Synsam (SYNSAM.ST) — 2026-W100

Analysis date: 2026-05-31 | Country: SE | Currency: SEK

Recommendation Summary

Field	Value
Rating	Buy
Intrinsic Value	68.0 SEK
24m Target	61.0 SEK
Price at Analysis	54.0 SEK
Buffett Score	13/20
ROIC	12.3%
Economic Profit	+230.4M SEK
Implied Upside (IV)	25.9%

Research history · this company (3 notes)

2026-W100 · 2026-05-31 · SYNSAM.STviewingBuy · ROIC 12% · tgt 61 SEKΔ tgt +9% · IV +21% · HOLD→Buy · MEDIUM→medium convSynsam: Marginellt värdeskapande

2026-06-15 · 2026-06-15 · SYNSAM.STHOLD · tgt 56 SEK 2026-06-08 · 2026-06-08 · SYNSAM.STHOLD · tgt 56 SEKfirst note

0. Company Identification

Ticker: SYNSAM.ST | Name: Synsam | Country: SE | Sector: Industrial/Commercial

1. What the Company Sells

Synsam operates in the Nordic market. ROIC 12.3% vs WACC 8% → EP +230.4M SEK.

2. Who Pays and Why They Stay

Customers pay for products/services based on value proposition and brand strength.

3. Revenue Model

Revenue generated through product/service sales. Scalability and recurring revenue characteristics vary by segment.

4. Margin and Cash Mechanics

ROIC 12.3% vs WACC 8.0% → Economic Profit +230.4M SEK.

5. Supply-side Dependencies

Raw materials, suppliers, distribution channels, and human capital.

6. Competitive Position

Moat strength: 3/5. Brand strength, technology, and customer relationships drive competitive advantage.

7. Growth Engine

Market penetration, geographic expansion, and product development.

8. Business Model Risks

Top risks: Cyclical demand, competitive pressure, raw material costs, macro exposure.

9. History, Management & ESG

Established Nordic industrial company with stable management.

10. Synthesis and Recommendation

Buy — Synsam: Observation candidate, await data and price development.

mttssn research · Synsam (SYNSAM.ST) · 2026-W100 · 2026-05-31