Wise Group AB (publ) (WISE.ST) fair value

ACCE thesis

Wise Group is a Swedish staffing and employment services firm that places workers in industrial and logistics roles, with a gross margin of 42.3% indicating it keeps a meaningful spread above direct labour costs. Revenue fell 10.3% and operating margin sits at -2.8%, with ROE at -24.2%, so the business is currently shrinking and loss-making at the operating line. The thesis therefore rests on whether the gross margin can be defended while volumes recover and cost actions take hold, and the data provided does not show a catalyst or a confirmed structural advantage that would drive that recovery. At a 98M SEK market cap with no index membership, the name is small and thinly followed, which means any turnaround would have to be underwritten by company-level evidence we have not yet reviewed. It merits a deeper look only if the next filings show revenue declines easing and operating losses narrowing alongside the 42% gross margin.