Rankings Financial data & insurance broking Flat Capital
Flat Capital
48
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
- Return on capital (net asset value development)−8
- Governance and controlling owner−8
- Klarna risk (credit losses, BNPL regulation)−7
Strengths
- Low costs+1
- Realized gains+1
How the score is built
From 100 to 48, 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
- 7.95 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −60%
- 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? · 3 findings−20 of −30
- −8Return on capital (net asset value development)Net asset value per share fell from SEK 13.91 at the end of 2025 to 7.35 in Q1 and was 11.14 at the half-year; with Klarna at USD 14.06 it is now about SEK 8.3, i.e. about -40% this year. ROIC -74% over the past 12 months.
- −6Portfolio quality and concentrationApprox. 88% of net asset value is one stock, Klarna, which has a net loss of -142m USD over the last 12 months (ROE -4.3%). The rest are unlisted small positions; the best AI positions (Perplexity, Harvey, Physical Intelligence) were sold in 2026 to reduce debt.
- −6Capital allocationThe contribution-in-kind issue in autumn 2025 brought in Klarna shares at 39 USD per share (today 14.06) against 400.1m new shares (approx. 80% dilution of the old shareholders) and a 1-year bank loan of 1.1bn SEK; in August 2026 a further 692,506 Klarna shares were bought for 95m SEK, even though the company has net debt. More concentration rather than diversification.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −5Price versus net asset value and peersA share price of SEK 7.965 against a calculated net asset value of about SEK 8.3 gives only about a 4% discount. Concentrated holding companies with a controlling shareholder and low free float typically trade at a 15-35% discount; Flat traded at about a 19% premium in May, so the discount is not unusually large.
- −4The underlying valuation (Klarna)Klarna trades at forward P/E 55, P/B 2.2 and P/S 1.3 with no profit over the last 12 months; the stock is, however, −65% from the listing to 40 USD, and the consensus price target is 19.54 USD (24 analysts).
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−19 of −35
- −8Governance and controlling ownerKlarna's CEO Sebastian Siemiatkowski owns approx. 85% of the capital and approx. 96% of the votes after the contribution-in-kind issue; the deal was criticised by minority shareholders, and the valuation had to be lowered 16%. Conflict of interest between the role as Klarna CEO and as principal owner of Flat; free float only approx. 62m shares (12%).
- −7Klarna risk (credit losses, BNPL regulation)With about 88% of Klarna, Flat follows Klarna's share price almost 1:1; Flat fell 47% in net asset value in Q1 and is -60% in a year because Klarna fell. Klarna's earnings depend on credit losses and regulation of 'buy now, pay later'.
- −4Debt and refinancingInterest-bearing debt of SEK 485m and net debt of SEK 151m at the half-year (before the Klarna purchase for SEK 95m in August). The SEK 1.1bn loan was refinanced with a facility of about USD 100m, but maturity and security are not disclosed; leverage on a single volatile stock amplifies declines.
Plus
Only documented strengths. · 2 findings+2 of +15
- +1Low costsOperating costs of 0.58% of average net asset value (annualised) in H1 2026 and only 2 employees; no performance fee.
- +1Realized gainsSales of passive AI and software holdings (Perplexity, Harvey, Physical Intelligence, Quartr and others) brought in about SEK 719m in H1 2026, confirming that the unlisted holdings could be realised.
Caveats
What the score does not capture, or where the data is weak.
Investment company (2 employees) that is in practice a leveraged Klarna position: Klarna made up approx. 88% of net asset value at the half-year. 'Finance, data & insurance brokerage' was chosen as the closest industry. Stockanalysis' revenue/earnings are value changes and cannot be used for multiples, and there are no analysts (forecast 404). The net asset value is calculated by me: 25.34m Klarna shares × 14.06 USD (9 Oct 2026) × 9.969 SEK/USD = 3,552m SEK plus approx. 570m SEK in other unlisted holdings less net debt (H1 figure 665m minus the Klarna purchase of 95m in August) ≈ 4,120m SEK = approx. 8.27 SEK per share (498.08m shares incl. 240,457 new B shares from the option programme). The price of 7.965 therefore corresponds to a discount of only approx. 4% – P/B of 0.72 on stockanalysis is based on the outdated H1 value (11.14). The unlisted holdings have not been reviewed individually. The maturity of the credit facility (approx. 100m USD) and whether the Klarna shares are pledged were not found. Short register not checked. Market cap 498.08m × 7.965 = 3,967m SEK ≈ 2,620m DKK (Nordnet 2,604).
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