Online Brands Nordic AB (OBAB) AI Stock Analysis

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Online Brands Nordic AB

(Nasdaq OMX AB:OBAB)

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Rating:52Neutral

Price Target:SEK 19.50▼(-3.94% Downside)

Action:reiterated

Date:11/04/26

The overall score is constrained by a weak financial foundation and an extremely high valuation. While strong revenue growth is a positive, it is overshadowed by collapsing margins and poor cash flow conversion. Bullish technical momentum provides some near-term support, but the stock's fundamental risk-reward profile appears unfavorable at current levels.

Positive Factors

Revenue GrowthContinued top-line growth indicates the company is expanding sales despite its still-developing profitability profile. If sustained, this provides a broader revenue base from which operating efficiencies can improve and supports reinvestment in the business over the next several quarters.

Negative Factors

Thin Profit MarginsVery thin net and EBIT margins leave limited protection if costs increase or demand softens. The lower TTM gross margin also suggests that revenue growth is not yet translating efficiently into profit, making sustained earnings improvement dependent on tighter operating performance.

Online Brands Nordic AB (OBAB) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 588.80M
Dividend Yield: ―
Average Volume (3M): 37.52K
Price to Earnings (P/E): 510.0
Beta (1Y): 0.07
Revenue Growth: 34.11%
EPS Growth: ―
Country: Sweden
Employees: 98
Sector: General
Sector Strength: 55
Industry: Specialty Retail

Online Brands Nordic AB Business Overview & Revenue Model

Company Description

Online Brands Nordic AB (publ) engages in the online sale of carpets under Trendcarpet brand. It operates through Retail of Home Furnishings; Retail of Apparel; Retail of Outdoor Recreation and Camping; Retail of Beauty and Cosmetics; Jewelry Retail;...

Online Brands Nordic AB Financial Statement Overview

Summary

Financial performance is mixed. Strong revenue growth is offset by razor-thin and compressing gross margins, minimal net profitability, and a sharp decline in cash flow generation. The very weak free cash flow conversion rate is a significant red flag.

Income Statement

45Neutral

Balance Sheet

65Positive

Cash Flow

30Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	582.10M	469.90M	365.60M	301.14M	286.91M	146.43M
Gross Profit	150.80M	264.43M	183.60M	136.93M	167.68M	99.20M
EBITDA	38.30M	13.00M	35.10M	14.52M	2.10M	12.72M
Net Income	2.20M	-14.80M	-8.00M	-10.49M	-18.30M	9.32M
Balance Sheet
Total Assets	441.30M	330.30M	278.80M	274.81M	294.10M	164.02M
Cash, Cash Equivalents and Short-Term Investments	24.10M	23.90M	16.60M	12.28M	15.25M	66.24M
Total Debt	81.00M	42.30M	21.10M	39.43M	49.96M	4.17M
Total Liabilities	213.30M	133.30M	103.10M	98.03M	133.31M	35.18M
Stockholders Equity	228.00M	196.90M	175.70M	176.78M	160.79M	128.84M
Cash Flow
Free Cash Flow	2.00M	11.20M	27.20M	-14.10M	-15.05M	-9.89M
Operating Cash Flow	6.70M	14.70M	27.20M	-11.34M	-12.61M	-8.16M
Investing Cash Flow	-42.30M	-8.50M	-3.20M	-1.57M	-78.99M	8.60M
Financing Cash Flow	36.40M	1.10M	-19.70M	9.94M	40.61M	61.39M

Online Brands Nordic AB Technical Analysis

Technical Analysis SentimentPositive

Last Price20.30

Price Trends

50DMA17.34Positive

100DMA14.83Positive

200DMA13.91Positive

Market Momentum

MACD0.75Negative

RSI66.57Neutral

STOCH77.59Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:OBAB, the sentiment is Positive. The current price of 20.30 is above the 20-day moving average (MA) of 18.25, above the 50-day MA of 17.34, and above the 200-day MA of 13.91, indicating a bullish trend. The MACD of 0.75 indicates Negative momentum. The RSI at 66.57 is Neutral, neither overbought nor oversold. The STOCH value of 77.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:OBAB.

Online Brands Nordic AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:OBAB against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:RUG	75Outperform	SEK 1.71B	19.88	15.28%	1.82%	11.96%	44.41%
SE:BOKUS	70Outperform	SEK 1.23B	14.15	―	5.00%	4.48%	34.85%
SE:DSNO	59Neutral	SEK 124.70M	-43.79	-2.54%	―	-8.90%	67.39%
SE:BBROOM	58Neutral	SEK 148.18M	51.39	―	―	―	―
SE:CDON	58Neutral	SEK 511.19M	-6.29	―	―	7.12%	8.47%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:OBAB	52Neutral	SEK 575.81M	510.00	―	―	34.11%	―

* General Sector Average

Performance Comparison

SE:OBAB and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:OBAB	Online Brands Nordic AB	20.30	7.80	62.40%
SE:DSNO	Desenio Group AB	0.13	0.06	81.43%
SE:RUG	RugVista Group AB	83.90	26.00	44.91%
SE:BOKUS	Bokusgruppen AB	76.40	8.63	12.73%
SE:CDON	CDON AB	43.90	-23.10	-34.48%
SE:BBROOM	New Bubbleroom Sweden AB	9.35	4.89	109.64%

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: Nov 04, 2026

Online Brands Nordic AB AI Stock Analysis