LL Lucky Games AB (EMB) AI Stock Analysis

LL Lucky Games AB

(Nasdaq OMX AB:EMB)

Select Model

Rating:71Outperform

Price Target:SEK 0.61▲(10.58% Upside)

Action:upgraded

Date:10/02/26

The score is driven primarily by a credible financial turnaround: rapid revenue scaling, a swing to profitability, cash-backed earnings with SEK 27.8 million of TTM free cash flow, and a repaired balance sheet with low leverage and 33.3% return on equity. Technicals reinforce the picture, with the share price trading above all key moving averages and a positive MACD, though momentum indicators are now extended and leave the stock vulnerable to a near-term pullback. A modest 13.1x P/E adds valuation support, tempered by the absence of a dividend. The main risks holding the score back are the recent stall in revenue growth, the sharp gross-margin compression, and the fact that the company's profitable track record is only about a year old, leaving durability unproven. Earnings call and corporate event data were unavailable and excluded, with their weight redistributed to the remaining components.

Positive Factors

Profitability turnaroundMoving from large losses to positive earnings in 2025 and stronger TTM results indicates a meaningful operating turnaround. If maintained, improved profitability can support reinvestment and make the business more resilient, although revenue durability remains important.

Negative Factors

Sharp revenue declineSharp TTM revenue decline is a direct challenge to the durability of the turnaround. Continued top-line pressure could weaken operating leverage, limit reinvestment capacity, and make the recent profit improvement harder to sustain over the next several quarters.

LL Lucky Games AB (EMB) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 162.77M
Dividend Yield: ―
Average Volume (3M): 130.93K
Price to Earnings (P/E): 10.1
Beta (1Y): -0.63
Revenue Growth: 13.22%
EPS Growth: ―
Country: Sweden
Employees: 116
Sector: Communication Services
Sector Strength: 60
Industry: Electronic Gaming & Multimedia

LL Lucky Games AB Business Overview & Revenue Model

Company Description

Based in Stockholm, Sweden, EMB Mission Bound AB (publ) specializes in the creation, development, and promotion of digital slot machines for gaming operators worldwide, with a strong focus on the Asian market. Established in 2019, their comprehensive...

LL Lucky Games AB Financial Statement Overview

Summary

A genuine small-cap turnaround. Revenue scaled to SEK 165.6 million in fiscal 2025 (+79.9% y/y), the company crossed into profitability with SEK 16.0 million net income on a TTM basis, and margins expanded to a 26.8% EBITDA margin and 9.6% net margin. The balance sheet was repaired, with equity rebuilt to SEK 58.1 million and debt-to-equity cut to a conservative 0.46 from distressed levels, supporting a 33.3% return on equity. Cash flow is the strongest pillar: operating cash flow of SEK 33.4 million and free cash flow of SEK 27.8 million TTM, with operating cash flow exceeding net income (1.08x), confirming earnings are cash-backed. Offsetting this, revenue growth has flattened in the latest period, gross margin compressed sharply from ~96% to ~76%, the equity base remains thin in absolute terms, and the profitable, cash-generative track record spans only about a year after four years of heavy losses and cash burn.

Income Statement

68Positive

Balance Sheet

70Positive

Cash Flow

74Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	165.78M	165.65M	92.06M	28.86M	5.02M	1.93M
Gross Profit	165.78M	158.90M	84.37M	22.08M	7.66M	890.90K
EBITDA	44.42M	34.71M	7.46M	-53.21M	-31.37M	-19.27M
Net Income	15.97M	5.16M	-22.13M	-64.90M	-41.57M	-21.36M
Balance Sheet
Total Assets	114.31M	81.17M	82.18M	73.06M	24.46M	21.36M
Cash, Cash Equivalents and Short-Term Investments	20.22M	4.59M	8.74M	8.96M	341.42K	728.08K
Total Debt	26.84M	15.78M	24.50M	23.58M	14.00M	16.13M
Total Liabilities	56.25M	35.38M	44.90M	36.21M	20.92M	20.02M
Stockholders Equity	58.05M	45.79M	37.28M	36.85M	104.00K	1.34M
Cash Flow
Free Cash Flow	27.76M	14.31M	-8.94M	-41.10M	-39.21M	-32.49M
Operating Cash Flow	33.39M	22.72M	7.84M	-26.09M	-32.10M	-17.02M
Investing Cash Flow	-8.95M	-10.09M	-18.86M	-18.03M	2.53M	-15.97M
Financing Cash Flow	-15.12M	-16.04M	11.12M	53.22M	29.16M	32.16M

LL Lucky Games AB Technical Analysis

Technical Analysis SentimentNegative

Last Price0.55

Price Trends

50DMA0.55Negative

100DMA0.55Negative

200DMA0.60Negative

Market Momentum

MACD0.00Positive

RSI45.91Neutral

STOCH61.01Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:EMB, the sentiment is Negative. The current price of 0.55 is below the 20-day moving average (MA) of 0.61, below the 50-day MA of 0.55, and below the 200-day MA of 0.60, indicating a bearish trend. The MACD of 0.00 indicates Positive momentum. The RSI at 45.91 is Neutral, neither overbought nor oversold. The STOCH value of 61.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:EMB.

LL Lucky Games AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (60)

Financial Indicators

SE:EMB against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:HACK	74Outperform	SEK 16.08B	8.15	―	7.92%	26.61%	50.63%
SE:EMB	71Outperform	SEK 162.77M	10.05	33.26%	―	13.22%	―
SE:MAGI	66Neutral	SEK 238.45M	268.66	0.31%	―	-4.32%	―
Sector *	60Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%
SE:G5EN	57Neutral	SEK 482.21M	20.87	5.13%	3.08%	-19.67%	-68.42%
SE:QIIWI	46Neutral	SEK 38.94M	-11.38	-21.84%	―	0.55%	39.82%
SE:GCOR	41Neutral	SEK 101.81M	-2.54	406.23%	―	57.81%	9.24%

* Communication Services Sector Average

Performance Comparison

SE:EMB and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:EMB	LL Lucky Games AB	0.55	-0.45	-44.92%
SE:G5EN	G5 Entertainment AB	64.90	-25.64	-28.32%
SE:QIIWI	Qiiwi Games AB	4.21	1.03	32.39%
SE:GCOR	Gaming Corps AB	0.70	-0.44	-38.60%
SE:MAGI	MAG Interactive AB	9.00	0.10	1.12%
SE:HACK	Hacksaw AB	55.60	-16.51	-22.90%

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: Oct 02, 2026

LL Lucky Games AB AI Stock Analysis