Maha Energy AB Class A (KEOC) AI Stock Analysis

Maha Energy AB Class A

(Nasdaq OMX AB:KEOC)

Select Model

Rating:42Neutral

Price Target:SEK 7.50▲(0.67% Upside)

Action:reiterated

Date:09/15/26

The score is driven primarily by weak financial performance: severe profitability pressure and ongoing cash burn outweigh the benefit of modest leverage. Technicals reinforce downside risk, with the price trading well below key moving averages and a negative MACD. Valuation is not a clear positive because earnings are negative and no dividend yield is available.

Positive Factors

Modest LeverageModest leverage provides financial flexibility and reduces near-term solvency pressure while the company operates through weak profitability. A relatively restrained debt burden can preserve capacity to fund field development, manage volatility, or withstand a prolonged recovery period.

Negative Factors

Sharp Revenue DeclineA roughly 57% TTM revenue decline signals substantial deterioration in the company’s production or realized sales base. Persistently lower revenue can weaken operating leverage, reduce funds available for field investment, and make a durable return to profitability more difficult.

Maha Energy AB Class A (KEOC) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 2.77B
Dividend Yield: ―
Average Volume (3M): 850.00K
Price to Earnings (P/E): -5.2
Beta (1Y): 0.51
Revenue Growth: -75.52%
EPS Growth: -14.47%
Country: Sweden
Employees: 16
Sector: Technology
Sector Strength: 61
Industry: Oil & Gas Integrated

Maha Energy AB Class A Business Overview & Revenue Model

Company Description

Keo Capital AB (publ), a fintech company, operates a digital credit platform focused on B2B payments and embedded working capital solutions in Mexico, Brazil, Canada, and Latin America. It operates a unified digital ecosystem that enables buyers and...

How the Company Makes Money

Maha Energy primarily makes money by producing and selling crude oil (and, where applicable, associated natural gas/NGLs) from fields in which it holds working interests. Revenue is generated based on (1) production volumes attributable to the compan...

Maha Energy AB Class A Financial Statement Overview

Summary

Financials are weak overall: the income statement shows a sharp TTM revenue drop (~57%) with deeply negative net margin and recurring losses (Income Statement Score: 18). Cash flow is also a major risk with negative operating cash flow and free cash flow (Cash Flow Score: 24). The main offset is a relatively modest leverage position (debt-to-equity ~0.16; Balance Sheet Score: 62), but negative ROE (~-23%) suggests continued losses could pressure equity.

Income Statement

18Very Negative

Balance Sheet

62Positive

Cash Flow

24Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.43M	0	8.49M	5.23M	12.33M	68.31M
Gross Profit	83.84K	-66.85K	1.33M	361.00K	3.74M	37.52M
EBITDA	-10.21M	-11.74M	-43.03M	773.00K	9.57M	2.61M
Net Income	-31.64M	-26.26M	-32.56M	-33.95M	22.93M	21.59M
Balance Sheet
Total Assets	139.83M	115.20M	127.75M	201.90M	218.35M	168.11M
Cash, Cash Equivalents and Short-Term Investments	50.34M	63.18M	96.46M	88.29M	19.52M	25.54M
Total Debt	16.05M	15.56M	417.00K	34.98M	46.24M	58.94M
Total Liabilities	26.96M	16.64M	8.02M	47.08M	77.46M	76.69M
Stockholders Equity	112.87M	98.56M	119.73M	154.82M	140.90M	91.42M
Cash Flow
Free Cash Flow	-8.99M	-3.94M	-12.89M	-28.91M	-8.03M	-15.97M
Operating Cash Flow	-8.59M	-3.36M	-9.18M	-12.68M	54.66M	31.00M
Investing Cash Flow	16.20M	32.62M	-40.47M	92.65M	-62.68M	-46.99M
Financing Cash Flow	25.62M	14.94M	-28.93M	-14.41M	6.38M	35.95M

Maha Energy AB Class A Technical Analysis

Technical Analysis SentimentNegative

Last Price7.45

Price Trends

50DMA8.38Negative

100DMA9.10Negative

200DMA10.24Negative

Market Momentum

MACD-0.03Positive

RSI38.62Neutral

STOCH6.58Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:KEOC, the sentiment is Negative. The current price of 7.45 is below the 20-day moving average (MA) of 8.42, below the 50-day MA of 8.38, and below the 200-day MA of 10.24, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 38.62 is Neutral, neither overbought nor oversold. The STOCH value of 6.58 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:KEOC.

Maha Energy AB Class A Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SE:KEOC against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:HTRO	67Neutral	SEK 10.11B	28.61	8.51%	―	7.22%	153.68%
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SE:MIDS	52Neutral	SEK 660.97M	73.41	1.61%	―	149.28%	―
SE:ENERS	43Neutral	SEK 5.66M	-0.32	235.97%	―	-8.92%	67.57%
SE:INSP	42Neutral	SEK 8.67M	-0.33	-210.34%	―	30.87%	30.31%
SE:KEOC	42Neutral	SEK 2.77B	-5.24	-29.87%	―	-75.52%	-14.47%
SE:SOLT	37Underperform	SEK 169.98M	-0.07	-103.55%	―	-16.23%	36.58%

* Technology Sector Average

Performance Comparison

SE:KEOC and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:KEOC	Maha Energy AB Class A	7.92	-1.23	-13.44%
SE:HTRO	Hexatronic Group AB	45.78	26.22	134.05%
SE:MIDS	Midsummer AB	1.25	-1.18	-48.64%
SE:SOLT	SolTech Energy Sweden AB	0.05	-0.11	-68.13%
SE:INSP	Insplorion AB	0.11	-0.13	-53.59%
SE:ENERS	Enersize Plc	―	―	―

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: Sep 15, 2026

Maha Energy AB Class A AI Stock Analysis