Nasdaq Stockholm that invests through buyout and special situations funds focused on mid-sized companies in Northern Europe. At year-end 2025 its net asset value stood at 556.3 MSEK, and the value of its fund holdings declined versus the prior year, amid fund exits and distributions to shareholders, which makes tracking its exit and reinvestment strategy relevant.
At the close of 05 Nov 2026, NAXS AB (publ) (NAXS.ST) stock was 35.30 SEK (+0.28% on the day), with market capitalisation 391.2 m SEK, dividend yield 57.35%, beta 0.57, 52-week range 32.30–40.00 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)
- 59.0
- strong (55–70)
- Bollinger (20, 2)
- 33.45 – 35.71
- in the upper half of the band · %B 0.82 · band width 6.5%
- SMA 50 / 200
- 34.09 / 35.92
- mixed trend
- MACD (12, 26, 9)
- 0.31 / 0.24
- 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 | +3.5% | −0.6% | +4.2 pp | — |
| 3 months | +0.3% | −4.2% | +4.5 pp | — |
| 6 months | −3.8% | +4.3% | −8.1 pp | — |
| Year to date | −5.9% | +7.5% | −13.4 pp | — |
| 1 year | −2.8% | +9.9% | −12.7 pp | −8.3% |
| 3 years | −48.8% | +49.8% | −98.7 pp | +12.0% |
| 5 years | −40.4% | +42.8% | −83.2 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 | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | 4.4 m | -66.6 m | -25.9 m |
| Net income YoY | unavailable | −1,629.1% | unavailable |
| Diluted EPS | 0.39 | -6.01 | -2.34 |
| Diluted EPS YoY | unavailable | −1,641.0% | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 65.9 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 556.3 m SEK
- Total assets
- 566.4 m SEK
- Debt / equity
- unavailable
- Current ratio
- 6.57x
- ROE
- -3.8%
- ROA
- -3.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (SEK)
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating income | -3.0 m | -72.6 m | -27.9 m | esef· 26 Oct 2026verified |
| Interest expense | 3.0 k | 1.0 k | 601.0 k | esef· 26 Oct 2026verified |
| Pre-tax income | 4.4 m | -66.6 m | -25.9 m | esef· 26 Oct 2026verified |
| Income tax | 9.0 k | 5.0 k | 7.0 k | esef· 26 Oct 2026verified |
| Net income | 4.4 m | -66.6 m | -25.9 m | esef· 26 Oct 2026verified |
| Diluted EPS | 0.39 | -6.01 | -2.34 | esef· 26 Oct 2026verified |
| Dividend per share | 3.72 | 4.25 | 20.24 | esef· 26 Oct 2026derived |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 209.2 m | 203.6 m | 65.9 m | esef· 26 Oct 2026verified |
| Current assets | 209.7 m | 204.2 m | 66.2 m | esef· 26 Oct 2026verified |
| Total assets | 923.8 m | 809.9 m | 566.4 m | esef· 26 Oct 2026verified |
| Current liabilities | 1.7 m | 1.5 m | 10.1 m | esef· 26 Oct 2026verified |
| Total liabilities | 1.7 m | 1.5 m | 10.1 m | esef· 26 Oct 2026verified |
| Equity | 922.1 m | 808.4 m | 556.3 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 11.2 m | 11.1 m | 11.1 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -9.5 m | -10.1 m | -13.2 m | esef· 26 Oct 2026verified |
| Investing cash flow | 48.6 m | 51.7 m | 101.7 m | esef· 26 Oct 2026verified |
| Financing cash flow | -41.5 m | -47.1 m | -226.1 m | esef· 26 Oct 2026verified |
| Dividends paid | 41.5 m | 47.1 m | 224.3 m | esef· 26 Oct 2026verified |
| Share repurchases | — | 0 | 1.8 m | esef· 26 Oct 2026verified |
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: 3 of at least 6
- score weight coverage: 16.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 391.2 m SEK
Key indicators
Coverage and freshness
Score by group
17% · 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: 3 of at least 6; score weight coverage: 16.7% 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 | -46.4x | 0 (on a fixed band) | 38% |
| Current ratio · Balance sheet | 6.6x | 100 (on a fixed band) | 25% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 57.8% | 100 (on a fixed band) | 38% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partialunavailable · 0/3 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
NAXS AB (publ) (NAXS.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE -3.8%.
The estimated value range is 198.58–245.30 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 219.48 SEK, the price of 35.30 SEK leaves a potential of 521.8% (value / price − 1) and a margin of safety of 83.9% (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: 3 of at least 6; score weight coverage: 16.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 6.6x
- Shareholder yield (distributions): 57.8%
- The price is below the estimated value range
What contradicts it
- Interest coverage: -46.4x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), 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 NAXS.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
NAXS AB is a Swedish private equity fund-of-funds listed on Nasdaq Stockholm that invests through buyout and special situations funds focused on mid-sized companies in Northern Europe. At year-end 2025 its net asset value stood at 556.3 MSEK, and the value of its fund holdings declined versus the prior year, amid fund exits and distributions to shareholders, which makes tracking its exit and reinvestment strategy relevant.
SWOT
Strengths
- A debt-free financial structure with substantial liquid assets, which provides flexibility.
- Access to well-known buyout funds with a long track record of management in Northern Europe.
- A consistent policy of distributions to shareholders, supported by portfolio exits.
Weaknesses
- Dependence on the results of underlying funds, which the company does not control.
- The lack of recurring operating income makes results fluctuate sharply from one year to the next.
- The decline in net cash and asset value reduces the capacity to make new commitments.
Opportunities
- Faster portfolio exits could generate additional distributions to shareholders.
- New commitments to funds with special situations strategies could diversify the portfolio.
- A recovery in portfolio valuations could increase net asset value.
Threats
- A decline in capital markets could reduce valuations and exit prospects.
- Delays in exits can postpone distributions and affect shareholder confidence.
- Currency movements can affect the value of funds denominated in other currencies.
Risks
- Valuation riskhigh
The value of fund holdings depends on periodic valuations that may be revised downward, affecting net asset value.
- Liquidity riskhigh
Investments in private equity funds are illiquid and exits can take years, limiting the ability to respond quickly to capital needs.
- Concentration riskmedium
A limited number of fund managers dominate the commitments, so the company's performance depends on a few teams.
- Distribution riskmedium
If distributions to shareholders exceed proceeds from exits, net cash could fall further.
- Currency risklow
Funds and direct investments may be denominated in other currencies, and exchange-rate movements can change the value reported in SEK.
Investment thesis
What would need to be true (bull case)
- If portfolio exits accelerate and valuations recover, net asset value could rise and distributions to shareholders could continue.
- The debt-free structure and existing liquidity provide a stable base to get through unfavourable periods in capital markets.
- Access to well-known Northern European funds could bring investment opportunities in quality companies.
What would break the thesis
- If portfolio valuations keep falling, net asset value could further reduce the value of the share.
- Slow exits from funds could delay distributions and limit the company's ability to generate returns for shareholders.
- A decline in net cash could narrow reinvestment options if exits do not offset distributions.
What to watch
- Pace of portfolio exits and the amount of distributions to shareholders2026
- Development of net cash and net asset value per shareQ1 2026
- New fund commitments and any changes in strategy2026
- Periodic valuations of the buyout funds in the portfolioAnnual report 2026
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
NAXS AB (publ) is a Swedish company listed on Nasdaq Stockholm that owns no industrial operations of its own and invests through private equity funds managed by third parties. Its portfolio includes holdings in funds such as Nordic Capital Fund X, Nordic Capital Evolution I, Valedo Partners Fund II, Celero Capital Fund I and Equip Capital Fund I. The company acts as a limited partner, committing capital to these funds and receiving distributions as their portfolios are sold.
According to the 2025 annual report, the funds in which NAXS holds interests have acquired 195 companies in total, and 130 of them had been fully sold by 31 December 2025. This shows that the business model depends on the acquisition and exit cycle of the funds rather than on recurring operating revenue.
The financial structure is very conservative: the company has no interest-bearing debt, and its net cash equals its liquid assets. The annual report shows a loss of 25.9 MSEK in 2025 and dividend payments per share, indicating that returning capital to shareholders is a central element of the company's policy.
Segments
Buyout and private equity funds
Most commitments are to buyout funds such as Nordic Capital Fund X, with core sectors in healthcare, technology and payments, financial services and selectively industrial goods. These funds have international portfolios and make up the largest share of value on the balance sheet.
Nordic small and mid cap funds
Funds such as Mimir Invest, Valedo Partners Fund II and Celero Capital Fund I focus on small and mid-sized companies in Sweden and Northern Europe, with special situations or growth strategies. They are more exposed to the local market and have variable holding periods.
Market context
The Northern European private equity market is dominated by large buyout funds that compete for mid-sized company deals. For a fund-of-funds investor, the main variables are the availability of entry capital, the length of exit cycles and the level of valuations. NAXS's income depends on the results of the underlying funds, and therefore on how quickly and at what value portfolio companies are sold.
The Swedish listing and investment market for smaller companies directly influences the NAXS share price and its ability to attract new capital. If exits from portfolios remain slow, distributions to shareholders and reinvestment could be limited.
Trends
- Portfolio exitsmixed
In 2025 the underlying funds completed 6 full exits, which contributed to distributions to NAXS. If this pace of exits is maintained, the company's liquidity could increase, while slower exits could delay distributions.
- Decline in net cashheadwind
Net cash fell from 203.6 MSEK to 65.9 MSEK in 2025, partly due to dividend payments and share buybacks. This trend could limit the company's capacity to make new commitments, unless offset by exits.
- Portfolio valuationsmixed
The value of fund holdings fell from 503.1 MSEK to 445.2 MSEK, and the values of some direct investments were reduced in 2025. If portfolio valuations recover, net asset value could rise.
- Distributions to shareholdersmixed
The company paid a dividend of 20.25 SEK per share for 2025, compared with 4.25 SEK the year before. If this pace of distributions is maintained, shareholders could receive a larger share of liquid capital, but the capital base could shrink.
Competitive position
NAXS competes for access to private equity funds with other fund-of-funds and institutional investors that commit capital to the same buyout and special situations strategies. Its main differentiator is access to funds such as Nordic Capital and Valedo, but this position depends on relationships with fund managers.
In the Swedish listed market, NAXS is compared with other private investment companies quoted on Nasdaq Stockholm. The large share of assets held in illiquid funds makes its market value sensitive to perceptions of portfolio valuations.
- Nordic Capital
Manager of the Nordic Capital Fund X and Nordic Capital Evolution I funds, in which NAXS has commitments.
- Valedo Partners
Manager of Valedo Partners Fund II, a Swedish small-cap fund in which NAXS holds interests.
- Mimir Invest
Manager of Mimir Invest, a special situations fund focused on small companies in Sweden.
- Celero Capital
Manager of Celero Capital Fund I, a fund in which NAXS has commitments in the Nordic market.
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 / NAXS 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.