3 models fit Storytel AB (publ) and they disagree: 1 of 3 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Bronze59
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionStorytel AB (publ) (STORY-B.ST)
Fair value (3 models)
kr 99.47
ACCE price target
kr 119
Rating
Fairly valued
Horizon
12 months
Fair value published on 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:52 CEST.
Price used: kr 110 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
10.6% above
-9.6% to fair value
ACCE score
76
out of 100
P/E
13.0x
forward -25.9x
1-year return
+43.8%
Dividend yield
1.35%
Storytel AB (publ) in four questions
Plain answers, details below
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Overview
ACCE thesis
Storytel runs a subscription audiobook and ebook service across the Nordics, Germany, and other European markets, with its own catalogue of narrated titles and a growing set of original productions. Its edge is scale in a niche where licensing audio rights is costly and the subscriber base funds the content budget, which is why a 46% gross margin and 35.9% return on equity sit alongside an 11.7% operating margin. Revenue growth of 11.7% and a trailing P/E of 13.1 put the shares at a modest multiple for a business that is now earning returns on capital well above its cost of equity. The obvious near-term question is whether operating margin can keep widening from 11.7% as the company leans on its existing catalogue rather than adding content costs at the same pace. At 8.5 billion SEK, it is small enough that index-driven flows are not doing the work here, so the case rests on the operating numbers, and that is worth a closer look.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Thin short-interest visibility
Short interest is not available for STORY-B, so positioning risk cannot be checked against the 12-month earnings jump of +118.5% that many holders may already be pricing in.
moderate
Operating margin below net margin
Operating margin is 11.7% while net margin is 14.4%, so reported earnings lean on items below operating income. The +118.5% earnings growth should be read against that gap.
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 11.7% over the past year, slightly ahead of its 11.5% average annual pace over five years.
Return on equity of 35.9% and return on invested capital of 16.0% show the business earns strong returns on the capital it uses.
Free cash flow of SEK 411M over the last twelve months gives the stock a 4.9% free cash flow yield at today's price.
Why it could disappoint
The stock trades at 15.9x forward earnings, a higher multiple than its 12.8x trailing P/E, implying profit expectations may be optimistic.
Storytel missed earnings expectations last quarter, with EPS of 1.27 against 1.29 expected, a shortfall of 1.6%.
Analysts' mean price target of SEK 124.00 sits only 11.8% above the share price, leaving limited room for upside.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 27, 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 STORY-B.ST's valuation models land
Price
kr 110.00
Model fair value
kr 99.47
Model range
kr 74.30 to kr 116
Fair value kr 99.47
Price kr 110
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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