Rankings Construction & materials Enviro
Enviro
22
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
- Restructuring and liquidity−15
- Margin−14
- Toxic financing and dilution−12
Strengths
- No documented strengths.
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 1
- Price
- 0.06 DKK
- Market value
- DKK 77m
- Cash runway
- 2 months
- Cash / debt
- 13.0 / 117.0m SEK
- Dilution, 12 months
- +50%
Bull case
Creditors approve the composition, the convertible loans of 100m are paid out, the dispute with Infiniteria is settled with a licence agreement, and the licence intentions in Brazil and North America become real contracts. Even then about SEK 180m of financing must be converted at a discount, so a 3x price rise requires the market cap to reach about SEK 600-700m after a doubling of the share count. That is very unlikely.
Bear case
Creditors reject the plan, or Infiniteria wins the arbitration, and the restructuring ends in bankruptcy. The stock goes toward zero. Even if the plan is approved, ongoing conversions at 90-95% of VWAP push the price down (a classic 'death spiral').
Catalysts
- 2026-09 to 2026-11Plan hearing in Göteborg District Court and creditor vote 3–5 weeks later on the 30% compositionbinary inderes.fi
- 27 Nov 2026Expiry of the requested extension of the restructuringbinary tyreandrubberrecycling.com
- No dateThe arbitration case with Infiniteria over the joint venture terminations and the licence rightsbinary ca.marketscreener.com
Risk of going to zerohigh – the company is in restructuring with about 2 months of cash, financing is toxic convertibles at a discount, and the partnership with Antin and Michelin has turned into an arbitration case
Next financingCash of SEK 13m (30/6) lasts about 2 months at Q2 spending. Operations are kept going by ongoing draws on Alumni's equity line (at a discount). The convertible loans of 100m are only paid out if the restructuring plan is approved by creditors and becomes legally binding; the composition costs about 35m. Financing thus comes continuously through dilution at a discount.
Warrants & convertiblesNordic Restructuring and Growth Capital 1: convertible loans of up to SEK 100m (35 + 65m) converting at 95% of the 10-day VWAP, plus up to 50m warrants (strike 150% of VWAP) and SEK 10m in shares as a fee. Alumni Capital: equity line of SEK 80m (up to 5.5m per draw) at 90% of the lowest VWAP over 5 days, up to 80m warrants with strike SEK 0.22 to May 2030, and SEK 2.4m in shares at SEK 0.186 as a fee. Previously: 25m and 1.785m warrants to Alumni.
Insiders, last 12 monthsNo insider purchases or sales found. New CEO (Fredrik Aaben) and CFO (Maria Ljungstrand) were appointed in H1 2026.
Largest ownersNot quantified in percentages. Michelin became a shareholder via a directed issue of c. SEK 32.5m as part of the partnership; Alumni Capital and Nordic Restructuring and Growth Capital receive shares on an ongoing basis. Insiders own c. 1.5% and institutions c. 20% (stockanalysis).
Circio check(1) Small market cap: yes, approx. DKK 77m. (2) Hot theme: partial, circular economy, but not an investor theme right now. (3) Upcoming milestones: yes, creditor vote and arbitration, but they are primarily downside-binary. (4) Major partner: no longer, Antin and Michelin are now counterparties in a dispute. (5) Funding for 2+ years: no, approx. 2 months and toxic financing. (6) Price near the bottom: yes, −91% in a year, but the bottom may turn out to be zero.
Why this asymmetryRestructuring, toxic convertible financing at a discount and an arbitration with the largest partner mean that even a good outcome is heavily diluted by creditors and lenders. Shareholders are last in line. Worst conceivable risk/return.
How the score is built
From 100 to 22, 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
- 0.09 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −90%
- P/E (trailing)
- n/a
- 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−30 of −30
- −14MarginGross profit is negative (−SEK 43m TTM), and the operating margin is −944%: an operating loss of 112m on revenue of 12m. Net income TTM is −430m after write-downs, including 80.8m on the subsidiary Tyre Recycling in Sweden, which has gone bankrupt. The company has only made a profit in 2024 (one-off income from Infiniteria).
- −6Quality of growthRevenue has fallen from SEK 171m (2024) to 32m (2025) and 12m TTM. Q2 2026 gave only 0.3m (19.9m the year before). The 2024 revenue was one-off payments from the joint venture, not recurring sales.
- −4MoatThe pyrolysis technology is not yet proven at commercial scale: the Uddevalla plant is not meeting the timeline announced in November, and no new one can be given. The right to license the technology is now disputed with Infiniteria, so the only asset is threatened.
- −6Capital allocationThe company raised SEK 300m at DKK 2 per share (150m shares) and later 240m in a rights issue at DKK 0.83. Now shares are being issued at about DKK 0.09–0.19. The share count rose 42% in a year, and the capital has been spent on a joint venture that Enviro has now left, plus write-downs.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −2Multiples vs own historyP/B is 0.87 vs 3.7–7.4 in 2021–25, and EV/Sales is 7.5 vs 7.8–153. It looks cheap vs the history, but the book equity (118m) consists of assets that are disputed or under restructuring.
- −5Peers and absolute levelEV of about SEK 89m for a company in restructuring with 12m in revenue, negative gross margin and cash of 13m is not cheap. FCF yield is -95%, and the owners must share the value with new convertibles and equity lines at a discount.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−35 of −35
- −15Restructuring and liquidityEnviro filed for företagsrekonstruktion in H1 2026, and it has been extended to 27/8 and again requested extended to 27/11. Cash was SEK 13m at 30/6 vs burn of 21.6m in Q2. The plan offers unsecured creditors 30% and related parties 0%, and it requires creditor approval.
- −12Toxic financing and dilutionThe financing consists of convertible loans from Nordic Restructuring and Growth Capital 1 of up to 100 m SEK (conversion at 95% of VWAP, 10 m fee in shares) and an equity line from Alumni Capital of 80 m (shares at 90% of the lowest VWAP over 5 days plus up to 80 m warrants). At a share price of 0.09 kr., 180 m equals about 2 bn new shares, more than a doubling.
- −8Dispute with Infiniteria (Antin/Michelin)Enviro has terminated the agreements on the Infiniteria joint venture, which owns the Uddevalla plant. Infiniteria has demanded that the restructuring be ended, contests the terminations, demands damages and has started arbitration. The partnership, which was the biggest validation, has thus become a lawsuit.
Plus
Only documented strengths. · 0 findings±0 of +15
- No findings recorded.
Caveats
What the score does not capture, or where the data is weak.
The company is in corporate reorganisation (Gothenburg District Court). No analysts (forecast 404). Market cap checked: stockanalysis' 1.14bn shares × SEK 0.0887 = SEK 101m ≈ DKK 68m, about 12% below Nordnet's DKK 77m. The difference fits with shares issued after 30/6 (20m shares to Alumni, about 13m as an extension fee at SEK 0.186 and tranches under the equity line), so the share count is set at about 1.24bn (estimate). Debt is calculated from the composition: about SEK 35m corresponds to 30% of the non-related-party claims, i.e. about 117m. The content of the licence dispute with Infiniteria and what Enviro retains of rights to the Uddevalla factory is not fully clarified (paywall). Industry: tyre recycling (recovered carbon black and oil) does not fit the list; the closest is Construction & materials.
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