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CombinedX AB
(CX)
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Rating:74Outperform
Price Target:
kr31.00
▼(-12.68% Downside)
Action:Reiterated
Date:09/26/26
The score is driven primarily by very strong valuation (low P/E and very high dividend yield) and a solid underlying financial profile supported by a healthy balance sheet and consistent positive free cash flow. Offsetting these strengths are mixed technical signals (negative MACD and weak short-term momentum) and fundamental watch items around slowing revenue momentum and compressed margins versus prior years.
Positive Factors
Conservative balance sheet
Improving leverage and strong equity growth give CombinedX financial flexibility to withstand demand changes and continue investing in its specialist IT-services platform. A solid capitalization also reduces dependence on external financing when pursuing projects, acquisitions, or other strategic opportunities.
Negative Factors
Slowing revenue momentum
The recent slowdown indicates that the company is not currently sustaining its earlier expansion rate, which may limit operating leverage and reduce capacity to grow earnings organically. Continued weak top-line development would also make performance more dependent on efficiency gains or project mix.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Improving leverage and strong equity growth give CombinedX financial flexibility to withstand demand changes and continue investing in its specialist IT-services platform. A solid capitalization also reduces dependence on external financing when pursuing projects, acquisitions, or other strategic opportunities.
Read all positive factors
CombinedX AB (CX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr525.92M
Dividend Yield44.44%
Average Volume (3M)84.25K
Price to Earnings (P/E)3.9
Beta (1Y)0.74
Revenue Growth2.97%
EPS Growth175.91%
CountrySE
Employees432
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)6.99
Shares Outstanding19,478,700
10 Day Avg. Volume89,534
30 Day Avg. Volume84,248
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)5.4
Revenue Forecast (FY)kr853.40M
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 IT services. Its main revenue stream is time-and-materials consulting, where customers pay hourly or daily rates for consultants (e.g., developers, architects, data/BI specialists, integratio...
CombinedX AB Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
76
Positive
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 955.60M | 947.70M | 929.90M | 765.70M | 650.50M | 560.10M |
| Gross Profit | 114.60M | 189.60M | 181.90M | 180.60M | 143.70M | 214.90M |
| EBITDA | 222.10M | 119.40M | 120.50M | 130.00M | 79.50M | 89.10M |
| Net Income | 136.10M | 37.70M | 50.60M | 70.90M | 35.20M | 49.30M |
Balance Sheet | ||||||
| Total Assets | 866.50M | 879.60M | 742.10M | 633.30M | 597.30M | 427.50M |
| Cash, Cash Equivalents and Short-Term Investments | 351.30M | 104.40M | 132.60M | 117.30M | 121.00M | 108.20M |
| Total Debt | 78.00M | 151.30M | 106.00M | 88.60M | 113.10M | 55.40M |
| Total Liabilities | 272.20M | 401.00M | 317.60M | 257.40M | 279.00M | 200.60M |
| Stockholders Equity | 594.30M | 478.60M | 424.30M | 375.90M | 318.30M | 226.90M |
Cash Flow | ||||||
| Free Cash Flow | 92.20M | 89.80M | 118.10M | 77.60M | 37.30M | 67.00M |
| Operating Cash Flow | 102.00M | 99.20M | 124.30M | 81.40M | 40.90M | 67.90M |
| Investing Cash Flow | 314.40M | -93.40M | -62.10M | -28.60M | -53.70M | 7.30M |
| Financing Cash Flow | -141.40M | -32.50M | -46.90M | -56.20M | 25.50M | -38.10M |
CombinedX AB Technical Analysis
Positive
35.50
Price Trends
26.14
Positive
26.12
Positive
25.24
Positive
Market Momentum
-0.02
Positive
51.55
Neutral
45.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CX, the sentiment is Positive. The current price of 35.5 is above the 20-day moving average (MA) of 27.33, above the 50-day MA of 26.14, and above the 200-day MA of 25.24, indicating a neutral trend. The MACD of -0.02 indicates Positive momentum. The RSI at 51.55 is Neutral, neither overbought nor oversold. The STOCH value of 45.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:CX.
CombinedX AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
84 Outperform | kr1.16B | 15.53 | 26.28% | 6.12% | 13.11% | -7.85% | |
74 Outperform | kr525.92M | 3.86 | ― | 62.73% | 2.97% | 175.91% | |
71 Outperform | kr1.44B | 16.72 | 16.46% | 1.77% | 7.42% | 44.33% | |
65 Neutral | kr3.51B | 18.74 | 17.78% | 1.86% | 0.67% | 15.28% | |
61 Neutral | kr6.87B | 21.05 | 11.60% | 2.29% | -6.48% | -24.43% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | kr2.57B | -8.81 | -7.72% | 2.56% | -7.52% | -458.49% |
* General Sector Average
SE:CX
CombinedX AB
27.00
2.88
11.95%
SE:SOF.B
Softronic AB Class B
22.05
-0.67
-2.95%
SE:ANOD.B
Addnode Group AB Class B
50.30
-49.47
-49.58%
SE:EXS
Exsitec Holding AB
107.50
-27.21
-20.20%
SE:KNOW
Knowit AB
93.70
-10.08
-9.72%
SE:PACT
Proact IT Group AB
140.00
50.53
56.47%
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.