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Dustin Group AB
(DUST)
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Rating:46Neutral
Price Target:
kr1.50
▼(-17.58% Downside)
Action:Reiterated
Date:10/21/26
The score is held down primarily by weak financial performance (revenue declines, thin margins, and recent losses) and a bearish technical setup (price below key moving averages with negative MACD). These are partially offset by constructive earnings-call signals around improved profitability, efficiency savings, and leverage staying within target, plus improved full-year cash flow.
Positive Factors
Margin and Efficiency Improvement
Higher gross and adjusted EBITA margins, together with approximately SEK 80 million of annual efficiency savings, indicate improving operating discipline. A structurally lower cost base and better contract pricing can support profitability through the next several quarters, even if revenue growth remains modest.
Negative Factors
Declining Revenue and Thin Margins
Persistent revenue contraction limits operating leverage, while thin gross and operating margins leave earnings highly sensitive to modest changes in demand, pricing, or costs. Continued net losses could weaken equity and restrict Dustin’s ability to invest in growth without relying on internally generated funds.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin and Efficiency Improvement
Higher gross and adjusted EBITA margins, together with approximately SEK 80 million of annual efficiency savings, indicate improving operating discipline. A structurally lower cost base and better contract pricing can support profitability through the next several quarters, even if revenue growth remains modest.
Read all positive factors
Dustin Group AB (DUST) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr2.13B
Dividend Yield1.15%
Average Volume (3M)1.11M
Price to Earnings (P/E)―
Beta (1Y)1.20
Revenue Growth2.94%
EPS Growth83.00%
CountrySE
Employees1,912
SectorGeneral
Sector StrengthN/A
IndustryInformation Technology Services
Share Statistics
EPS (TTM)-0.58
Shares Outstanding1,357,425,300
10 Day Avg. Volume2,105,777
30 Day Avg. Volume1,105,346
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)0.53
Price to Sales (P/S)0.12
P/FCF Ratio3.88
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)0.21
Revenue Forecast (FY)kr21.90B
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 Group makes money primarily by reselling IT products and solutions, earning revenue from the difference between purchase cost from vendors/distributors and the sales price to customers (product gross margin). A major revenue stream is B2B a...
Dustin Group AB Earnings Call Summary
Earnings Call Date:Oct 14, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Jan 13, 2027
Earnings Call Sentiment Positive
The call was broadly positive. Profitability, margins, efficiency savings, leverage, net working capital, and underlying SMB growth all improved, while the cybersecurity incident was contained and operations were restored. These positives were tempered by declining reported sales, negative quarterly cash flow, public-sector and PC-demand pressure, component shortages, challenges in the Netherlands, and the absence of a dividend.Positive Updates
Improved Quarterly Profitability
Gross margin increased to 13.2% from 12.7% last year, mainly due to higher price levels, continued efforts to improve profitability in the customer contract portfolio, and a more disciplined approach to new business. Adjusted EBITA increased to SEK 110 million from SEK 83 million, while the adjusted EBITA margin rose to 2.3% from 1.6%, driven by the stronger gross margin and a lower cost base following efficiency measures.
Negative Updates
Quarterly Sales Decline
Net sales declined in the quarter, with organic growth of minus 5%. Organic growth adjusted for the discontinued consumer business was minus 3%. Management attributed the decline mainly to orders brought forward into the second and third quarters, particularly within the public sector.
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Q4-2026 Updates
Positive
Negative
Improved Quarterly Profitability
Gross margin increased to 13.2% from 12.7% last year, mainly due to higher price levels, continued efforts to improve profitability in the customer contract portfolio, and a more disciplined approach to new business. Adjusted EBITA increased to SEK 110 million from SEK 83 million, while the adjusted EBITA margin rose to 2.3% from 1.6%, driven by the stronger gross margin and a lower cost base following efficiency measures.
Read all positive updates
Company Guidance
Looking ahead, continued component shortages are expected to drive further price increases and impact product availability also in 2027, while higher prices are expected to weigh on workplace demand and the rapid development of AI is creating new opportunities and drives demand for updated IT infrastructure; Dustin will drive profitable growth in SMB, complete the phaseout of nonstandardized services, maintain a strong pricing discipline and continue to drive efficiencies, with organization-wide efficiency measures delivering annual savings of approximately SEK 80 million, a long-term target for net working capital of around minus SEK 100 million, and leverage targeted at between 2.0 to 3.0x; the phaseout of nonstandardized services is progressing according to plan and has a low -- it's in the single digit, I would say, impact per quarter.Dustin Group AB Financial Statement Overview
Summary
Income Statement
32
Negative
Balance Sheet
48
Neutral
Cash Flow
55
Neutral
| Breakdown | Aug 2026 | Aug 2025 | Aug 2024 | Aug 2023 | Aug 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 21.01B | 20.41B | 21.48B | 23.58B | 23.60B |
| Gross Profit | 2.83B | 2.77B | 3.21B | 3.41B | 3.46B |
| EBITDA | 1.45B | 527.00M | 763.90M | 894.40M | 1.17B |
| Net Income | -799.00M | -2.63B | 53.00M | 173.90M | 477.70M |
Balance Sheet | |||||
| Total Assets | 12.34B | 13.40B | 15.82B | 16.13B | 15.85B |
| Cash, Cash Equivalents and Short-Term Investments | 1.02B | 676.00M | 883.90M | 1.11B | 766.80M |
| Total Debt | 3.02B | 3.07B | 4.19B | 5.90B | 5.28B |
| Total Liabilities | 7.59B | 7.90B | 8.81B | 10.74B | 10.77B |
| Stockholders Equity | 4.76B | 5.51B | 7.01B | 5.39B | 5.08B |
Cash Flow | |||||
| Free Cash Flow | 654.00M | -87.00M | -97.90M | 379.10M | 393.40M |
| Operating Cash Flow | 689.00M | -74.00M | 147.10M | 619.20M | 584.30M |
| Investing Cash Flow | -161.00M | -169.00M | -244.30M | -240.10M | -211.60M |
| Financing Cash Flow | -191.00M | 21.00M | -148.90M | 26.70M | -434.60M |
Dustin Group AB Technical Analysis
Negative
1.82
Price Trends
1.73
Negative
1.75
Negative
1.67
Negative
Market Momentum
-0.04
Positive
39.40
Neutral
13.06
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 1.68, above the 50-day MA of 1.73, and above the 200-day MA of 1.67, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 39.40 is Neutral, neither overbought nor oversold. The STOCH value of 13.06 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | kr3.81B | 16.39 | 21.32% | 1.71% | 3.73% | 55.91% | |
68 Neutral | kr1.55B | 24.47 | 11.71% | 1.65% | 9.08% | -14.10% | |
66 Neutral | kr991.60M | 13.36 | 26.03% | 7.17% | 10.87% | -1.59% | |
64 Neutral | kr8.99B | 23.58 | 13.08% | 1.75% | 4.71% | -1.34% | |
57 Neutral | kr3.22B | -11.69 | -7.43% | 2.04% | -5.94% | -382.16% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | kr2.13B | -2.69 | ― | 1.15% | 2.94% | 83.00% |
* General Sector Average
SE:DUST
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Dustin Group AB Corporate Events
Dustin Group boosts margins and cash flow amid restructuring and goodwill write-downs
Oct 14, 2026
Dustin Group AB reported a softer fourth quarter with net sales down 4.8 percent to SEK 4,813 million and organic sales declining 5.0 percent, mainly due to the discontinuation of its consumer business and weaker SMB performance. Despite the reven...
Dustin to present 2025/26 year-end results in October investor call
Oct 6, 2026
Dustin Group AB will publish its year-end report for the 2025/26 fiscal year on October 14 at 8:00 a.m. CEST and follow up with a conference call at 9:30 a.m., where CEO Samuel Skott and CFO Julia Lagerqvist will present the results. The English-l...
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.