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Carasent AB
(CARA)
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Rating:68Neutral
Price Target:
kr31.00
▲(6.90% Upside)
Action:Downgraded
Date:10/16/26
SE:CARA scores as moderately attractive primarily due to improved financial performance (return to profitability, healthy TTM free cash flow, and a very low-debt balance sheet). The score is held back by a stretched technical setup (overbought signals) and a demanding valuation (P/E ~45.9). Earnings-call tone supports the outlook with strong growth and margin progress, but Germany execution delays, churn, and near-term cost increases add risk.
Positive Factors
Strong growth and customer expansion
Strong growth, high net retention and low Nordic churn indicate that Carasent is expanding within existing accounts while winning new business. This supports recurring revenue durability, improves customer economics and provides a foundation for continued growth over the next several quarters.
Negative Factors
Germany execution and churn pressure
German churn and the delayed Webcur rollout weaken near-term revenue conversion in an important market and create uncertainty around customer retention. Prolonged execution problems could offset Nordic momentum, increase replacement costs and delay the benefits expected from the new platform.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong growth and customer expansion
Strong growth, high net retention and low Nordic churn indicate that Carasent is expanding within existing accounts while winning new business. This supports recurring revenue durability, improves customer economics and provides a foundation for continued growth over the next several quarters.
Read all positive factors
Carasent AB (CARA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr1.80B
Dividend Yield15.83%
Average Volume (3M)75.09K
Price to Earnings (P/E)47.1
Beta (1Y)0.21
Revenue GrowthN/A
EPS GrowthN/A
CountrySE
Employees231
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Application
Share Statistics
EPS (TTM)0.57
Shares Outstanding70,324,780
10 Day Avg. Volume114,409
30 Day Avg. Volume75,087
Financial Highlights & Ratios
PEG Ratio-0.29
Price to Book (P/B)2.36
Price to Sales (P/S)5.54
P/FCF Ratio-4.00K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.34
Revenue Forecast (FY)kr414.48M
Carasent AB Business Overview & Revenue Model
Company Description
Carasent AB (publ) provides cloud based electronic health record (EHR) systems solutions and platform services for healthcare sector in Nordics and Germany. The company offers Webdoc, Webcur, Metodika, Ad Curis, Ad Opus, and Data-AL solutions. It ...
How the Company Makes Money
Carasent primarily makes money by selling access to its healthcare software products and related services to healthcare organizations. The core revenue model is typically based on recurring fees for software usage (e.g., subscriptions/SaaS-style l...
Carasent AB Earnings Call Summary
Earnings Call Date:Oct 15, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 04, 2027
Earnings Call Sentiment Positive
The call was broadly positive, supported by 29% growth, 14% organic ARR growth, improving EBITDA margins, strong sales, healthy net retention, strong year-to-date cash flow and encouraging MedSum and Infosolutions momentum. The main challenges were Germany's delayed Webcur rollout and elevated churn, seasonally and comparably difficult Q4 conditions, planned near-term cost increases, and the slow pace of healthcare technology adoption. Highlights significantly outweighed the lowlights.Positive Updates
Strong Quarterly Growth and Improved EBITDA Margin
Group growth was 29%, with 14% organic ARR growth and 12% organic revenue growth. EBITDA was SEK 21 million with a 20% margin, up from a 15% margin in the prior year, representing 75% growth.
Negative Updates
Germany Organic Growth and Customer Churn Pressure
Group organic revenue growth was 12%, below the 14% organic ARR growth, with management attributing much of the difference to Germany. Germany has experienced quite significant churn on the old Data-AL product, largely associated with retiring doctors and successors choosing a new system. German churn contributed substantially to group churn, while total churn was SEK 9 million, or 3%/2.8%.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Quarterly Growth and Improved EBITDA Margin
Group growth was 29%, with 14% organic ARR growth and 12% organic revenue growth. EBITDA was SEK 21 million with a 20% margin, up from a 15% margin in the prior year, representing 75% growth.
Read all positive updates
Company Guidance
Management said it will continue to grow strongly, especially in Nordic, pick up the pace in Germany, push Webcur into the market in Q4, and maintain strong cost control; the majority of the backlog will be implemented in Q4, with the Webdoc part implemented within this year, Falck next year, and Frelsesarmeen a bit this year and a bit next year. Medsum’s new functionality is coming around Christmas, with the price staying at roughly SEK 750 per user and month, while MDR certification will require a couple of million in Q4; increased German sales and marketing, including three, four salespeople and other initiatives, will result in around SEK 3 million-SEK 4 million extra cost in the quarter compared to this one, with personnel costs increasing the cost base by a couple of million in Q1 and other effects mostly temporary. Infosolutions will have price increases by New Year and, if it is going according to plan, will next year be among the top companies in the group from a rule of 40 perspective.Carasent AB Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
86
Very Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 389.84M | 343.82M | 266.90M | 243.98M | 195.26M | 137.13M |
| Gross Profit | 260.80M | 289.00M | 225.64M | 197.77M | 161.42M | 112.90M |
| EBITDA | 86.20M | 73.34M | 18.85M | 2.91M | 59.11M | 28.32M |
| Net Income | 39.53M | 34.67M | -40.97M | -46.45M | 31.17M | -148.00K |
Balance Sheet | ||||||
| Total Assets | 980.79M | 941.01M | 1.04B | 1.09B | 1.37B | 1.30B |
| Cash, Cash Equivalents and Short-Term Investments | 47.10M | 139.48M | 254.05M | 373.88M | 694.83M | 882.77M |
| Total Debt | 25.41M | 31.94M | 39.95M | 50.17M | 38.88M | 16.34M |
| Total Liabilities | 168.17M | 133.00M | 173.97M | 138.24M | 144.30M | 129.54M |
| Stockholders Equity | 812.62M | 808.00M | 865.73M | 955.41M | 1.23B | 1.17B |
Cash Flow | ||||||
| Free Cash Flow | 58.63M | -476.00K | -4.99M | -73.67M | -57.95M | -5.75M |
| Operating Cash Flow | 94.38M | 40.44M | 36.58M | -4.47M | 33.61M | 32.48M |
| Investing Cash Flow | -126.53M | -35.98M | -116.42M | -55.53M | -209.50M | -125.12M |
| Financing Cash Flow | -93.47M | -122.22M | -15.88M | -263.28M | -10.20M | 756.56M |
Carasent AB Technical Analysis
Positive
29.00
Price Trends
26.40
Positive
25.20
Positive
24.55
Positive
Market Momentum
0.32
Positive
51.01
Neutral
32.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CARA, the sentiment is Positive. The current price of 29 is above the 20-day moving average (MA) of 26.86, above the 50-day MA of 26.40, and above the 200-day MA of 24.55, indicating a bullish trend. The MACD of 0.32 indicates Positive momentum. The RSI at 51.01 is Neutral, neither overbought nor oversold. The STOCH value of 32.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CARA.
Carasent AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | kr3.68B | 29.97 | 32.20% | 1.65% | 8.57% | 17.98% | |
77 Outperform | kr484.95M | 17.78 | ― | 7.55% | 11.34% | 40.60% | |
71 Outperform | kr12.41B | 26.17 | 9.27% | 1.18% | 5.55% | 18.93% | |
68 Neutral | kr1.80B | 47.07 | ― | 15.83% | ― | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | kr494.48M | -24.93 | ― | ― | 21.86% | 74.32% |
* General Sector Average
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Carasent AB Corporate Events
Carasent Sets Webcast for Release of Q3 2026 Interim Results
Oct 12, 2026
Carasent AB announced that it will publish its interim report for the third quarter of 2026 on October 15 at 07:00 CEST. The company will follow the release with a webcast presentation of the results the same day at 08:00 CEST, offering stakeholde...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.