Softronic provides IT consulting + managed operations/cloud, mainly to Swedish enterprises and the public sector (Borsdata's 'Energy' sector tag is wrong). It is asset-light and net cash, with ROIC ~32% and economic profit +SEK ~45m over a 10% WACC. FY2025 revenue grew ~9% (part from the Innofactor MMS asset deal) but EBIT margin fell to ~9% (from ~12%) on two managed-ops client losses + Q4 restructuring/write-downs (not added back).
The balance sheet is a fortress (net cash, no debt) and the 6.2% dividend (~1.35 SEK) is the headline return, though it ran ~106% of EPS in the dip year. At ~17x P/E / ~12.6x EV/EBIT on depressed earnings, it is quality-cheap; Q1 2026 (+17% revenue, +23% EPS) suggests FY2025 was a trough. Own it if the earnings recovery confirms.
At ~12.6x EV/EBIT / ~17x P/E on a margin-trough year with net cash + a 6.2% yield, Softronic is fairly-to-modestly-cheap; normalising the Q4 one-offs lifts earnings ~15%.
Base SEK 22 (~current; transition trough, yield the return); bull SEK 27 if the margin recovers to ~11-12% and growth holds; bear SEK 16 on further client losses / a consulting downturn.
The market pays today’s enterprise value for roughly 7.9% NOPAT growth over 5 years. The business earns 33% on capital against a 10% cost of capital (spread +23.3 pp); the no-growth value is SEK 17/share (79% of price), so the rest is priced-in growth.
| Scenario | 24m target | Impl. g | Upside | Prob. | Driver |
|---|---|---|---|---|---|
| Bull | SEK 27 | +15% | +24% | 30% | Margin recovers to ~11-12%; growth holds |
| Base | SEK 22 | +8% | +1% | 45% | Transition trough; yield is the return |
| Bear | SEK 16 | -3% | -27% | 25% | Further client losses / consulting downturn |
| Prob-weighted | SEK 22 | — | +1% | 100% | Scenario-weighted expected value |
| WACC \ g | 0% | 3% | 5% | 8% | 10% | 15% |
|---|---|---|---|---|---|---|
| 8.50% | 21 | 23 | 25 | 27 | 29 | 34 |
| 9.25% | 19 | 21 | 22 | 24 | 26 | 30 |
| 10.00% (base) | 17 | 19 | 20 | 22 | 23 | 27 |
| 10.75% | 16 | 17 | 18 | 20 | 21 | 24 |
| 11.50% | 15 | 16 | 17 | 18 | 19 | 22 |
Green = fair value above the current price of SEK 21.80. The reverse-DCF conclusion is dominated by WACC and growth — see the whole surface, not a single fair value.
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Q1 2026 (+17% rev, +23% EPS) points to FY2025 being a trough.
Debt-free, net cash; ~6.2% dividend yield is the core return.
Long-term operations contracts + public-sector relationships.
ROIC ~32% — capital-efficient.
Softronic is a net-cash, ~32%-ROIC Swedish IT-services firm in a margin trough, quality-cheap at ~12.6x EV/EBIT with a 6.2% yield. HOLD; base SEK 22.
Own it for the yield + recovery optionality; confirm the Q1 margin rebound holds.
Every adjustment traces to the cited note/page in the source filing — click to open it there. Latest interim: 📄 open
| Adjustment / figure | Value | Source | Why mttssn treats it this way |
|---|---|---|---|
| Revenue (Intakter) | 916 | Group income statement / p.7 revenue split | Intakter full-year 2025 column = 915.8 (prior year 842.4), +8.7% YoY. Split (p.7): consulting 346, contract/managed-ops 362, on-billed services 136, on-billed other 40, licences 23, hardware 9. |
| Operating profit (Rorelseresultat / EBIT) | 83.3 | Group income statement | Rorelseresultat full-year 2025 = 83.3 (prior year 100.0). Used directly as adjusted EBIT (no verified non-recurring add-backs; Q4 restructuring 8.0 and project write-downs 6.4 retained in opex). Operating margin 9.1% per company Note 5 (83.3/915.8). |
| EBITDA | 104 | Note 5 Nyckeltal (EBITDA = Rorelseresultat fore avskrivningar) | Company reconciliation: EBITDA = EBIT 83.3 + D&A 21.1 = 104.4 (prior year 114.6). EBITDA margin 11.4%. D&A of 21.1 includes lease depreciation 13.2 and acquisition-intangible amortisation 3.8. |
| Profit before tax (Resultat fore skatt) | 84.3 | Group income statement | Resultat fore skatt full-year 2025 = 84.3 (prior year 102.9) = EBIT 83.3 + finance net 1.0. Pretax margin 9.2%. |
| Tax expense (Skatt) | -17.6 | Group income statement | Skatt full-year 2025 = -17.6 (prior year -20.6) on pretax 84.3 = effective rate 20.9%. Statutory 20.6% used for NOPAT per methodology. |
| Net profit for the year (Periodens resultat) | 66.7 | Group income statement | Periodens resultat full-year 2025 = 66.7 (prior year 82.3), all attributable to parent shareholders. EPS 1.27 (1.56), no dilution. |
| Total equity (Eget kapital) | 292 | Group balance sheet / Statement of changes in equity (p.7) | Eget kapital at 31 Dec 2025 = 291.8 (prior year 296.2). Bridge: opening 296.2 + total comprehensive income 66.7 - dividend 71.1 = 291.8. No NCI. Solidity 61%. |
| Cash and cash equivalents (Likvida medel) | 111 | Group balance sheet / cash-flow statement (p.7) | Likvida medel at 31 Dec 2025 = 111.3 (prior year 135.4). Total liquidity headroom (cash + undrawn credit 23) = 134.3. 27.5 (~3% of revenue) retained as operational cash; 83.8 treated as excess and stripped from IC. |
| Interest-bearing debt (financial) | 0 | Group balance sheet / dividend rationale (p.4) | Balance sheet shows NO borrowings from credit institutions or bonds. The only interest-bearing items are IFRS 16 lease liabilities (next row). The board's dividend rationale explicitly cites 'obefintlig skuldsattning' (non-existent debt). Softronic is financial-debt-free. |
| Lease liabilities (IFRS 16, total) | 14.3 | Note 1 accounting policies / balance sheet footnote 1 | Total IFRS-16 lease liability at 31 Dec 2025 = 14.3 (recorded as 2.8 within 'andra langfristiga skulder, leasing' + 11.5 current); right-of-use asset 18.8. Excluded from invested capital (peripheral, asset-light - offices and datacentre space, not the primary operating asset). |
| D&A and lease/acquisition amortisation split | 21.1 | Group income statement footnote 1 | Avskrivningar (D&A) full-year 2025 = 21.1 (prior year 14.6), of which lease depreciation 13.2 (11.8 PY) and acquisition-intangible amortisation 3.8 (0 PY). The acquisition-intangible 3.8 is kept in opex (not added back); from Q1 2026 the company reports 'EBITA' before this item. |
| Shares outstanding | 52.633 | Note 1 Resultat per aktie | Shares before and after dilution = 52,632,803 (3,000,000 A + 49,632,803 B; equal economic rights). No treasury/dilutive instruments. Used in full with verified price SEK 21.80 for market cap 1,147.4. |
| Proposed dividend per share | 1.35 | Utdelningsforslag | Board proposes 1.35 SEK/share (flat vs 1.35 prior year), total 71.1 Mkr. Acknowledged as above the 50%-of-pretax-profit policy normal, justified by high liquidity and zero debt. Payout ~106% of FY2025 EPS (1.27). |
| Operating cash flow & investments (FCF build) | 60.1 | Cash-flow statement / Note 3 | Operating cash flow full-year 2025 = 85.2 (114.4 PY); total investments -25.1 (-4.0 PY), comprising equipment/inventory 16.4, datacentre 13.5 (within that), and acquisition cash 8.7. FCF = 85.2 - 25.1 = 60.1; steady-state (ex one-off datacentre + acquisition) ~68.8. |
| LTM EBITA bridge — Q1 2026 | 24.1 | Resultaträkning p7 📄 p.7 | Q1 2026 EBITA; LTM = FY 83.3 − 19.8 + 24.1 = 87.6 |
| FY2025 EBITA | 83.3 | Resultaträkning p7 📄 p.7 | FY anchor (labelled Rörelseresultat (EBITA)) |
How the mttssn view has evolved — each prior dated note is preserved.