olivLaw · European equity research
Sinch AB (publ) SINCH.ST
Sweden · Nasdaq Stockholm · ISIN SE0016101844 · Vertical: Listed companies from Sweden
Sinch is a global provider of customer communication services, offering SMS, RCS, email and voice capabilities through APIs to businesses across many sectors. Digital communication volumes have returned to growth after the decline in 2022-2023, and the market is expected to reach a total value of around 130 bn USD by 2029. The company operates in three segments: Americas, EMEA and APAC.
At the close of 05 Nov 2026, Sinch AB (publ) (SINCH.ST) stock was 43.39 SEK (−1.94% on the day), with market capitalisation 36.2 bn SEK, P/E 166.9 on diluted EPS of 0.26 SEK over the last 12 months, beta 0.92, 52-week range 20.14–51.60 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)
- 42.3
- weak (30–45)
- Bollinger (20, 2)
- 42.60 – 49.03
- in the lower half of the band · %B 0.12 · band width 14.0%
- SMA 50 / 200
- 46.17 / 36.06
- mixed trend
- MACD (12, 26, 9)
- -0.61 / -0.21
- 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 | −3.9% | −0.6% | −3.2 pp | — |
| 3 months | +5.2% | −4.2% | +9.4 pp | — |
| 6 months | +23.7% | +4.3% | +19.3 pp | — |
| Year to date | +37.9% | +7.5% | +30.4 pp | — |
| 1 year | +58.0% | +9.9% | +48.0 pp | −8.5% |
| 3 years | +131.6% | +49.8% | +81.8 pp | +12.3% |
| 5 years | −64.4% | +42.8% | −107.3 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 50 percentile of its own 2-quarter history (min 121.0, median 435.6, max 750.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 27.7 bn | 28.7 bn | 28.7 bn | 27.1 bn |
| Revenue YoY | unavailable | +3.7% | −0.1% | −5.7% |
| Net income | -4.9 bn | 42.0 m | -6.4 bn | 217.0 m |
| Net income YoY | unavailable | unavailable | −15,369.0% | unavailable |
| Diluted EPS | -6.03 | 0.05 | -7.60 | 0.26 |
| Diluted EPS YoY | unavailable | unavailable | −15,300.0% | unavailable |
| net % | -17.8% | 0.1% | -22.3% | 0.8% |
| Free cash flow | 2.3 bn | 1.6 bn | 2.8 bn | 1.9 bn |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 553.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 22.7 bn SEK
- Total assets
- 40.2 bn SEK
- Debt / equity
- unavailable
- Current ratio
- 0.78x
- ROE
- 0.8%
- ROA
- 0.5%
- FCF margin
- 7.0%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Revenue | 27.7 bn | 28.7 bn | 28.7 bn | 27.1 bn | esef· 28 Oct 2026verified |
| Operating income | -4.7 bn | 494.0 m | -5.8 bn | 863.0 m | esef· 28 Oct 2026verified |
| Interest expense | 3.8 bn | 3.9 bn | 2.7 bn | 2.3 bn | esef· 28 Oct 2026verified |
| Pre-tax income | -4.8 bn | -152.0 m | -6.2 bn | 472.0 m | esef· 28 Oct 2026verified |
| Net income | -4.9 bn | 42.0 m | -6.4 bn | 217.0 m | esef· 28 Oct 2026verified |
| Diluted EPS | -6.03 | 0.05 | -7.60 | 0.26 | esef· 28 Oct 2026verified |
Balance sheet · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Cash | 2.2 bn | 1.0 bn | 1.1 bn | 553.0 m | esef· 28 Oct 2026verified |
| Current assets | 7.9 bn | 6.9 bn | 6.7 bn | 6.0 bn | esef· 28 Oct 2026verified |
| Property, plant & equipment, net | 874.0 m | 928.0 m | 1.0 bn | 888.0 m | esef· 28 Oct 2026verified |
| Goodwill | 25.8 bn | 25.2 bn | 20.3 bn | 17.6 bn | esef· 28 Oct 2026verified |
| Total assets | 57.3 bn | 53.1 bn | 48.0 bn | 40.2 bn | esef· 28 Oct 2026verified |
| Current liabilities | 6.1 bn | 8.0 bn | 10.1 bn | 7.8 bn | esef· 28 Oct 2026verified |
| Equity | 34.4 bn | 33.7 bn | 29.0 bn | 22.7 bn | esef· 28 Oct 2026verified |
| Shares outstanding at year end | 819.7 m | 840.0 m | 843.8 m | 834.6 m | esef· 28 Oct 2026derived |
Cash flow · SEK
| Line | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|
| Operating cash flow | 2.5 bn | 1.8 bn | 2.9 bn | 2.1 bn | esef· 28 Oct 2026verified |
| Capex | 244.0 m | 211.0 m | 191.0 m | 198.0 m | esef· 28 Oct 2026verified |
| Free cash flow | 2.3 bn ≈ | 1.6 bn ≈ | 2.8 bn ≈ | 1.9 bn ≈ | esef· 28 Oct 2026derived |
| Investing cash flow | -691.0 m | -649.0 m | -604.0 m | -650.0 m | esef· 28 Oct 2026verified |
| Financing cash flow | -1.5 bn | -2.3 bn | -2.2 bn | -1.9 bn | 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: 36.2 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 | 0.8% | 22 (vs peers) | 13% |
| FCF conversion · Quality | 877.9% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | -0.8% | 0 (on a fixed band) | 17% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 0.4x | 0 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 166.9x | 0 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 5.3% | 66 (on a fixed band) | 17% |
| 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 sheet0/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation29/100 · 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
Sinch AB (publ) (SINCH.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 27.1 bn SEK in 2025; YoY growth -5.7%; net margin 0.8%; ROE 0.8%.
The estimated value range is 4.03–8.78 SEK per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 5.53 SEK, the price of 43.39 SEK leaves a potential of -87.3% (value / price − 1) and a margin of safety of -684.4% (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: 877.9%
What contradicts it
- Net margin: 0.8%
- Revenue CAGR 3Y: -0.8%
- Interest coverage: 0.4x
- Current ratio: 0.8x
- P/E (TTM): 166.9x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, 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% |
| SINCH.STSinch AB (publ) | 36.2 bn | 166.9 | 0.8% | 0.8% | −5.7% | +51% / +46% |
| 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% |
1- and 3-year price returns: for SINCH.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 | 24.29 Total return -44% · Per year -44% | 43.05 Total return -1% · Per year -1% | 65.01 Total return 50% · Per year 50% |
| 3 years | 21.14 Total return -51% · Per year -21% | 42.39 Total return -2% · Per year -1% | 70.61 Total return 63% · Per year 18% |
| 5 years | 18.39 Total return -58% · Per year -16% | 41.73 Total return -4% · Per year -1% | 76.70 Total return 77% · Per year 12% |
- Exit P/E± 10.60
- Net margin± 7.42
- Annual revenue growth± 6.41
- Annual dilution± 0.62
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
Sinch is a global provider of customer communication services, offering SMS, RCS, email and voice capabilities through APIs to businesses across many sectors. Digital communication volumes have returned to growth after the decline in 2022-2023, and the market is expected to reach a total value of around 130 bn USD by 2029 1. The company operates in three segments: Americas, EMEA and APAC 1.
SWOT
Strengths
- Sinch has global reach across many countries and a broad product range that is hard for regional competitors to match 1.
- The company has been recognised as a leader by independent analysts, including in evaluations by Gartner and Omdia 1.
- Operating a large independent voice call network in the US gives it a distinct position in network access 1.
Weaknesses
- Revenue depends heavily on the Americas region, which makes the company sensitive to developments in that market 1.
- Part of revenue from large clients depends on their budgets, which may be cut as the market matures 1.
- The company has volume commitments to operators and aggregators, and failing to meet them could lead to financial losses 1.
Opportunities
- If RCS for Business spreads, the company could capture new demand for rich messaging and real-time communication 1.
- Customer service and marketing segments are described as the fastest growing, which could add revenue 1.
- Demand for digital communication from small and medium-sized businesses could continue to grow 1.
Risks
- Competition from large platformsmedium
If large technology platforms change strategy and launch their own solutions, Sinch market share could be affected 1.
- Operator tariffsmedium
Higher transport fees charged by operators could reduce margins if these costs cannot be passed on to clients 1.
- Volume commitmentsmedium
Failing to meet volume commitments to operators and aggregators could lead to financial losses, penalties and disputes 1.
- Traffic fraudlow
Traffic on grey and black markets could lead to revenue losses for operators and damage to reputation 1.
- Cybersecurityhigh
Cyberattacks on services or infrastructure could cause outages and data leaks, with legal and reputational effects 1.
Investment thesis
What would need to be true (bull case)
- If the digital communication market keeps recovering, Sinch could benefit from demand from small and medium-sized businesses and the spread of RCS for Business 1.
- Global scale and analyst recognition could help the company win complex clients in many countries 1.
- Diversification across channels and segments could reduce exposure to tariff changes on a single channel 1.
What would break the thesis
What to watch
- Developments in digital communication volumes and demand from large clients2025
- Adoption of RCS for Business by operators and clients2025
- Progress toward the net zero target by 2050 and cybersecurity measures2027
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
Sinch provides customer communication platforms grouped into API platform, applications and network access, allowing companies to send and receive messages across many channels. The services serve clients from large enterprises to small firms and cover transactional messages, marketing and customer support 1. Since 1 January 2024 the business is organised into three regional segments 1.
Sinch is present in more than 60 countries, which helps global clients meet different regulations, technologies and commercial terms 1. Partnerships and indirect sales through ecosystems contribute significantly to sales in all regions 1. The company presents itself as a leader in the CPaaS market, based on evaluations by independent analysts 1.
Sinch bases its position on global scale and its carrier relationships, including operating the largest independent voice call network in the US 1. The strategy emphasises newer channels such as RCS for Business, video, and regional channels such as WeChat and Kakao 1.
Segments
Americas
Americas is the largest segment, contributing more than 60 percent of net sales and gross profit 1. It has around 75 000 customers, and the US and Brazil are the largest markets 1. The API platform accounts for about 60 percent of segment gross profit and network access for almost 30 percent 1.
Market context
The digital customer communication market has returned to growth after the volume decline of 2022-2023, but the growth rate remains below pandemic levels 1. Growth is driven mainly by small and medium-sized businesses, while large international clients are reviewing costs as the market matures 1. The source estimates a total market value of around 130 bn USD by 2029, with the fastest growth in marketing and customer service 1.
Regional competition exists, but few competitors have the global reach and broad product range that complex clients require 1. The RCS for Business standard opens new opportunities for rich messaging and real-time communication 1.
Trends
- Return to volume growthtailwind
Digital communication volumes have resumed growth after the decline of 2022-2023, although the pace is lower than during the pandemic 1. This points to underlying demand for digital customer communication 1.
- RCS for Business standardtailwind
Expansion of RCS for Business adds richer messaging and real-time communication features, which could increase demand 1. A retail client reported better results on RCS than on rich SMS 1.
- Cost scrutiny by large clientsheadwind
Large international clients are examining digital communication costs more closely as the market stabilises, which could slow volume growth 1.
- Mobile operator tariff changesmixed
If mobile operators raise transport fees, volumes or margins could fall, especially if Sinch cannot pass the costs on to clients 1. The company is diversifying its offering to reduce this exposure 1.
Competitive position
Competition includes local and regional providers that cover parts of the Sinch offering, but few have the global scale and broad range needed for complex clients 1. Independent analysts place Sinch among the leaders in CPaaS 1. Large platforms such as Google or Apple could change strategy and launch competing customer communication solutions, a risk the company acknowledges 1.
- Local and regional CPaaS providers
Cover certain segments of the Sinch offering but lack the global scale needed for complex clients 1.
- Google
A company that could change strategy and bypass Sinch infrastructure with its own customer communication solution 1.
- Apple
A company that could launch a competing digital customer communication solution, a risk noted by the company 1.
- Mobile operators offering own services
Operators are both partners and potential competitors on certain channels and can influence transport pricing 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202528 Oct 2026
- Annual report 202408 May 2025
- Annual report 202309 Jul 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Sinch AB (publ) · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.