Concejo AB Class B (CNCJO.B) AI Stock Analysis

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Concejo AB Class B

(Nasdaq OMX AB:CNCJO.B)

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Rating:59Neutral

Price Target:SEK 49.00▲(11.62% Upside)

Action:downgraded

Date:08/24/26

The overall score is constrained by a severe disconnect between reported profits and actual cash generation. The core business is burning cash and losing revenue, which is a critical risk. While the balance sheet is robust and valuation multiples appear superficially cheap, the extremely high dividend yield is unsustainable if cash flows do not improve, making this a high-risk situation.

Positive Factors

Conservatively financed balance sheetVery low leverage reduces solvency risk and interest burden, giving the company greater resilience through operating weakness. The substantial equity base also provides financial capacity to sustain operations or fund investment without relying heavily on new borrowing.

Negative Factors

Declining revenue and weaker core operationsShrinking revenue combined with material gross-margin compression signals weaker demand, mix, pricing, or cost absorption in the core business. An operating loss also indicates that reported profitability is not currently supported by healthy underlying operations.

Concejo AB Class B (CNCJO.B) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 524.06M
Dividend Yield: 18.22%
Average Volume (3M): 2,803
Price to Earnings (P/E): 3.3
Beta (1Y): 0.35
Revenue Growth: -22.33%
EPS Growth: 209.52%
Country: Sweden
Employees: 156
Sector: Industrials
Sector Strength: 63
Industry: Communication Equipment

Concejo AB Class B Business Overview & Revenue Model

Company Description

Concejo AB (publ) specializes in the creation, production, and distribution of advanced fire safety solutions and systems. Its operations span a global footprint, serving markets across Europe, the United States, Asia, and beyond. The company's Marin...

Concejo AB Class B Financial Statement Overview

Summary

Financial performance is mixed. The balance sheet is strong (Score 82) with very low debt, but cash flow is critically weak (Score 25) with significant operating cash burn. The income statement (Score 48) shows declining revenue and compressed margins, with net income inflated by non-operating items. The inability to convert profits to cash is a major concern.

Income Statement

48Neutral

Balance Sheet

82Very Positive

Cash Flow

25Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	459.70M	522.00M	576.30M	535.20M	371.70M	261.20M
Gross Profit	192.30M	221.60M	229.10M	234.80M	165.40M	28.30M
EBITDA	-7.90M	24.50M	-8.10M	49.20M	-163.80M	7.30M
Net Income	151.40M	50.40M	-46.40M	16.30M	-191.60M	-20.70M
Balance Sheet
Total Assets	993.20M	806.30M	1.05B	1.09B	1.16B	1.49B
Cash, Cash Equivalents and Short-Term Investments	178.70M	149.20M	196.80M	321.70M	345.90M	863.50M
Total Debt	63.00M	34.10M	86.60M	85.00M	116.80M	315.30M
Total Liabilities	198.00M	187.80M	318.80M	268.70M	334.00M	539.70M
Stockholders Equity	794.80M	616.00M	673.50M	761.50M	771.30M	950.50M
Cash Flow
Free Cash Flow	-31.00M	23.80M	-27.70M	-9.00M	-60.20M	-50.10M
Operating Cash Flow	-27.50M	26.30M	-8.30M	16.10M	-34.80M	-26.70M
Investing Cash Flow	41.90M	61.40M	7.00M	77.40M	331.80M	46.60M
Financing Cash Flow	-70.30M	-104.40M	-75.40M	-42.50M	-224.60M	-11.10M

Concejo AB Class B Technical Analysis

Technical Analysis SentimentNegative

Last Price43.90

Price Trends

50DMA46.84Negative

100DMA47.25Negative

200DMA46.91Negative

Market Momentum

MACD-0.65Positive

RSI35.91Neutral

STOCH43.33Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CNCJO.B, the sentiment is Negative. The current price of 43.90 is below the 20-day moving average (MA) of 45.73, below the 50-day MA of 46.84, and below the 200-day MA of 46.91, indicating a bearish trend. The MACD of -0.65 indicates Positive momentum. The RSI at 35.91 is Neutral, neither overbought nor oversold. The STOCH value of 43.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CNCJO.B.

Concejo AB Class B Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

SE:CNCJO.B against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:TAGM.B	73Outperform	SEK 429.17M	11.03	13.47%	―	1.82%	81.56%
SE:LUMEN	72Outperform	SEK 478.11M	13.96	―	―	1.32%	93.63%
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SE:CNCJO.B	59Neutral	SEK 524.06M	3.31	21.55%	18.22%	-22.33%	209.52%
SE:WAYS	58Neutral	SEK 320.07M	190.00	―	―	16.73%	202.62%
SE:MAVEN	42Neutral	SEK 261.32M	-15.33	-13.75%	―	-24.62%	-142.17%
SE:GAPW.B	38Underperform	SEK 266.35M	-2.97	-103.82%	―	-24.22%	-77.03%

* Industrials Sector Average

Performance Comparison

SE:CNCJO.B and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:CNCJO.B	Concejo AB Class B	43.90	-0.57	-1.28%
SE:TAGM.B	TagMaster AB Class B	29.00	13.65	88.93%
SE:GAPW.B	Gapwaves AB Class B	7.82	-8.38	-51.73%
SE:MAVEN	Maven Wireless Sweden AB	4.73	-2.17	-31.45%
SE:WAYS	Waystream Group AB	38.00	4.90	14.80%
SE:LUMEN	LumenRadio AB	37.00	-16.80	-31.23%

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.

Date of analysis: Aug 24, 2026

Concejo AB Class B AI Stock Analysis