Industrials · Aerospace & Defense · Nasdaq Stockholm · Sweden
kr 24.05-1.43%
Market cap kr 470MUpdated Oct 22, 2026
Our verdict
Close to our fair value
Price
kr 24.05
Model fair valueConfidence: good
kr 24.64
Model range
kr 10.02 to kr 39.26
Fair value kr 24.64
Price kr 24.05
2 models fit W5 Solutions AB (publ) and they disagree: 0 of 2 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)
Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionW5 Solutions AB (publ) (W5.ST)
Fair value (2 models)
kr 24.64
ACCE price target
kr 24.00
Rating
Fairly valued
Horizon
12 months
Fair value published on 22 Oct 2026, 14:04 CEST.
ACCE price target published on 23 Oct 2026, 01:53 CEST.
Rating published on 22 Oct 2026, 14:04 CEST.
Price used: kr 24.05 at the close on 23 Oct 2026, 17:30 CEST.
Models: 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
2.4% below
+2.5% to fair value
ACCE score
55
out of 100
1-year return
-55.1%
Dividend yield
0.00%
W5 Solutions AB (publ) in four questions
Plain answers, details below
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Overview
ACCE thesis
W5 Solutions makes Swedish-listed aerospace and defence software and engineering services, and its revenue grew 105% in the latest reported period, the sharpest growth figure in this group. The structural appeal is a 60.4% gross margin, which suggests the business earns well on each unit sold once the work is delivered, though an operating margin of -10.7% shows the cost base is still ahead of that revenue. The near-term story therefore rests on operating leverage: the company has to convert its rapid top-line growth into positive operating income, and the forward P/E of 17.2 implies the market expects that conversion to begin. It is interesting now because the valuation already prices in a turn, with a 477M SEK market cap against a business that is currently loss-making at the operating line and earning a return on equity of just 0.9%. Worth a deeper look to test whether the 105% growth is durable and whether margins are moving toward breakeven.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Operating losses despite growth
Operating margin is -10.7% and free cash flow is $-13,564,000, so the 105.0% revenue jump is not yet converting into cash. Net margin of +0.6% rests on a thin profit.
high
Earnings miss on latest quarter
Q3 2026 EPS surprised by -387.5%, a large miss against expectations that points to unreliable near-term earnings visibility.
moderate
Heavy insider ownership
Insiders hold 54.6% of shares, so a small free float at SEK 484M market cap may mean thin trading and limited influence for outside holders.
moderate
Trades above model fair value
At SEK kr 24.05 the stock trades 2.4% below the model fair value of SEK kr 24.64, a narrow margin given the earnings miss and negative operating margin.
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 105.0% year over year, far ahead of its 34.0% average annual pace over five years.
The stock trades at 11.7x forward earnings, roughly half the sector median of 22.3x.
Analysts' mean price target of SEK 68.50 sits far above the current share price of kr 24.05.
Why it could disappoint
Free cash flow over the last twelve months was negative at -SEK 14M, so growth is not yet turning into cash.
Net margin of 0.6% and return on equity of 0.9% show the company keeps almost none of its revenue as profit.
The latest earnings per share missed expectations by -387.5%, with EPS of -0.39 against -0.08 expected.
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Valuation
INVESTOR
Where W5.ST's valuation models land
Price
kr 24.05
Model fair value
kr 24.64
Model range
kr 10.02 to kr 39.26
Fair value kr 24.64
Price kr 24.05
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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Quality
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Analysts
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