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EQT AB
(EQT)
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Rating:65Neutral
Price Target:
kr342.00
▲(4.52% Upside)
Action:Reiterated
Date:07/18/26
The score is driven primarily by solid financial performance (strong profitability and a reasonably positioned balance sheet, but weaker recent cash flow coverage and uneven growth) and supportive trend conditions tempered by overbought technical signals. A positive earnings call with upgraded fundraising guidance and strong platform momentum helps, while the high P/E and modest yield meaningfully constrain the overall score.
Positive Factors
Platform scale & diversified AUM
A large, diversified AUM base supports stable recurring management fees and reduces reliance on any single strategy. Scale enables cross-selling, pricing power on fees, and resilience across cycles, underpinning predictable fee revenue and long-term margin durability.
Negative Factors
Weaker operating cash coverage
Operating cash falling below net income weakens the firm's ability to fund distributions, seed investments and OpEx from core operations. Over time this increases reliance on asset realizations or balance sheet liquidity and raises execution risk in stressed market periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform scale & diversified AUM
A large, diversified AUM base supports stable recurring management fees and reduces reliance on any single strategy. Scale enables cross-selling, pricing power on fees, and resilience across cycles, underpinning predictable fee revenue and long-term margin durability.
Read all positive factors
EQT AB (EQT) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr335.20B
Dividend Yield1.21%
Average Volume (3M)1.41M
Price to Earnings (P/E)47.3
Beta (1Y)1.14
Revenue Growth-1.80%
EPS Growth20.49%
CountrySE
Employees1,937
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)0.61
Shares Outstanding1,226,602,900
10 Day Avg. Volume1,405,391
30 Day Avg. Volume1,413,846
Financial Highlights & Ratios
PEG Ratio-11.70
Price to Book (P/B)5.24
Price to Sales (P/S)14.97
P/FCF Ratio99.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr350.00Price Target Upside6.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)1.14
Revenue Forecast (FY)kr2.86B
EQT AB Business Overview & Revenue Model
Company Description
EQT AB (publ) operates as a private equity firm, specializing primarily in buyout investments. The company directs its strategic focus towards opportunities within the Private Capital and Real Asset segments, pursuing a global investment footprint...
How the Company Makes Money
EQT primarily makes money by managing investment funds and separately managed mandates for clients (limited partners and other investors). Its core revenue streams typically include: (1) Management fees: recurring fees charged to investors for man...
EQT AB Earnings Call Summary
Earnings Call Date:Jul 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 15, 2026
Earnings Call Sentiment Positive
The call highlights strong platform momentum: rapid growth in AUM and new fund launches, exceptional AI Infrastructure traction (NAV up sharply), robust deal flow, meaningful value creation across infrastructure and private capital, and healthy fundraising progress (EQT XI, BPEA IX, Scaleup Europe Fund). Challenges are largely timing- and market‑sensitivity related: some slower exit timing in H1, carry recognition concentrated in specific funds with some carry delayed to 2028+, selective fundraising headwinds in certain strategies (private credit, parts of real estate historically), and near-term cost/investment needs. Overall, the positive operational and financial momentum and clear fundraising wins outweigh the manageable near-term challenges and timing uncertainties.Positive Updates
AUM and Platform Scale Expansion
Fee-generating AUM grew to EUR 155bn (from ~EUR 36bn at IPO); total AUM EUR 291bn and pro forma including Coller and Scaleup fund ~EUR 345bn as of June 30, 2026 — demonstrating significant platform scale and diversification.
Negative Updates
Challenging Fundraising Environment in Parts
Certain segments (notably private credit evergreens and some real estate fundraising historically) face headwinds; Q2 inflows were uneven (weak April) and without Coller inflow in Q2 was ~EUR 800m — indicating sensitivity to market headlines.
Read all updates
Q2-2026 Updates
Positive
Negative
AUM and Platform Scale Expansion
Fee-generating AUM grew to EUR 155bn (from ~EUR 36bn at IPO); total AUM EUR 291bn and pro forma including Coller and Scaleup fund ~EUR 345bn as of June 30, 2026 — demonstrating significant platform scale and diversification.
Read all positive updates
Company Guidance
Management reiterated mid‑single‑digit OpEx growth for 2026 and expects fee‑related EBITDA margin to reach ~55% in late 2027, with Coller forecast to deliver EUR 175–200m fee‑related EBITDA for 2026; the full fee uplift from EQT XI (target EUR 23bn; first close ~50%) and Infra VII (target EUR 21bn; activation around year‑end, first close expected H1 2027) is expected to show in 2027. Fundraising guidance was upgraded to >EUR 140bn for the cycle (including ~EUR 55bn target for private capital and ~EUR 45bn for infrastructure); Scaleup Europe Fund target EUR 5bn (majority anchored, hard cap TBD). The AI Infrastructure Fund’s NAV rose from $2.4bn to $9.4bn in under three months (fee‑generating AUM ≈$9.4bn as of 1 July; fees on NAV ~50–75bp, currently closer to 50bp). Financially, fee‑related revenue was flat H1 y/y (≈+5% excluding retroactive fees), total revenue +5%, carry and investment income +~40%, investment income >EUR 200m in H1 and cash carry ~EUR 400m; distributions were ~EUR 17bn in H1 (vs EUR 40bn in 2025), H1 fundraising ~EUR 2.5bn, evergreen NAV hit EUR 10bn, fee‑paying AUM grew 10%, fee‑generating AUM is EUR 155bn (total AUM EUR 291bn; pro‑forma incl. Coller and Scaleup ≈EUR 345bn), and redemptions remain low at ~0.5% NAV per quarter.EQT AB Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
74
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.63B | 2.65B | 2.08B | 1.50B | 1.60B |
| Gross Profit | 1.35B | 1.81B | 1.38B | 995.80M | 1.23B |
| EBITDA | 1.48B | 1.55B | 1.09B | 745.30M | 1.05B |
| Net Income | 728.00M | 776.00M | 129.90M | 176.30M | 909.40M |
Balance Sheet | |||||
| Total Assets | 11.37B | 11.48B | 9.21B | 9.60B | 3.89B |
| Cash, Cash Equivalents and Short-Term Investments | 6.15B | 5.33B | 1.11B | 644.90M | 587.90M |
| Total Debt | 2.65B | 2.22B | 2.15B | 2.15B | 614.00M |
| Total Liabilities | 3.85B | 3.38B | 3.20B | 3.20B | 948.90M |
| Stockholders Equity | 7.51B | 8.10B | 6.00B | 6.40B | 2.94B |
Cash Flow | |||||
| Free Cash Flow | 395.00M | 447.00M | 921.20M | 518.20M | 596.70M |
| Operating Cash Flow | 408.72M | 464.00M | 944.80M | 549.20M | 608.20M |
| Investing Cash Flow | -62.14M | -2.00M | -38.80M | -1.55B | -895.20M |
| Financing Cash Flow | -375.92M | -574.00M | -415.20M | 1.15B | -20.30M |
EQT AB Technical Analysis
Positive
327.20
Price Trends
292.67
Positive
291.00
Positive
309.46
Positive
Market Momentum
1.81
Negative
70.36
Negative
86.80
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:EQT, the sentiment is Positive. The current price of 327.2 is above the 20-day moving average (MA) of 278.30, above the 50-day MA of 292.67, and above the 200-day MA of 309.46, indicating a bullish trend. The MACD of 1.81 indicates Negative momentum. The RSI at 70.36 is Negative, neither overbought nor oversold. The STOCH value of 86.80 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:EQT.
EQT AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | kr228.28B | 3.57 | 20.35% | 2.00% | -0.22% | 379.35% | |
80 Outperform | kr228.28B | 3.57 | 8.24% | 2.02% | -0.22% | 379.35% | |
80 Outperform | kr1.20T | 6.38 | 8.06% | 1.60% | 145.40% | 1023.77% | |
77 Outperform | kr1.20T | 6.38 | 17.98% | 1.61% | 145.40% | 1023.77% | |
65 Neutral | kr335.20B | 47.29 | ― | 1.21% | -1.80% | 20.49% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
49 Neutral | kr14.54B | -1.91 | 0.33% | ― | 400.00% | -184.07% |
* General Sector Average
SE:EQT
EQT AB
318.30
-11.09
-3.37%
SE:INDU.A
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526.50
172.09
48.56%
SE:INDU.C
Industrivarden AB Class C
519.20
164.93
46.55%
SE:INVE.A
Investor AB
389.60
102.70
35.79%
SE:INVE.B
Investor AB
397.00
109.35
38.02%
SE:KINV.B
Kinnevik AB
49.43
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-46.87%
EQT AB Corporate Events
EQT AB boosts AUM, expands strategies and profits in first half of 2026
Jul 17, 2026
EQT AB reported strong operational and financial progress in the first half of 2026, with fee-generating assets under management rising to €155bn and total AUM reaching €291bn. The firm continues to see key private capital and infrastr...
EQT Names Gustav Segerberg CFO as Veteran Finance Chief Shifts to Advisory Role
Jun 8, 2026
EQT AB has appointed long-time executive Gustav Segerberg as its new chief financial officer, effective 18 July 2026, succeeding Kim Henriksson, who moves into a senior adviser role after nearly eight years in the post. Segerberg, currently head o...
EQT Targets EUR 21 Billion for New Infrastructure VII Fund
May 31, 2026
EQT AB, a purpose-driven global investment firm with strong Nordic heritage and significant exposure across private capital and real assets, manages funds and vehicles worldwide with EUR 269 billion in total assets under management as of March 202...
EQT Cancels Treasury Shares to Offset Dilution From Incentive Programs
May 29, 2026
EQT AB has reduced its total number of shares and votes by cancelling 8,505,092 ordinary treasury shares, a move approved at the 2026 Annual Shareholders’ Meeting. Following the cancellation, EQT now has 1,169,938,099 shares outstanding, whi...
EQT Launches SEK 2.5 Billion Share Buyback to Adjust Capital Structure
May 12, 2026
EQT AB’s board has approved a new share buyback program of up to 4,368,899 ordinary shares, representing about 0.35% of its share capital, for a total consideration of up to SEK 2.5 billion. The purchases, to be executed in cash on Nasdaq St...
EQT Shareholders Back All Proposals, Clear Path for Coller Capital Deal
May 12, 2026
EQT AB’s annual shareholders’ meeting approved all board and nomination committee proposals, including the 2025 financial statements and a dividend of SEK 5.00 per share to be paid in two installments during 2026. Shareholders also gra...
EQT AB Continues Share Purchases on Nasdaq Stockholm
May 11, 2026
EQT AB disclosed a series of buy-side transactions in its own shares on Nasdaq Stockholm on 4 May 2026, with multiple trades executed throughout the morning session at prices generally ranging from about SEK 301 to SEK 308 per share. The pattern o...
EQT AB Reports Series of Share Buy Transactions on Nasdaq Stockholm
Apr 27, 2026
EQT AB reported a series of buy transactions in its own shares on the Nasdaq Stockholm on 20 April 2026, with hundreds of small-volume purchases executed throughout the morning session at prices fluctuating around SEK 318 to SEK 322 per share. The...
EQT Closes Record Asia-Pacific Fund and Expands Platform With Coller Deal and AI Push
Apr 22, 2026
EQT AB reported stable assets under management in the first quarter of 2026 while advancing several strategic initiatives, including closing its BPEA IX fund at $15.6 billion, the largest Asia-Pacific–focused private equity fund to date. The...
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.