Soder Sportfiske AB (SODER) AI Stock Analysis

Soder Sportfiske AB

(Nasdaq OMX AB:SODER)

Select Model

Rating:71Outperform

Price Target:SEK 21.00▲(3.96% Upside)

Action:reiterated

Date:10/27/26

The score is driven primarily by solid financial resilience from a debt-free balance sheet, partially offset by concerns around earnings quality (TTM gross margin collapse) and weaker recent cash conversion. Technicals are supportive with price above major moving averages and positive MACD, while valuation is reasonable with a mid-teens P/E and an attractive ~4.23% dividend yield.

Positive Factors

Debt-free balance sheetZero total debt across all provided periods reduces interest and refinancing exposure, giving the company greater resilience if demand weakens. Stable-to-growing equity and improved TTM ROE further support financial flexibility, although returns remain moderate.

Negative Factors

Severe gross-margin compressionThe sharp TTM gross-margin decline materially weakens earnings quality and leaves less revenue available to cover operating costs. Whether caused by a cost, pricing, or classification issue, the discrepancy creates a significant need for margin normalization before profitability can be considered durable.

Soder Sportfiske AB (SODER) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 170.86M
Dividend Yield: 3.96%
Average Volume (3M): 5,218
Price to Earnings (P/E): 15.7
Beta (1Y): 0.34
Revenue Growth: 7.93%
EPS Growth: 94.40%
Country: Sweden
Employees: 42
Sector: Consumer Cyclical
Sector Strength: 61
Industry: Specialty Retail

Soder Sportfiske AB Business Overview & Revenue Model

Company Description

Söder Sportfiske AB (publ) operates in Sweden as a retailer specializing in equipment for sport fishing enthusiasts. The company provides a comprehensive selection of items, including essential gear like fishing rods, lures, and reels, alongside tool...

How the Company Makes Money

Detailed information on Soder Sportfiske AB’s revenue model, key revenue streams, and significant partnerships or factors contributing to earnings is null.

Soder Sportfiske AB Financial Statement Overview

Summary

Solid balance sheet strength (no debt, improving ROE to ~12% TTM) supports resilience, but operating performance quality is mixed. The main risk is the sharp TTM gross margin collapse versus historical levels, alongside volatile and recently weaker cash conversion (operating cash flow meaningfully below net income in TTM).

Income Statement

64Positive

Balance Sheet

82Very Positive

Cash Flow

57Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	254.40M	243.60M	232.40M	222.80M	187.10M	194.70M
Gross Profit	9.80M	95.50M	91.80M	89.70M	86.20M	77.60M
EBITDA	15.70M	12.70M	16.40M	14.50M	4.70M	13.50M
Net Income	10.90M	7.80M	7.20M	5.70M	3.10M	9.00M
Balance Sheet
Total Assets	143.50M	139.90M	135.30M	134.80M	135.30M	135.60M
Cash, Cash Equivalents and Short-Term Investments	36.60M	39.10M	34.40M	21.10M	11.10M	18.40M
Total Debt	0	0	0	0	0	0
Total Liabilities	49.60M	48.90M	45.50M	47.10M	40.90M	43.00M
Stockholders Equity	93.80M	91.00M	89.80M	87.70M	88.00M	92.60M
Cash Flow
Free Cash Flow	8.00M	11.50M	17.60M	7.10M	-3.20M	1.90M
Operating Cash Flow	8.50M	11.90M	18.50M	9.50M	-3.00M	3.20M
Investing Cash Flow	-500.00K	-400.00K	-100.00K	500.00K	-300.00K	-57.20M
Financing Cash Flow	-6.80M	-6.70M	-5.10M	0	2.00M	52.70M

Soder Sportfiske AB Technical Analysis

Technical Analysis SentimentPositive

Last Price20.20

Price Trends

50DMA16.43Positive

100DMA16.22Positive

200DMA17.29Positive

Market Momentum

MACD0.99Negative

RSI76.59Negative

STOCH93.35Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SODER, the sentiment is Positive. The current price of 20.20 is above the 20-day moving average (MA) of 16.97, above the 50-day MA of 16.43, and above the 200-day MA of 17.29, indicating a bullish trend. The MACD of 0.99 indicates Negative momentum. The RSI at 76.59 is Negative, neither overbought nor oversold. The STOCH value of 93.35 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:SODER.

Soder Sportfiske AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SE:SODER against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:SODER	71Outperform	SEK 170.86M	15.66	12.07%	3.96%	7.93%	94.40%
SE:CLAS.B	70Outperform	SEK 31.53B	24.96	41.64%	1.39%	9.82%	33.55%
Sector *	61Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
SE:RUSTA	61Neutral	SEK 12.61B	21.28	―	2.19%	8.20%	40.01%
SE:CDON	58Neutral	SEK 528.08M	-6.61	―	―	7.12%	8.47%
SE:FOI.B	53Neutral	SEK 4.35B	44.54	2.35%	6.96%	1.03%	15.81%
SE:KJELL	45Neutral	SEK 1.81B	-52.21	-2.25%	―	-2.34%	93.68%

* Consumer Cyclical Sector Average

Performance Comparison

SE:SODER and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:SODER	Soder Sportfiske AB	20.20	-0.80	-3.83%
SE:CLAS.B	Clas Ohlson AB	496.00	160.07	47.65%
SE:FOI.B	Fenix Outdoor International AG Series B	323.50	-152.01	-31.97%
SE:KJELL	Kjell Group AB	19.00	10.98	137.00%
SE:RUSTA	Rusta AB	82.15	22.08	36.76%
SE:CDON	CDON AB	46.90	-12.10	-20.51%

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 27, 2026

Soder Sportfiske AB AI Stock Analysis