Exsitec Holding AB (EXS) AI Stock Analysis

Exsitec Holding AB

(Nasdaq OMX AB:EXS)

Select Model

Rating:61Neutral

Price Target:SEK 117.00▲(1.74% Upside)

Action:reiterated

Date:10/21/26

The company's strong cash flow generation and improved profitability are the primary strengths, but these are offset by a sharp increase in financial leverage and decelerating revenue growth. Technical indicators show weak momentum, and the valuation is fair but not compelling. The overall score reflects a fundamentally improving business with growing balance sheet risks and uninspiring market sentiment.

Positive Factors

Multi-year revenue growthThe sustained increase in revenue across 2022 through the TTM period demonstrates that Exsitec has continued expanding its business over several years. This provides a durable foundation for customer growth, recurring service opportunities, and continued investment in its consulting and software capabilities.

Negative Factors

Slowing revenue growthThe sharp moderation in TTM revenue growth suggests that Exsitec is currently expanding more slowly than in earlier periods. Slower top-line progress can limit operating leverage, reduce the pace of customer and service-base expansion, and make sustained earnings growth more dependent on margins.

Exsitec Holding AB (EXS) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 1.53B
Dividend Yield: 1.67%
Average Volume (3M): 22.43K
Price to Earnings (P/E): 24.1
Beta (1Y): 0.44
Revenue Growth: 9.08%
EPS Growth: -14.10%
Country: Sweden
Employees: 700
Sector: Technology
Sector Strength: 61
Industry: Information Technology Services

Exsitec Holding AB Business Overview & Revenue Model

Company Description

Exsitec Holding AB (publ) specializes in delivering a diverse array of software and services aimed at supporting business operations throughout the Nordic region. Their comprehensive offerings encompass solutions for enterprise resource planning, fin...

How the Company Makes Money

Exsitec makes money primarily by delivering and supporting business software solutions for customers, typically SMBs, and charging for a mix of professional services and recurring services tied to the software environments it implements. Key revenue...

Exsitec Holding AB Financial Statement Overview

Summary

Solid operational turnaround with TTM revenue of 963M SEK and net margin of 9.4%. Cash flow generation is excellent (97% FCF conversion). However, balance sheet risk is elevated due to debt tripling to 463M SEK, pushing debt-to-equity to 0.84, and revenue growth is decelerating.

Income Statement

72Positive

Balance Sheet

55Neutral

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	962.58M	894.94M	811.35M	751.27M	656.58M	536.04M
Gross Profit	246.50M	119.67M	231.94M	228.90M	179.64M	135.07M
EBITDA	181.67M	190.65M	150.74M	148.36M	120.35M	82.51M
Net Income	63.15M	85.88M	59.12M	70.82M	56.12M	-22.07M
Balance Sheet
Total Assets	1.42B	1.12B	1.14B	805.24M	748.79M	551.12M
Cash, Cash Equivalents and Short-Term Investments	53.99M	54.07M	26.49M	51.35M	46.26M	82.78M
Total Debt	463.27M	355.79M	389.66M	150.63M	163.74M	143.79M
Total Liabilities	875.06M	612.00M	679.29M	390.23M	384.98M	320.25M
Stockholders Equity	548.06M	508.92M	456.04M	415.01M	363.82M	230.86M
Cash Flow
Free Cash Flow	149.78M	147.36M	56.50M	96.42M	84.26M	43.76M
Operating Cash Flow	152.80M	152.73M	89.29M	106.37M	90.10M	47.05M
Investing Cash Flow	-176.36M	-25.06M	-285.14M	-17.63M	-84.53M	-314.48M
Financing Cash Flow	35.03M	-91.63M	170.93M	-82.52M	-43.65M	215.51M

Exsitec Holding AB Technical Analysis

Technical Analysis SentimentNeutral

Last Price115.00

Price Trends

50DMA115.31Negative

100DMA109.92Positive

200DMA111.74Positive

Market Momentum

MACD0.76Negative

RSI49.71Neutral

STOCH55.21Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:EXS, the sentiment is Neutral. The current price of 115.00 is above the 20-day moving average (MA) of 111.87, below the 50-day MA of 115.31, and above the 200-day MA of 111.74, indicating a neutral trend. The MACD of 0.76 indicates Negative momentum. The RSI at 49.71 is Neutral, neither overbought nor oversold. The STOCH value of 55.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:EXS.

Exsitec Holding AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SE:EXS against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:PACT	78Outperform	SEK 3.78B	16.24	21.32%	1.73%	3.73%	55.91%
SE:ANOD.B	64Neutral	SEK 9.00B	23.62	13.08%	1.75%	4.71%	-1.34%
SE:SOF.B	63Neutral	SEK 1.01B	13.59	26.03%	7.05%	10.87%	-1.59%
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SE:EXS	61Neutral	SEK 1.53B	24.15	11.71%	1.67%	9.08%	-14.10%
SE:KNOW	60Neutral	SEK 3.21B	-11.65	-7.43%	2.05%	-5.94%	-382.16%
SE:DUST	49Neutral	SEK 2.13B	-2.69	―	―	2.94%	83.00%

* Technology Sector Average

Performance Comparison

SE:EXS and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:EXS	Exsitec Holding AB	113.50	-43.82	-27.85%
SE:SOF.B	Softronic AB Class B	19.16	-2.34	-10.86%
SE:ANOD.B	Addnode Group AB Class B	65.90	-41.28	-38.52%
SE:KNOW	Knowit AB	117.20	0.56	0.48%
SE:PACT	Proact IT Group AB	150.40	49.49	49.04%
SE:DUST	Dustin Group AB	1.57	-0.40	-20.08%

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 21, 2026

Exsitec Holding AB AI Stock Analysis