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NAXS AB
(NAXS)
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Rating:54Neutral
Price Target:
kr35.00
▼(-0.57% Downside)
Action:Reiterated
Date:10/12/26
The score is held back primarily by deteriorating profitability and persistent negative operating/free cash flow despite a debt-free balance sheet. Technical indicators are broadly neutral with only modest positive momentum. Valuation is mixed: a negative P/E reflects losses, while the very high dividend yield supports the score but hinges on sustainability.
Positive Factors
Debt-free balance sheet
NAXS has a conservative capital structure, with no reported debt and substantial equity relative to assets. This reduces refinancing and solvency pressure, giving the company greater resilience while it manages investment losses and retains flexibility for future portfolio decisions.
Negative Factors
Sharp profitability deterioration
NAXS’s earnings power has deteriorated materially from prior profitable years, with significant losses in 2024 and 2025 and deeply negative TTM net income. Persistent losses can reduce equity, weaken returns on capital, and make future distributions or reinvestment less dependable.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
NAXS has a conservative capital structure, with no reported debt and substantial equity relative to assets. This reduces refinancing and solvency pressure, giving the company greater resilience while it manages investment losses and retains flexibility for future portfolio decisions.
Read all positive factors
NAXS AB (NAXS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr355.01M
Dividend Yield52.33%
Average Volume (3M)4.72K
Price to Earnings (P/E)8.0
Beta (1Y)0.58
Revenue Growth-100.00%
EPS GrowthN/A
CountrySE
Employees1
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)-11.29
Shares Outstanding11,077,585
10 Day Avg. Volume7,904
30 Day Avg. Volume4,721
Financial Highlights & Ratios
PEG Ratio0.26
Price to Book (P/B)0.75
Price to Sales (P/S)-2661.54
P/FCF Ratio-31.44
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
NAXS AB Business Overview & Revenue Model
Company Description
NAXS AB (publ) operates as an investment company, concentrating its efforts on indirect investments, particularly through fund of funds strategies and secondary market acquisitions. The firm explicitly avoids direct placements in pure debt instrum...
How the Company Makes Money
NAXS makes money primarily through investment returns generated by its portfolio of private equity fund interests and related private equity investments. Its main economic inflows typically come from (1) distributions and proceeds received when un...
NAXS AB Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
72
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | -33.00M | -156.00K | -58.83M | 12.13M | 187.34M | 186.42M |
| Gross Profit | -49.27M | -23.44M | -61.49M | 9.61M | 185.98M | 183.80M |
| EBITDA | -126.86M | -27.89M | -66.57M | 4.36M | 180.09M | 177.41M |
| Net Income | -124.91M | -25.77M | -66.58M | 4.35M | 180.08M | 177.41M |
Balance Sheet | ||||||
| Total Assets | 528.11M | 566.41M | 809.88M | 923.76M | 960.67M | 824.41M |
| Cash, Cash Equivalents and Short-Term Investments | 61.67M | 65.88M | 203.60M | 209.23M | 211.67M | 265.52M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 1.09M | 10.07M | 1.47M | 1.70M | 1.42M | 1.56M |
| Stockholders Equity | 527.02M | 556.35M | 808.41M | 922.07M | 959.25M | 822.86M |
Cash Flow | ||||||
| Free Cash Flow | -20.33M | -13.21M | -10.11M | -9.52M | -14.30M | -10.24M |
| Operating Cash Flow | -20.33M | -13.21M | -10.11M | -9.52M | -14.30M | -10.24M |
| Investing Cash Flow | 134.62M | 101.66M | 51.67M | 48.60M | 4.14M | 89.92M |
| Financing Cash Flow | -250.87M | -226.13M | -47.08M | -41.54M | -43.68M | -33.46M |
NAXS AB Technical Analysis
Negative
35.20
Price Trends
34.03
Positive
34.63
Negative
35.54
Negative
Market Momentum
0.20
Negative
50.62
Neutral
39.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NAXS, the sentiment is Negative. The current price of 35.2 is above the 20-day moving average (MA) of 34.35, above the 50-day MA of 34.03, and below the 200-day MA of 35.54, indicating a neutral trend. The MACD of 0.20 indicates Negative momentum. The RSI at 50.62 is Neutral, neither overbought nor oversold. The STOCH value of 39.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NAXS.
NAXS AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | kr114.13M | 9.15 | 6.82% | ― | 2.01% | ― | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | kr1.77B | 55.95 | ― | ― | ― | ― | |
54 Neutral | kr355.01M | 8.00 | ― | 52.33% | -100.00% | ― | |
47 Neutral | kr347.36M | -7.83 | ― | 56.54% | -57.62% | 19.14% |
* General Sector Average
SE:NAXS
NAXS AB
34.40
-3.52
-9.27%
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NAXS AB Corporate Events
NAXS AB expands share buyback to bolster capital management and shareholder value
Oct 12, 2026
NAXS AB, a Stockholm-listed investment company specializing in Nordic private equity, aims to deliver enhanced shareholder returns by actively managing its portfolio and selectively deploying capital. The company offers public market investors acc...
NAXS co-invests SEK 5 million in Mimir’s carve-out of metal powder specialist Osprey
Oct 5, 2026
NAXS AB has invested SEK 5 million alongside Stockholm-based carve-out specialist Mimir in Osprey, a global platform in gas-atomised metal powders carved out from Sandvik. The deal gives NAXS exposure to a world-leading supplier of critical powder...
NAXS Steps Up Share Buybacks to Fine-Tune Capital Structure
Oct 5, 2026
NAXS AB has repurchased 6,075 of its own shares on Nasdaq Stockholm between 28 September and 2 October 2026 under an ongoing share buyback program. The transactions, executed by Pareto Securities AB in compliance with EU market abuse and safe harb...
NAXS Expands Share Buyback to Bolster Capital Flexibility and Shareholder Value
Sep 28, 2026
NAXS AB has continued its share repurchase program, buying 7,314 of its own shares on Nasdaq Stockholm between 21 and 25 September 2026 through Pareto Securities, which executes trades independently. The program aims to provide capital management ...
NAXS expands share buyback to bolster capital efficiency and shareholder value
Sep 21, 2026
NAXS AB has continued its ongoing share repurchase program, buying 5,918 of its own shares on Nasdaq Stockholm between 14 and 18 September 2026 through Pareto Securities, which executes trades independently of the company. The buybacks are intende...
NAXS lifts estimated NAV after major fund valuation upgrade
Sep 16, 2026
NAXS AB reported a substantial upward revision in the valuation of one of its private equity fund investments, delivering a material boost to its estimated net asset value. Based on figures communicated by the fund manager, NAXS calculates that th...
NAXS Deepens Defence Technology Exposure with SEK 9 Million Euroatlas Co-Investment
Sep 16, 2026
NAXS AB has made a SEK 9 million co-investment in Euroatlas Holding GmbH, a German defence technology company active in underwater autonomy, power electronics, vision systems and counter-drone solutions. The deal is structured through Mimir EA Hol...
NAXS Steps Up Share Buybacks to Boost Capital Efficiency and Shareholder Value
Sep 14, 2026
NAXS AB has continued to execute its share repurchase program, buying 3,526 shares on Nasdaq Stockholm between 7 and 11 September 2026 as part of a broader strategy to optimize capital management and support shareholder value. The company uses the...
NAXS expands share buyback to bolster capital structure and shareholder value
Sep 7, 2026
NAXS AB, a Stockholm-listed investment company specializing in Nordic private equity, seeks to generate long-term shareholder value by optimizing its current holdings and selectively investing in new opportunities. The company’s strategy cen...
NAXS Steps Up Share Buybacks to Fine-Tune Capital Structure
Aug 31, 2026
NAXS AB, a Stockholm-listed investment company specializing in Nordic private equity, continues to pursue an active capital management strategy to enhance shareholder value. The firm focuses on extracting value from its current portfolio while sel...
NAXS Launches Portfolio Spotlight Series to Boost Investor Transparency
Aug 27, 2026
NAXS AB will start publishing short online “spotlights” on selected holdings to give shareholders greater visibility into its Nordic private equity portfolio. Each spotlight will highlight an individual company or a specific transactio...
NAXS AB Swings to First-Half Loss as NAV Declines and Private Equity Exposure Remains High
Jul 17, 2026
NAXS AB reported a net loss of MSEK 23.9 for the first half of 2026, reversing a profit of MSEK 50.9 a year earlier, with earnings per share falling to SEK -2.19 and net asset value declining to MSEK 506, or SEK 46.37 per share. Net cash also decr...
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.