Dynavox Group AB (SE:DYVOX)
:DYVOX
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Dynavox Group AB
(DYVOX)
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Rating:64Neutral
Price Target:
kr87.00
▼(-12.47% Downside)
Action:Reiterated
Date:06/02/26
The score is driven primarily by strong underlying financial performance (healthy growth and solid margins) and a constructive earnings update with reiterated long-term targets and better cash generation. Offsetting factors are demanding valuation, a weak-to-neutral technical setup (below key moving averages with negative MACD), and remaining leverage plus inconsistent free-cash-flow conversion.
Positive Factors
Consistent revenue growth
Dynavox has sustained high top-line momentum over multiple years (2022–2025) with TTM revenue up ~28%. Persistent organic and acquisition-led growth supports scale, reduces execution risk, and provides a durable base for margin improvement and reinvestment over the next 2–6 months.
Negative Factors
Meaningful leverage remains
Although leverage has improved from earlier years, the balance sheet remains materially levered for a medical-supplies business. Elevated leverage limits financial flexibility, raises refinancing and interest-rate sensitivity, and could constrain investment or M&A optionality if growth slows.
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Positive Factors
Negative Factors
Consistent revenue growth
Dynavox has sustained high top-line momentum over multiple years (2022–2025) with TTM revenue up ~28%. Persistent organic and acquisition-led growth supports scale, reduces execution risk, and provides a durable base for margin improvement and reinvestment over the next 2–6 months.
Read all positive factors
Dynavox Group AB (DYVOX) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr7.97B
Dividend YieldN/A
Average Volume (3M)224.87K
Price to Earnings (P/E)43.5
Beta (1Y)1.22
Revenue Growth16.42%
EPS Growth13.17%
CountrySE
Employees1,005
SectorTechnology
Sector Strength88
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)1.71
Shares Outstanding105,552,300
10 Day Avg. Volume194,916
30 Day Avg. Volume224,873
Financial Highlights & Ratios
PEG Ratio5.00
Price to Book (P/B)17.82
Price to Sales (P/S)4.35
P/FCF Ratio-1.29K
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr90.00Price Target Upside-9.46% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)3.08
Revenue Forecast (FY)kr2.82B
Dynavox Group AB Business Overview & Revenue Model
Company Description
Headquartered in Stockholm, Sweden, Dynavox Group AB (publ), founded in 2012, specializes in crafting and distributing assistive technology. The company primarily assists individuals with significant communication challenges by providing bespoke a...
How the Company Makes Money
Detailed, factual information about Dynavox Group AB’s revenue model, key revenue streams, customer segments, and partnerships is not available in the provided context; therefore, null....
Dynavox Group AB Earnings Call Summary
Earnings Call Date:Apr 24, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive operational and financial momentum: solid organic growth (15% FX‑adjusted), improved profitability and materially stronger cash flow, plus strategic milestones (ERP completion, product hub, Italy acquisition and leadership hires). These positives were balanced by temporary but tangible headwinds — notably severe winter weather in North America that disrupted Q1 deliveries, currency translation effects that subtracted materially from reported revenue (~14% impact) and some margin pressure from component/freight costs and elevated staffing. Management reiterated medium‑term targets (20% revenue growth FX‑adjusted; >15% EBIT margin) and expressed confidence in achieving full‑year objectives while emphasizing seasonality and the likelihood of deferred revenues being recovered later in the year.Positive Updates
Revenue Growth (Q1 FY2026)
Revenue of SEK 588 million in Q1, up 15% year‑on‑year after adjusting for currency. Organic growth was 11% and recent acquisition contribution was 3%. Sales grew across all markets with March activity rebounding to historic growth levels in North America.
Negative Updates
Severe Winter Weather in North America Impacted Q1
Unusually severe winter storms in January and February caused school and institution closures, reduced customer meetings and delayed deliveries — negatively affecting Q1 sales in North America. Management expects deferred business to be recovered later in the year but could not precisely quantify the shortfall.
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Q1-2026 Updates
Positive
Negative
Revenue Growth (Q1 FY2026)
Revenue of SEK 588 million in Q1, up 15% year‑on‑year after adjusting for currency. Organic growth was 11% and recent acquisition contribution was 3%. Sales grew across all markets with March activity rebounding to historic growth levels in North America.
Read all positive updates
Company Guidance
Management reiterated its medium‑term targets — average annual revenue growth of 20% (FX‑adjusted, 3–4 year horizon) and an annual EBIT margin to reach and exceed 15% — while reporting Q1 2026 results of SEK 588m revenue (seasonally weakest quarter), 15% y/y growth FX‑adjusted (11% organic, 3% acquisition) with a 14% negative currency impact, gross margin 67%, EBIT SEK 57m (EBIT margin 9.8%), OpEx +7% organic (including SEK 9m non‑recurring investments and SEK 14m acquisition‑related OpEx), R&D (after capitalization/amortization) down SEK 24m, EPS SEK 0.36 (vs SEK 0.23 prior year, ~60% improvement), cash flow after investments +SEK 56m (more than doubled), cash SEK 243m, net debt SEK 865m (net debt / LTM EBITDA 1.7x) with SEK 300m unused credit, a proposed dividend SEK 0.50/share and a 40% minimum payout principle; management noted March returned to historic U.S. growth, Q1 weather‑related deferrals are expected to be recovered later in the year, ERP rollout is nearly complete, and the SR Labs (Italy) acquisition closed April 1.Dynavox Group AB Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
64
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.47B | 2.47B | 1.97B | 1.61B | 1.22B | 871.20M |
| Gross Profit | 1.69B | 1.69B | 1.36B | 1.09B | 787.80M | 570.20M |
| EBITDA | 432.00M | 476.50M | 425.10M | 203.40M | 103.80M | 88.90M |
| Net Income | 181.00M | 165.70M | 145.80M | 104.10M | 48.60M | 29.80M |
Balance Sheet | ||||||
| Total Assets | 2.53B | 2.47B | 2.00B | 1.70B | 1.32B | 1.15B |
| Cash, Cash Equivalents and Short-Term Investments | 243.00M | 194.70M | 133.50M | 161.10M | 106.80M | 197.30M |
| Total Debt | 1.11B | 1.10B | 790.80M | 773.30M | 628.30M | 606.70M |
| Total Liabilities | 1.86B | 1.87B | 1.54B | 1.39B | 1.11B | 1.01B |
| Stockholders Equity | 663.00M | 602.40M | 453.70M | 297.80M | 210.60M | 139.50M |
Cash Flow | ||||||
| Free Cash Flow | 102.30M | -8.30M | 99.40M | 142.90M | -22.00M | -230.80M |
| Operating Cash Flow | 234.60M | 196.60M | 282.50M | 277.40M | 96.20M | 136.50M |
| Investing Cash Flow | -329.40M | -316.40M | -280.70M | -296.90M | -197.20M | -370.30M |
| Financing Cash Flow | 198.20M | 198.20M | -37.20M | 78.40M | 2.50M | 253.10M |
Dynavox Group AB Peers Comparison
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Dynavox Group AB Corporate Events
Dynavox Group Issues and Repurchases Class C Shares to Fund Incentive Programs
Jun 1, 2026
Dynavox Group AB’s board has approved the issuance of 754,000 new class C shares and their immediate repurchase, using existing AGM authorisations, to support its long-term incentive programmes for executives and employees. The class C share...
Dynavox Group AGM Backs Dividend, New Incentive Plans and Share Buyback Mandate
May 8, 2026
Dynavox Group AB’s annual general meeting in Stockholm approved the 2025 accounts, declared a dividend of SEK 0.5 per ordinary share and granted discharge from liability to the board and CEO, while confirming a six-member board with one new ...
Dynavox lifts profit and cash flow as European expansion accelerates in Q1 2026
Apr 24, 2026
Dynavox Group reported a solid start to 2026, with first-quarter revenue rising 1% to SEK 588 million, equivalent to 15% growth in local currencies, despite weather-related disruptions in North America. Profitability improved markedly, with the op...
Dynavox Group Highlights Mission in 2025 Annual and Sustainability Report
Apr 7, 2026
Dynavox Group has released its 2025 annual and sustainability report, emphasizing its mission to address the global inequality in access to assistive communication. The company underlines its commitment to scaling the development of its communicat...
Dynavox Calls 2026 AGM, Sets Rules for Shareholder Participation and Voting
Mar 30, 2026
Dynavox Group AB has convened its annual general meeting for 8 May 2026 in central Stockholm, setting out detailed procedures for shareholders to participate either in person or through proxies, and clarifying requirements for advance notification...
Dynavox Group CFO to Step Down in Planned Transition by January 2027
Mar 20, 2026
Dynavox Group has announced that Chief Financial Officer Linda Tybring will step down from her role by 31 January 2027, remaining in post to support a smooth transition and the recruitment and onboarding of her successor. The company has initiated...
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.