Scandinavian Enviro Systems AB (publ) (SES.ST) fair value
Industrials · Waste Management · Nasdaq Stockholm · Sweden
kr 0.15+10.00%
Market cap kr 167MNext earnings 2025-08-21Updated Oct 23, 2026
Our verdict
Trades 28% below our fair value
Price
kr 0.15
Model fair valueConfidence: low
about kr 0.21
Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
Not used by alerts or posts.
Treated as a pre-revenue company. None of the usual models had enough data, so this uses Net asset value instead.
ACCE opinionScandinavian Enviro Systems AB (publ) (SES.ST)
Fair value
Not available
ACCE price target
kr 0.14
Rating
Not rated
Horizon
12 months
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Price used: kr 0.15 at the close on 23 Oct 2026, 17:30 CEST.
Models: Net asset value.
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
16
out of 100
1-year return
-84.5%
Dividend yield
0.00%
Scandinavian Enviro Systems AB (publ) in four questions
Plain answers, details below
Free accounts get 5 full stock pages a month, including the four answers.
Overview
ACCE thesis
Scandinavian Enviro Systems is a Swedish waste-to-energy and recycling developer whose flagship technology converts end-of-life tyres and mixed plastics into pyrolysis oil and recovered carbon black, with its Uppsala-area plant as the main reference site. The appeal rests on the circular-materials thesis: recovered carbon black and pyrolysis oil can displace virgin feedstock if the process can run at scale and at a cost below virgin supply, and Nordic regulators and brand owners are pushing hard on recycled content. The near-term catalyst is whether the company can convert pilot-stage output into contracted offtake and steady commercial volumes, since reported revenue fell 98.7% and the operating margin of -11,311.7% shows the business is still far from covering its costs. Those numbers make this a venture-style bet on process economics rather than a cash-generating industrial, and a 152M SEK market cap leaves little room for execution slippage. Worth a deeper look only if we can verify the plant's throughput, the cash runway, and whether any offtake agreements are binding.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
severe
Revenue collapse
Revenue fell 98.7% year over year, and the company still shows a negative gross margin of -366.2% and an operating margin of -11311.7%, pointing to a business that is not covering its costs.
severe
Cash burn overwhelms position
Free cash flow is reported at $-191,314,000 against a market cap of SEK 164M, so the cash outflow is large relative to the equity value and raises funding and solvency questions.
high
Valuation unsupported by earnings
The stock trades on a forward P/E of 78.7 and an EV/EBITDA of 43.0 while ROE is -129.1%, so the multiples rest on expectations the reported figures do not currently support.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew at an average of +83.7% a year over the past five years, showing the business has expanded quickly.
Debt to equity of 0.02 means the company carries very little borrowing against its equity base.
Analysts' mean price target of SEK 1.60 sits far above the current share price of kr 0.15.
Why it could disappoint
Revenue fell -98.7% year over year in the latest interim report, a steep and sudden reversal.
Free cash flow over the last 12 months was -SEK 191M, so the business is burning cash rather than generating it.
The diluted share count rose +19.4% last fiscal year, diluting existing shareholders' stakes.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Walk me through this stock
Plain-English pros, cons, and what to watch. Pro feature.
PRO
Ask ACCE
Valuation
INVESTOR
Where SES.ST's valuation models land
Price
kr 0.15
Model fair valueConfidence: low
about kr 0.21
Model
Fair value
Upside
Net asset value
Create a free account: 5 full stock pages a month, no card.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
+A plain reason under every score
+Conviction breakdown and growth / value / quality / momentum scores
+Score history: how each score moved over time
Analysts
Wall Street consensus
No analyst coverage yet.
Analyst intelligence INVESTOR FEATURE
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
+Price-target low / average / high vs the current price, with implied upside
+Forward revenue and EPS consensus by fiscal year
+ACCE fair-value models lined up against the Street
Smart Money
PRO
In one line
Trades are only made public after a delay. We show the delay so you know how old the news is.