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Dustin Group AB (SE:DUST)
:DUST
Sweden Market
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Dustin Group AB (DUST) AI Stock Analysis

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SE:DUST

Dustin Group AB

(DUST)

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Neutral 57 (OpenAI - Gpt-5.6Sol)
Rating:57Neutral
Price Target:
kr2.00
▲(9.89% Upside)
Action:Reiterated
Date:07/04/26
The score reflects mixed fundamentals: strong recent cash flow improvement and better leverage are offset by ongoing losses and weak margins. Technically, momentum is positive with price above key moving averages, but overbought indicators add near-term risk. Guidance and commentary point to continued operational progress and cost savings, yet demand timing uncertainty, SMB weakness, and a large impairment weigh on confidence.
Positive Factors
Stronger Cash Generation
The sharp recovery in operating and free cash flow improves Dustin’s ability to fund operations, reduce obligations, and support execution without relying as heavily on external capital. Although consistency remains important, stronger cash conversion provides meaningful financial resilience over the next several quarters.
Negative Factors
Persistent Losses and Weak Margins
Dustin’s revenue rebound has not yet translated into positive earnings, leaving profitability materially weaker than in earlier profitable years. Continued negative margins constrain internal reinvestment, reduce the benefit of revenue growth, and make the durability of the broader recovery dependent on operational improvements.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger Cash Generation
The sharp recovery in operating and free cash flow improves Dustin’s ability to fund operations, reduce obligations, and support execution without relying as heavily on external capital. Although consistency remains important, stronger cash conversion provides meaningful financial resilience over the next several quarters.
Read all positive factors

Dustin Group AB (DUST) vs. iShares MSCI Sweden ETF (EWD)

Dustin Group AB Business Overview & Revenue Model

Company Description
Dustin Group AB (publ), a Swedish entity established in 1984 and headquartered in Nacka Strand, specializes in providing online IT products and comprehensive services. Its market reach extends across the Nordic region and the Netherlands. The comp...
How the Company Makes Money
Dustin primarily makes money by selling IT products and related services to organizations. A large share of revenue comes from product sales—such as PCs, mobile devices, peripherals, networking equipment, servers/storage, and software/licenses—whe...

Dustin Group AB Earnings Call Summary

Earnings Call Date:Jul 01, 2026
(Q3-2026)
|
% Change Since: |
Next Earnings Date:Oct 14, 2026
Earnings Call Sentiment Neutral
The call presented a mix of positive operational progress and material challenges. Positives include organic growth (2.6%), stronger gross margin (14.4% vs 13.4%), higher adjusted EBITA (SEK 118m vs SEK 72m), improved operating cash flow (SEK 259m vs -SEK 139m) and significant deleveraging to 2.3x net debt/EBITDA, alongside completion of organizational and efficiency initiatives (SEK 80m annual savings expected). Offsetting these gains are a pronounced SMB revenue decline (organic -11.9%), a substantial SEK 800m noncash impairment tied to exiting nonstandardized services, continued component shortages with demand timing risk (roughly SEK 300m prebuying in the quarter), and uncertainty about the sustainability of price-driven margin benefits. Overall the company shows strong execution on cost, cash and capital structure but faces real strategic and demand challenges that balance the positive results.
Positive Updates
Organic Sales Growth
Group organic growth of 2.6% in Q3 FY2026 driven by public sector demand and some customer prebuying; Large Corporate & Public (LCP) organic growth of 8.1% with sales of SEK 4.0 billion.
Negative Updates
SMB Revenue Decline
SMB sales fell to SEK 1.2 billion, down 11.7% year-on-year (organic -11.9%); adjusted for exit from B2C the organic decline was -5.3%. Management notes weak customer caution and fragile SMB demand.
Read all updates
Q3-2026 Updates
Negative
Organic Sales Growth
Group organic growth of 2.6% in Q3 FY2026 driven by public sector demand and some customer prebuying; Large Corporate & Public (LCP) organic growth of 8.1% with sales of SEK 4.0 billion.
Read all positive updates
Company Guidance
Management's guidance emphasized persistent supply tightness and cautious demand timing: component shortages — which have already driven higher pricing and customer pre‑buying (identified at roughly SEK 300m in Q3 versus ~SEK 200m the prior quarter) — are expected to continue well into 2027, creating pricing support but timing uncertainty for Q4/Q1; operationally Dustin expects the announced efficiency programme to deliver about SEK 80m of annual savings at full run‑rate from Q4, completed the new sales organization (implemented 1 May) and will fully exit nonstandardized services within a maximum of two years (a decision that triggered a SEK 800m non‑cash impairment this quarter) with an anticipated annual run‑rate profitability uplift in the "tens of millions" SEK; balance‑sheet priorities include reducing net working capital toward a long‑term target of around minus SEK 100m (Q3 NWC SEK 182m, inventory up roughly SEK 44m) while remaining cautious on further inventory builds, maintaining leverage at 2.3x net debt/EBITDA (well inside the 2.0–3.0x target) and focusing on cash generation (operating cash flow SEK 259m in Q3) rather than near‑term M&A or management‑driven dividend action.

Dustin Group AB Financial Statement Overview

Summary
Overall financials are mixed. Cash flow is a clear bright spot with strong TTM operating cash flow and free cash flow following a weak prior year, and leverage has improved with a lower debt-to-equity. However, profitability is the main drag: margins are weak with a TTM net loss and prior-year losses, keeping the income statement quality below average despite the revenue rebound.
Income Statement
34
Negative
Balance Sheet
57
Neutral
Cash Flow
63
Positive
BreakdownTTMAug 2025Aug 2024Aug 2023Aug 2022Aug 2021
Income Statement
Total Revenue21.25B20.41B21.48B23.58B23.60B15.88B
Gross Profit2.84B2.77B3.21B3.41B3.46B2.48B
EBITDA474.00M2.83B762.70M894.40M1.17B898.60M
Net Income-827.00M-2.63B53.00M173.90M477.70M357.00M
Balance Sheet
Total Assets12.39B13.40B15.82B16.13B15.85B14.32B
Cash, Cash Equivalents and Short-Term Investments1.33B676.00M883.90M1.11B766.80M847.40M
Total Debt2.91B3.07B4.19B5.90B5.28B5.06B
Total Liabilities7.71B7.90B8.81B10.74B10.77B9.64B
Stockholders Equity4.68B5.51B7.01B5.39B5.08B4.68B
Cash Flow
Free Cash Flow766.00M-87.00M-97.90M379.10M393.40M83.60M
Operating Cash Flow819.00M-74.00M147.10M619.20M584.30M168.60M
Investing Cash Flow-156.00M-169.00M-244.30M-240.10M-211.60M-3.17B
Financing Cash Flow-1.21B21.00M-148.90M26.70M-434.60M3.10B

Dustin Group AB Technical Analysis

Technical Analysis Sentiment
Negative
Last Price1.82
Price Trends
50DMA
1.81
Negative
100DMA
1.75
Negative
200DMA
1.69
Negative
Market Momentum
MACD
-0.01
Positive
RSI
38.58
Neutral
STOCH
4.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:DUST, the sentiment is Negative. The current price of 1.82 is above the 20-day moving average (MA) of 1.78, above the 50-day MA of 1.81, and above the 200-day MA of 1.69, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 38.58 is Neutral, neither overbought nor oversold. The STOCH value of 4.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:DUST.

Dustin Group AB Peers Comparison

Overall Rating
UnderperformOutperform
Sector (55)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
84
Outperform
kr1.19B15.8826.28%5.95%13.11%-7.85%
71
Outperform
kr1.66B19.2116.46%1.53%7.42%44.33%
65
Neutral
kr3.69B18.6117.78%1.89%0.67%15.28%
57
Neutral
kr2.31B-2.811.15%4.48%82.93%
57
Neutral
kr6.59B20.1911.60%2.39%-6.48%-24.43%
55
Neutral
$6.65B3.83-15.92%6.20%10.91%7.18%
55
Neutral
kr2.58B-8.84-7.72%2.55%-7.52%-458.49%
* General Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
SE:DUST
Dustin Group AB
1.68
>-0.01
-0.12%
SE:SOF.B
Softronic AB Class B
22.70
0.59
2.68%
SE:ANOD.B
Addnode Group AB Class B
48.20
-64.65
-57.29%
SE:EXS
Exsitec Holding AB
124.50
-17.09
-12.07%
SE:KNOW
Knowit AB
94.00
-11.54
-10.93%
SE:PACT
Proact IT Group AB
137.40
45.97
50.28%

Dustin Group AB Corporate Events

Dustin lifts margins and cash flow despite goodwill hit in Q3
Jul 1, 2026
Dustin Group AB, a Nordic IT reseller and solutions provider serving large corporate, public and SMB customers, continued its strategic shift away from consumer and non-standard services in the third quarter of 2025/26. The focus on commercial cus...
Dustin schedules July 1 call to present Q3 2025/26 results
Jun 23, 2026
Dustin Group AB, headquartered in Nacka Strand near Stockholm and listed on Nasdaq Stockholm since 2015, employs around 2,000 people and focuses on supplying tailored IT solutions to business and public-sector clients, as well as private individua...
Dustin Names Anne Nillesen to Lead Benelux Relationship Sales
Jun 16, 2026
Dustin has appointed Anne Nillesen as Executive Vice President Relation Sales Benelux and member of the group management team, effective 16 June 2026, as part of a broader move to split relationship sales responsibilities between the Nordics and B...
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: Jul 04, 2026