Vo2 Cap Holding AB (VO2) AI Stock Analysis

Vo2 Cap Holding AB

(Nasdaq OMX AB:VO2)

Select Model

Rating:64Neutral

Price Target:SEK 2.00▲(6.95% Upside)

Action:reiterated

Date:11/01/26

The score is supported primarily by recovering profitability, strong cash generation, and a relatively conservative balance sheet. These strengths are offset by weak technical positioning, thin margins, and historically volatile results. The weighted calculation is 74 × 0.5 + 48 × 0.3 + 72 × 0.2 = 64.4, rounded to 64.

Positive Factors

Revenue RecoveryThe sharp TTM revenue rebound indicates renewed business activity and stronger scale across the portfolio. If sustained, higher revenue can improve operating leverage, support reinvestment in digital and sports-related businesses, and strengthen the group’s platform for further acquisitions.

Negative Factors

Thin Profit MarginsThin operating and net margins leave limited room for execution errors, cost increases, or weaker performance from portfolio businesses. They also mean that substantial revenue growth may translate into only modest earnings unless VO2 improves operating efficiency and captures stronger group-level synergies.

Vo2 Cap Holding AB (VO2) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 114.13M
Dividend Yield: ―
Average Volume (3M): 12.05K
Price to Earnings (P/E): 9.1
Beta (1Y): 0.22
Revenue Growth: 2.01%
EPS Growth: ―
Country: Sweden
Employees: 67
Sector: Financial
Sector Strength: 68
Industry: Asset Management

Vo2 Cap Holding AB Business Overview & Revenue Model

Company Description

Vo2 Cap Holding AB (publ) operates in the media tech industry. The company focuses on investing in media tech companies across Europe. It also offers digital media and advertising solutions. The company was incorporated in 2016 and is based in Stockh...

Vo2 Cap Holding AB Financial Statement Overview

Summary

Financial performance is solid overall: profitability and cash generation recovered, the balance sheet remains conservatively leveraged, and free cash flow conversion is strong. Low margins, higher TTM debt, and historical volatility limit the score.

Income Statement

68Positive

Balance Sheet

78Positive

Cash Flow

75Positive

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	327.44M	311.56M	358.67M	344.97M	466.72M	291.84M
Gross Profit	36.40M	12.67M	60.11M	44.43M	48.29M	21.52M
EBITDA	46.94M	60.06M	75.92M	31.59M	54.86M	-4.76M
Net Income	14.82M	11.55M	-52.08M	5.56M	13.22M	-10.65M
Balance Sheet
Total Assets	323.16M	315.56M	359.17M	476.76M	498.33M	317.66M
Cash, Cash Equivalents and Short-Term Investments	22.95M	19.89M	8.16M	22.86M	40.45M	21.61M
Total Debt	36.19M	22.89M	25.34M	43.70M	57.66M	40.85M
Total Liabilities	126.01M	122.46M	176.55M	252.07M	292.98M	165.18M
Stockholders Equity	190.59M	186.15M	182.62M	224.69M	205.35M	152.48M
Cash Flow
Free Cash Flow	27.71M	24.05M	3.67M	9.87M	30.06M	41.00K
Operating Cash Flow	29.16M	24.14M	5.92M	10.17M	31.24M	61.00K
Investing Cash Flow	-12.41M	4.33M	-5.38M	-8.39M	-38.28M	-730.00K
Financing Cash Flow	-1.42M	-16.74M	-15.24M	-19.37M	25.88M	21.78M

Vo2 Cap Holding AB Technical Analysis

Technical Analysis SentimentPositive

Last Price1.87

Price Trends

50DMA1.89Negative

100DMA1.95Negative

200DMA2.11Negative

Market Momentum

MACD-0.02Negative

RSI51.50Neutral

STOCH60.21Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:VO2, the sentiment is Positive. The current price of 1.87 is above the 20-day moving average (MA) of 1.84, below the 50-day MA of 1.89, and below the 200-day MA of 2.11, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 51.50 is Neutral, neither overbought nor oversold. The STOCH value of 60.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:VO2.

Vo2 Cap Holding AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (68)

Financial Indicators

SE:VO2 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	68Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SE:VO2	64Neutral	SEK 114.13M	9.15	6.82%	―	2.01%	―
SE:NAXS	54Neutral	SEK 355.01M	8.00	―	52.33%	-100.00%	―
SE:EFFH	51Neutral	SEK 90.15M	-35.62	―	―	177.18%	-85.52%
SE:ATIN	39Underperform	SEK 347.36M	-7.83	―	―	-57.62%	19.14%

* Financial Sector Average

Performance Comparison

SE:VO2 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:VO2	Vo2 Cap Holding AB	1.87	-0.26	-12.21%
SE:MTI	MTI Investment AB	0.60	-0.40	-39.50%
SE:NAXS	NAXS AB	34.40	-3.52	-9.27%
SE:EFFH	Effnetplattformen Holding AB	6.65	1.79	36.83%
SE:ATIN	Athanase Innovation AB	18.00	-2.00	-10.00%
SE:BMC	Brock Milton Capital AB	95.00	-12.43	-11.57%

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 01, 2026

Vo2 Cap Holding AB AI Stock Analysis