New Wave B (NEWA-B.ST) — 2026-W147

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

Recommendation Summary

Field	Value
Rating	Hold
Intrinsic Value	112.0 SEK
24m Target	106.0 SEK
Price at Analysis	99.8 SEK
Buffett Score	11/20
ROIC	8.7%
Economic Profit	+72.4M SEK
Implied Upside (IV)	12.3%

Research history · this company (3 notes)

2026-W147 · 2026-05-31 · NEWA-B.STviewingHold · ROIC 9% · tgt 106 SEKΔ tgt +25% · IV +32% · HOLD→Hold · MEDIUM→low convNew Wave B: Marginellt värdeskapande

2026-07-22 · 2026-07-22 · NEWA-B.STHOLD · tgt 85 SEKRefresh confirms the prior read: New Wave is a founder-led branded-apparel/promo-gifts who 2026-07-21 · 2026-07-21 · NEWA-B.STHOLD · tgt 85 SEKfirst noteNew Wave is a founder-led branded-apparel and promo/gifts wholesaler that only thinly crea

0. Company Identification

Ticker: NEWA-B.ST | Name: New Wave B | Country: SE | Sector: Industrial/Commercial

1. What the Company Sells

New Wave B operates in the Nordic market. ROIC 8.7% vs WACC 8% → EP +72.4M 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 8.7% vs WACC 8.0% → Economic Profit +72.4M SEK.

5. Supply-side Dependencies

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

6. Competitive Position

Moat strength: 2/5. 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

Hold — New Wave B: Marginal value creation, EP +72.4M, await better entry.

mttssn research · New Wave B (NEWA-B.ST) · 2026-W147 · 2026-05-31