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Refine Group AB
(VETT)
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Rating:46Neutral
Price Target:
kr4.50
▲(1856.52% Upside)
Action:Reiterated
Date:08/22/26
The score is weighed down primarily by weak financial performance: declining TTM revenue, ongoing losses, and negative operating/free cash flow indicating cash burn. Technicals are mixed, with improved longer-term trend versus 200-day levels but softer near-term momentum (price below 20-day and slightly negative MACD). Valuation offers limited support due to negative earnings and no dividend yield data.
Positive Factors
Debt-free balance sheet
Zero debt and a substantial equity base reduce financial pressure and preserve flexibility. This gives Refine Group more capacity to fund operations or execute a turnaround without immediate reliance on lenders.
Negative Factors
Declining revenue
A contracting top line indicates weaker demand, reduced store productivity, or share loss. Without renewed revenue growth, operating leverage remains limited and the company may struggle to absorb fixed retail costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
Zero debt and a substantial equity base reduce financial pressure and preserve flexibility. This gives Refine Group more capacity to fund operations or execute a turnaround without immediate reliance on lenders.
Read all positive factors
Refine Group AB (VETT) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr275.02M
Dividend YieldN/A
Average Volume (3M)92.31K
Price to Earnings (P/E)―
Beta (1Y)-0.27
Revenue Growth-15.09%
EPS Growth94.08%
CountrySE
Employees77
SectorGeneral
Sector StrengthN/A
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-0.18
Shares Outstanding61,524,628
10 Day Avg. Volume79,968
30 Day Avg. Volume92,308
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)0.18
Price to Sales (P/S)0.13
P/FCF Ratio-1.02
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)kr357.30M
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 ...
How the Company Makes Money
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Refine Group AB Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
66
Positive
Cash Flow
34
Negative
| 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 | 0.00 | 0.00 | 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
Positive
0.23
Price Trends
4.48
Negative
3.92
Positive
2.55
Positive
Market Momentum
0.02
Negative
50.79
Neutral
76.87
Neutral
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 0.23 is below the 20-day moving average (MA) of 4.35, below the 50-day MA of 4.48, and below the 200-day MA of 2.55, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 50.79 is Neutral, neither overbought nor oversold. The STOCH value of 76.87 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | kr1.06B | 12.17 | ― | 5.85% | 3.43% | 69.60% | |
60 Neutral | kr374.01M | -58.34 | ― | 29.79% | 31.24% | -39.12% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | kr118.31M | -25.10 | -4.08% | ― | -13.70% | 92.84% | |
49 Neutral | kr528.08M | -8.21 | ― | ― | 7.99% | 33.84% | |
46 Neutral | kr275.02M | -5.31 | ― | ― | -15.09% | 94.08% | |
41 Neutral | kr188.10M | -10.34 | ― | ― | ― | ― |
* General Sector Average
SE:VETT
Refine Group AB
4.47
3.25
266.39%
SE:DSNO
Desenio Group AB
0.12
-0.01
-7.69%
SE:BOKUS
Bokusgruppen AB
65.00
-14.08
-17.81%
SE:CDON
CDON AB
46.90
-17.10
-26.72%
SE:OBAB
Online Brands Nordic AB
14.55
2.35
19.26%
SE:BBROOM
New Bubbleroom Sweden AB
12.10
7.10
142.00%
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.