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Nepa AB
(NEPA)
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Rating:45Neutral
Price Target:
kr8.00
▼(-60.00% Downside)
Action:Reiterated
Date:10/28/26
The score is constrained mainly by weak financial performance (sharp TTM revenue decline, ongoing losses, and negative operating/free cash flow) and a clearly bearish technical trend (price far below key moving averages). The earnings call provides some support via improving profitability metrics and recurring-revenue progress, but sequential ARR/retention pressure and cash-flow weakness keep the overall risk profile elevated.
Positive Factors
Debt-free balance sheet
A debt-free capital structure reduces interest burden, refinancing exposure, and balance-sheet pressure while giving Nepa greater flexibility to fund operations. This provides a meaningful financial buffer as management works to restore growth and profitability, despite the company’s reduced equity cushion.
Negative Factors
Sharp revenue and earnings deterioration
The steep TTM revenue decline and continuing net loss show that Nepa has not yet converted operational improvements into stable company-wide growth. Persistent weakness in scale can limit operating leverage, constrain reinvestment, and make future profitability dependent on successful commercial execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A debt-free capital structure reduces interest burden, refinancing exposure, and balance-sheet pressure while giving Nepa greater flexibility to fund operations. This provides a meaningful financial buffer as management works to restore growth and profitability, despite the company’s reduced equity cushion.
Read all positive factors
Nepa AB (NEPA) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr61.80M
Dividend Yield6.83%
Average Volume (3M)118.85K
Price to Earnings (P/E)―
Beta (1Y)0.72
Revenue Growth-8.44%
EPS Growth80.14%
CountrySE
Employees188
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)-0.92
Shares Outstanding7,863,186
10 Day Avg. Volume327,290
30 Day Avg. Volume118,848
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)3.60
Price to Sales (P/S)0.54
P/FCF Ratio-8.83
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)-0.94
Revenue Forecast (FY)kr213.50M
Nepa AB Business Overview & Revenue Model
Company Description
Nepa AB (publ), a Swedish enterprise established in 2006 and headquartered in Stockholm, specializes in providing consumer research and advanced analytics. The company delivers a comprehensive array of solutions designed to optimize customer exper...
Nepa AB Earnings Call Summary
Earnings Call Date:Oct 23, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 19, 2027
Earnings Call Sentiment Neutral
The call presented a mixed picture. Subscription revenue, ARR, margins, earnings, cost efficiency, and the Trinity offering showed positive progress, while sequential ARR, retention, churn, ad hoc bookings and revenue, total net sales, and operating cash flow were under pressure. Management is focused on improving commercial execution and expects delayed ad hoc activity and projects to return in Q4 or subsequent quarters, but the current sales conversion weakness remains a notable challenge.Positive Updates
Subscription Revenue and ARR Growth
Q3 subscription revenue increased by 14.8% to just over SEK 35 million, while ARR increased by 9.7% year-over-year to SEK 135.8 million. For the first nine months, subscription revenue grew 14.2% on an underlying basis.
Negative Updates
Decline in Net Sales
Q3 net sales declined by 2.6% year-over-year, or approximately 1.7% in local currencies. For the first nine months, underlying net sales grew by 2%.
Read all updates
Q3-2026 Updates
Positive
Negative
Subscription Revenue and ARR Growth
Q3 subscription revenue increased by 14.8% to just over SEK 35 million, while ARR increased by 9.7% year-over-year to SEK 135.8 million. For the first nine months, subscription revenue grew 14.2% on an underlying basis.
Read all positive updates
Company Guidance
For Q4, Nepa’s priorities are improved sales executions with clearer priorities, structured account development, closer coordination between sales delivery and specialists, continued ARR growth, improved conversion, winning more clients, and returning ARR to sequential growth; the company expects projects deferred from Q3 to return in the following quarter or quarters, is expecting a lot of ad hoc bookings coming back in Q4, and says it would not judge the lower level of ad hoc activity as a new normal. Nepa also plans to expand client relationships across brand, campaign, and cMMM, continue to drive operational leverage within the existing organization, and focus on replacements rather than net additions, with personnel costs following the same trajectory but maybe flattening out a bit. The company reported subscription revenue growth of 14.8%, ARR growth of 9.7% year-on-year to SEK 135.8 million, net revenue retention of 95.8%, churn of 1.6%, ARR bookings growth of 11%, net sales declining by 2.6%, and adjusted EBITDA less CapEx of SEK 2.3 million in Q3, while Anders Dahl said he will stay at least until the end of Q1 and leave during Q1 of 2027.Nepa AB Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 213.48M | 222.60M | 268.47M | 293.08M | 312.14M | 295.46M |
| Gross Profit | -4.99M | -12.43M | 203.99M | 241.36M | 263.24M | 242.17M |
| EBITDA | 7.84M | -12.30M | 17.02M | -1.69M | 32.95M | 51.84M |
| Net Income | -7.31M | -34.04M | -2.08M | -14.39M | 17.49M | 38.59M |
Balance Sheet | ||||||
| Total Assets | 77.82M | 98.46M | 157.64M | 179.19M | 211.12M | 196.71M |
| Cash, Cash Equivalents and Short-Term Investments | 8.12M | 14.51M | 41.07M | 38.38M | 63.83M | 85.07M |
| Total Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 51.83M | 64.85M | 83.34M | 92.71M | 101.43M | 93.92M |
| Stockholders Equity | 25.99M | 33.61M | 74.30M | 86.48M | 109.69M | 102.80M |
Cash Flow | ||||||
| Free Cash Flow | -4.27M | -13.71M | 12.43M | -15.77M | -11.49M | 14.67M |
| Operating Cash Flow | -4.24M | -13.71M | 15.26M | 6.09M | 15.90M | 26.14M |
| Investing Cash Flow | -30.00K | -3.18M | -2.89M | -21.87M | -27.47M | -10.59M |
| Financing Cash Flow | -10.25M | -9.67M | -9.67M | -9.67M | -9.67M | 0.00 |
Nepa AB Technical Analysis
Negative
20.00
Price Trends
14.89
Negative
17.30
Negative
17.69
Negative
Market Momentum
-2.03
Positive
17.33
Positive
3.49
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:NEPA, the sentiment is Negative. The current price of 20 is above the 20-day moving average (MA) of 12.33, above the 50-day MA of 14.89, and above the 200-day MA of 17.69, indicating a bearish trend. The MACD of -2.03 indicates Positive momentum. The RSI at 17.33 is Positive, neither overbought nor oversold. The STOCH value of 3.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NEPA.
Nepa AB Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | kr463.06M | 16.98 | ― | 7.91% | 11.34% | 40.60% | |
62 Neutral | kr649.34M | -47.68 | ― | 5.63% | 7.51% | 41.20% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | kr487.40M | -24.57 | ― | ― | 21.86% | 74.32% | |
49 Neutral | kr121.52M | 4.32 | ― | 2.13% | 7.30% | ― | |
45 Neutral | kr61.80M | -8.54 | ― | 6.83% | -8.44% | 80.14% | |
40 Underperform | kr322.00M | -132.00 | ― | ― | -8.60% | -105.48% |
* General Sector Average
SE:NEPA
Nepa AB
7.86
-7.94
-50.25%
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SE:ONEF
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SE:ADTR
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SE:MOMENT
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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.