QleanAir makes ventilation and air-cleaning products for industrial and commercial buildings, including its own range of filtration and ventilation equipment sold across Sweden and Europe. Its gross margin of 68.2% is high for a hardware maker, which points to a product and service mix that holds pricing better than most equipment suppliers. Revenue growth has stalled at 0.2%, so any thesis here rests on margin and cash generation rather than top-line expansion. At a trailing P/E of 10.7 and a forward P/E of 4.8, the market is pricing in a sharp earnings step-up or doubting that the forward estimates will hold, and that gap is the first thing to test. The company is small at roughly 271M SEK in market cap, with an operating margin of only 6.8% against that 68.2% gross margin, so the question for a deeper look is where the cost base is leaking.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:52 CEST | ACCE price target | kr 22.00 | first publication | kr 18.25 |
| 22 Oct 2026, 14:04 CEST | Fair value | kr 33.04 | first publication | kr 19.00 |
| 22 Oct 2026, 14:04 CEST | Rating | Undervalued | first publication | kr 19.00 |
Answered from QleanAir AB (publ) fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| QAIR.ST QleanAir AB (publ) | kr 18.20 | kr 33 | 45% below | 10.6x | 11.8% | 55 | 48 |
| ALWTR.PA Watera | €0.98 | - | - | 9.3x | -68.7% | 47 | 52 |
| SCWO 374Water Inc. Common Stock | $2.31 | - | - | - | -335.4% | 31 | 31 |
| FTEK Fuel Tech Inc. Common Stock | $1.35 | - | - | - | -8.9% | 43 | 55 |
| CLIR ClearSign Technologies Corporation Common Stock (DE) | $2.45 | - | - | - | -51.7% | 35 | 33 |
| TOMZ TOMI Environmental Solutions Inc. Common Stock | $1.44 | - | - | - | -168.8% | 25 | 36 |
| ALTUV.PA BIO-UV Group S.A. | €0.89 | - | - | 88.0x | 0.5% | 51 | 36 |
Where QAIR.ST ranks against its sector peers on each metric.