Refine Group AB (VETT) AI Stock Analysis

Refine Group AB

(Nasdaq OMX AB:VETT)

Select Model

Rating:43Neutral

Price Target:SEK 4.00▼(-10.01% Downside)

Action:reiterated

Date:10/14/26

The score is held down primarily by weak financial performance (declining revenue, ongoing losses, and negative free cash flow) and bearish technical momentum (below key moving averages with negative MACD). A debt-free balance sheet provides some stability, but valuation is difficult to justify with a negative P/E and no dividend support.

Positive Factors

Debt-free balance sheetZero debt and a substantial equity base reduce financial risk and preserve flexibility during the turnaround. This gives Refine Group more capacity to absorb losses, fund operations, or pursue corrective actions without immediate pressure from lenders or refinancing obligations.

Negative Factors

Revenue contractionDeclining revenue indicates weaker top-line momentum and raises the burden on management to restore demand or improve productivity. A shrinking sales base can limit operating leverage, reduce funds available for investment, and make a return to sustainable profitability more difficult.

Refine Group AB (VETT) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 39.97M
Dividend Yield: ―
Average Volume (3M): 99.55K
Price to Earnings (P/E): -5.3
Beta (1Y): -0.39
Revenue Growth: -15.09%
EPS Growth: 94.08%
Country: Sweden
Employees: 77
Sector: General
Sector Strength: 55
Industry: Specialty Retail

Refine Group AB Business Overview & Revenue Model

Company Description

Refine Group AB (publ) operates resale marketplaces and develops a SaaS platform and logistics solution for brands companies in Sweden. The company operates through three business areas: Technology, Logistics, and Ecommerce. It offers Yaytrade, a fas...

Refine Group AB Financial Statement Overview

Summary

Operating fundamentals are weak despite a strong balance sheet: TTM revenue fell (-7.0%), profitability remains negative (net margin ~-2.1% and meaningfully negative EBIT), and cash burn is significant with negative operating cash flow/free cash flow (~-13.8m). The main offset is zero debt and a solid equity base, which reduces near-term financial risk but has not yet translated into positive returns.

Income Statement

28Negative

Balance Sheet

66Positive

Cash Flow

34Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022
Income Statement
Total Revenue	117.66M	126.52M	244.94M	261.60M	232.64M
Gross Profit	9.64M	-75.68M	102.34M	58.30M	-12.22M
EBITDA	-6.28M	-9.16M	-34.91M	-12.55M	16.05M
Net Income	-16.11M	-2.71M	-164.48M	-313.00M	-16.96M
Balance Sheet
Total Assets	134.36M	145.05M	217.97M	410.91M	329.83M
Cash, Cash Equivalents and Short-Term Investments	8.87M	12.69M	11.63M	32.13M	3.30M
Total Debt	0	0	35.08M	48.98M	80.17M
Total Liabilities	45.82M	48.51M	140.79M	191.74M	138.64M
Stockholders Equity	87.89M	95.87M	76.50M	217.27M	189.28M
Cash Flow
Free Cash Flow	-13.80M	-16.69M	-5.57M	26.27M	-4.12M
Operating Cash Flow	-13.77M	-16.64M	-4.97M	26.46M	-2.90M
Investing Cash Flow	-2.92M	-9.64M	2.43M	6.60M	-76.68M
Financing Cash Flow	19.20M	21.54M	-10.63M	-29.72M	46.85M

Refine Group AB Technical Analysis

Technical Analysis SentimentPositive

Last Price4.45

Price Trends

50DMA4.79Negative

100DMA4.58Negative

200DMA3.32Positive

Market Momentum

MACD-0.14Negative

RSI47.89Neutral

STOCH52.89Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:VETT, the sentiment is Positive. The current price of 4.45 is above the 20-day moving average (MA) of 4.39, below the 50-day MA of 4.79, and above the 200-day MA of 3.32, indicating a neutral trend. The MACD of -0.14 indicates Negative momentum. The RSI at 47.89 is Neutral, neither overbought nor oversold. The STOCH value of 52.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:VETT.

Refine Group AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:VETT against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:BOKUS	70Outperform	SEK 1.19B	13.59	―	5.21%	4.48%	34.85%
SE:DSNO	59Neutral	SEK 125.19M	-43.97	-2.54%	―	-8.90%	67.39%
SE:OBAB	59Neutral	SEK 572.93M	-79.59	―	―	34.11%	―
SE:BBROOM	58Neutral	SEK 157.54M	56.11	―	―	―	―
SE:CDON	58Neutral	SEK 528.08M	-6.61	―	―	7.12%	8.47%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:VETT	43Neutral	SEK 282.68M	-5.31	―	―	-15.09%	94.08%

* General Sector Average

Performance Comparison

SE:VETT and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:VETT	Refine Group AB	4.45	3.49	363.02%
SE:DSNO	Desenio Group AB	0.13	0.05	67.11%
SE:BOKUS	Bokusgruppen AB	73.00	-8.74	-10.70%
SE:CDON	CDON AB	46.90	-12.10	-20.51%
SE:OBAB	Online Brands Nordic AB	19.85	6.80	52.11%
SE:BBROOM	New Bubbleroom Sweden AB	10.10	5.44	116.74%

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 14, 2026

Refine Group AB AI Stock Analysis