3 models fit Dynavox Group AB (publ) and they disagree: 1 of 3 land within 15% of the average.
Two or more of our models back this value.
Large premium(i)
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionDynavox Group AB (publ) (DYVOX.ST)
Fair value (3 models)
kr 44.67
ACCE price target
kr 69.00
Rating
Overvalued
Horizon
12 months
Fair value published on 23 Oct 2026, 11:04 CEST.
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Rating published on 23 Oct 2026, 11:04 CEST.
Price used: kr 71.20 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
59.4% above
-37.3% to fair value
ACCE score
51
out of 100
P/E
27.6x
forward 33.9x
1-year return
-33.8%
Dividend yield
0.73%
Dynavox Group AB (publ) in four questions
Plain answers, details below
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Overview
ACCE thesis
Dynavox Group makes speech-generating devices and communication software for people with severe speech impairments, with its TD Snap and TouchChat product lines sold largely through clinicians and insurance-funded channels. The moat is the installed base and the clinical workflow around it: once a therapist sets up a device for a user, switching costs are high, and the company's gross margin of 68.9% reflects that stickiness. Revenue growth of 11.1% is the number to test, since it has to be carried by new users and reimbursement rather than price. At a trailing P/E of 33.7 and a forward P/E of 32.7, the market is paying for continued growth with a 15.7% operating margin, which leaves little room for a reimbursement shock. A 37.2% ROE on a niche medtech business is unusual enough to warrant checking how much is driven by leverage and how much by operating returns.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Negative free cash flow
Free cash flow is $-8.3M despite a net margin of 8.8% and operating margin of 15.7%. Earnings are not converting to cash, which weakens the profit story.
moderate
Elevated leverage
Debt/Equity of 1.83 is high for a company that is currently burning cash, leaving less room to absorb a slowdown in revenue growth.
moderate
Rich valuation multiples
P/E of 36.1 and EV/EBITDA of 15.4 price in continued strong growth, so any miss against the +11.1% revenue growth rate could hit the shares hard.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-09-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 11.1% year over year in the latest interim report, and the five-year average is 22.5% a year.
Return on equity reached 37.2%, showing the business earns strong returns on the shareholder money it uses.
Analysts' mean price target of SEK 108.20 sits 24.7% above the current share price of kr 71.20.
Why it could disappoint
Free cash flow over the last twelve months was negative at -SEK 8M, so the business did not generate cash after investment.
Debt to equity of 1.83 means the company leans heavily on borrowed money relative to its equity base.
The trailing P/E of 36.1x asks investors to pay a steep price for each krona of past earnings.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Feb 4, 2027
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where DYVOX.ST's valuation models land
Price
kr 71.20
Model fair value
kr 44.67
Model range
kr 19.71 to kr 74.34
Fair value kr 44.67
Price kr 71.20
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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