Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a loss-making company: Sales comps and Analyst consensus.
ACCE opinionEmbracer Group AB (publ) (EMBRAC-B.ST)
Fair value
Not available
ACCE price target
kr 110
Rating
Not rated
Horizon
12 months
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Price used: kr 90.40 at the close on 23 Oct 2026, 17:30 CEST.
Models: Analyst consensus and Sales comps.
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
ACCE score
65
out of 100
1-year return
-12.3%
Dividend yield
0.00%
Embracer Group AB (publ) in four questions
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Overview
ACCE thesis
Embracer Group owns a portfolio of game studios and franchises, including Middle-earth and Lord of the Rings titles, Metal Gear, and Kingdom Come: Deliverance, alongside its Coffee Stain and Plaion publishing arms. Its gross margin of 71.4% shows the franchise catalogue earns well once a title is in market, which is the core of the bull case. Revenue grew 24.3%, but operating margin is still slightly negative at -1.9% and ROE is -25.6%, so the thesis rests on the group converting that top-line growth into profit after a long restructuring. The company is worth a deeper look if you want exposure to a restructured studio portfolio with recurring IP, but the earnings are not yet there to confirm the turnaround.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
high
Negative free cash flow
Free cash flow is $-546M against a SEK 19.7B market cap, and net margin is -32.2%. The business is burning cash, which should shape how much weight a position can carry.
moderate
Operating losses persist
Operating margin is -1.9% and ROE is -25.6%, so profitability has not yet caught up with 24.3% revenue growth. Earnings growth of 24.7% is off a loss-making base.
AI research notes
AI-assisted·How I use AIWritten Oct 24, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 24.3% year over year, well above its 12.0% average annual pace over five years.
The latest quarter beat expectations, with earnings per share of 1.03 against 0.21 expected.
Debt is light at 0.08 times equity, and the share count fell 7.4% last fiscal year.
Why it could disappoint
The company lost money on every krona of sales, with a net margin of -32.2% over the period.
Free cash flow over the last 12 months was -SEK 546M, a yield of -2.7%, so the business is burning cash.
Analysts' mean target of SEK 90.35 sits essentially at the kr 90.40 share price, so little upside is priced in by them.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 11, 2026
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
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Where EMBRAC-B.ST's valuation models land
Price
kr 90.40
Model fair valueConfidence: low
about kr 78.65
Model
Fair value
Upside
Analyst consensus
Sales comps
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