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CombinedX AB
(CX)
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Rating:73Outperform
Price Target:
kr43.00
▲(21.13% Upside)
Action:Reiterated
Date:05/14/26
The score is driven primarily by solid financial footing (low leverage and strong free cash flow) but tempered by clear margin and ROE compression. Technicals are strong with price above major moving averages, though momentum indicators are stretched. Valuation is supportive with a low P/E and moderate dividend yield.
Positive Factors
Strong free cash flow generation
Sustained TTM operating cash flow (~101m) and free cash flow (~91m) indicate robust cash conversion capacity. This durable cash generation supports reinvestment, organic growth, dividends or bolt-on M&A, and reduces refinancing risks even if margins ebb.
Negative Factors
Marked margin compression
Significant decline in gross and net margins signals structural pressure—pricing, higher delivery costs, or integration inefficiencies. Sustained margin compression reduces reinvestment capacity, weakens operating leverage, and can permanently lower returns unless structural cost or pricing fixes are implemented.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Sustained TTM operating cash flow (~101m) and free cash flow (~91m) indicate robust cash conversion capacity. This durable cash generation supports reinvestment, organic growth, dividends or bolt-on M&A, and reduces refinancing risks even if margins ebb.
Read all positive factors
CombinedX AB (CX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr707.08M
Dividend Yield3.84%
Average Volume (3M)35.34K
Price to Earnings (P/E)19.9
Beta (1Y)0.65
Revenue Growth2.42%
EPS Growth-34.40%
CountrySE
Employees585
SectorTechnology
Sector Strength88
IndustryInformation Technology Services
Share Statistics
EPS (TTM)1.82
Shares Outstanding19,478,700
10 Day Avg. Volume11,689
30 Day Avg. Volume35,339
Financial Highlights & Ratios
PEG Ratio-0.63
Price to Book (P/B)1.46
Price to Sales (P/S)0.74
P/FCF Ratio7.76
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)2.3
Revenue Forecast (FY)kr853.20M
CombinedX AB Business Overview & Revenue Model
Company Description
Established in Karlstad, Sweden, in 1993, CombinedX AB (publ) delivers a comprehensive suite of consulting services centered around digitalization. The firm assists organizations with a wide array of digital initiatives, including strategic digita...
How the Company Makes Money
CombinedX primarily makes money by selling professional services and managed services to customers, largely on a B2B basis. The core revenue stream is consulting and project delivery: the company provides expertise and delivery capacity (e.g., sof...
CombinedX AB Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 967.30M | 947.70M | 929.90M | 765.70M | 650.50M | 560.10M |
| Gross Profit | 124.30M | 189.60M | 181.90M | 180.60M | 143.70M | 214.90M |
| EBITDA | 120.80M | 119.40M | 120.50M | 130.00M | 79.50M | 89.10M |
| Net Income | 35.20M | 37.70M | 50.60M | 70.90M | 35.20M | 49.30M |
Balance Sheet | ||||||
| Total Assets | 893.80M | 879.60M | 742.10M | 633.30M | 597.30M | 427.50M |
| Cash, Cash Equivalents and Short-Term Investments | 62.70M | 104.40M | 132.60M | 117.30M | 121.00M | 108.20M |
| Total Debt | 107.90M | 151.30M | 106.00M | 88.60M | 113.10M | 55.40M |
| Total Liabilities | 387.70M | 401.00M | 317.60M | 257.40M | 279.00M | 200.60M |
| Stockholders Equity | 506.10M | 478.60M | 424.30M | 375.90M | 318.30M | 226.90M |
Cash Flow | ||||||
| Free Cash Flow | 91.20M | 89.80M | 118.10M | 77.60M | 37.30M | 67.00M |
| Operating Cash Flow | 101.00M | 99.20M | 124.30M | 81.40M | 40.90M | 67.90M |
| Investing Cash Flow | -90.30M | -93.40M | -62.10M | -28.60M | -53.70M | 7.30M |
| Financing Cash Flow | -65.40M | -32.50M | -46.90M | -56.20M | 25.50M | -38.10M |
CombinedX AB Peers Comparison
UnderperformOutperform
Sector (61)
SE:CX
CombinedX AB
36.30
-6.01
-14.21%
DE:5IY
Avensia AB
0.59
-0.38
-38.84%
DE:SF7
Softronic AB Class B
1.92
0.05
2.51%
DE:B37
B3 Consulting Group AB
1.65
-3.88
-70.25%
DE:1TI
Exsitec Holding AB
8.98
-2.72
-23.24%
SE:CAG
C.A.G Group AB
103.50
-3.66
-3.42%
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.