Rankings Defence, aerospace & space Axvik
Axvik
42
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Peers−8
- Governance−6
- Quality of growth−5
Strengths
- Broad customer base+2
- Order book+2
How the score is built
From 100 to 42, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 53.70 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- –
- P/E (trailing)
- 46.6
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−16 of −30
- −4MarginAdjusted EBITA margin (pro forma) has swung between 11.5% and 22.1%; 16.7% in 2025. Net profit was only SEK 20m on 534m of revenue (3.7%), and the company's own target is just >15% EBITA.
- −5Quality of growthThe group was formed in March 2025 and built through three acquisitions (Turntime 2021, Slingsby 2025, Pentaxia June 2026). Growth of 14% (19% currency-adjusted) is pro forma, as if all companies had been owned for the whole period; reported 2025 revenue was only SEK 207m.
- −3MoatNiche positions and long qualifications in defence programmes, but the company is a small subcontractor (302 employees) of composite parts and baggage systems to Lockheed Martin, MBDA, Thales and airlines.
- −4Capital allocationA serial acquirer, but the prices paid for Slingsby and Turntime are not in the prospectus, and an implied non-cash share issue of about SEK 300m is not described. Return on invested capital cannot be assessed.
Price
Today's multiples against the company's own history and its peers. · 3 findings−18 of −35
- −5Multiples vs own historyNo trading history of its own (listed 21/9/2026). The price has risen from the SEK 55 offer price to 67 in a week, so EV/EBITA on pro forma 2025 has gone from 14.6x to about 17.8x.
- −8PeersEV/EBITDA about 15x (EV 1.59bn / trailing 12-month EBITDA 107m) vs Karnell 9.5x, Tången 10.8x and Argo Defence 13.9x at their listings.
- −5Earnings baseThe market value of SEK 1.44bn is about 72 times pro forma 2025 net profit (20m). The IPO's P/E of 21 was based on an estimate and adjusted pro forma figures.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−22 of −35
- −6GovernanceErik Selin and Martin Åberg control over 70% via Chirp and Grating and have a shareholder agreement; 26% of owners are anonymous in the prospectus, and only 2.3% new shares were offered. Minority shareholders have little influence.
- −4Accounting historyOnly nine months of audited history; subsidiaries are consolidated from 1/7/2025 and the rest is pro forma. A normal year cannot be assessed.
- −4
- −3IntegrationPentaxia was bought in June 2026 and is not yet integrated; CEO Mark Brixey also runs Slingsby, and the central organisation is small.
- −3Share price risk+22% above the offer price in the first week, with a small free float and average volume of about 75,000 shares a day. Risk of large price swings.
- −2Macro/currencyMost operations are in the UK; currency cost 5 percentage points of growth in H1 (14.1% vs 19.4%), and 59% of revenue depends on defence budgets.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Broad customer baseNo dominant customer: the largest named one (Boeing) is about 6% of revenue, and customers are tier-1 defence groups and international airlines.
- +2Order bookOrder book of SEK 745m (about 1.3 times annual revenue) on 3–5-year contracts.
Caveats
What the score does not capture, or where the data is weak.
Listed 21/9/2026: no own multiple history, only 9 months of audited accounts and pro forma figures; ROIC and purchase prices unknown; no analyst coverage
Also in Defence, aerospace & space
The highest scores in the same industry.
