Rankings Financial data & insurance broking H100 Group
H100 Group
45
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
- Margin−12
- Capital allocation−7
- Bitcoin price−7
Strengths
- No documented strengths.
How the score is built
From 100 to 45, 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 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 1.60 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −45%
- 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−27 of −30
- −12MarginRevenue SEK 11.8m vs an operating loss of -560.6m TTM (incl. a write-down of 317m and the fall in the value of bitcoin). The cash operations (the healthcare platform and administration) produce a loss of about 5m per quarter. There is no earnings engine beyond the bitcoin price.
- −7Capital allocationIn 2025 SEK 864m was raised in equity and 343m in convertible loans, and bitcoin was bought for 1,191m (about SEK 1.13m per BTC) against about 0.83m today. Then 790.5m new shares were issued for the NSD companies, so existing shareholders now own about 30%.
- −6Moat and business modelThe business model is to own bitcoin and raise capital when the stock trades above NAV. There is no moat, and the model only works with mNAV above 1. It trades today at about 0.76x, so the current growth engine (issuance above NAV) is closed.
- −2Quality of growthThe healthcare business (Norway) fell from SEK 14.1m to 11.8m (−16%) in 2025. Q2 2026 gave 2.9m (3.0).
Price
Today's multiples against the company's own history and its peers. · 1 finding−2 of −35
- −2Price vs NAVMarket cap about SEK 2,206m (1,128.9m shares × 1.954) vs a bitcoin holding of about SEK 2,910m (3,506.4 BTC), i.e. mNAV about 0.76 (about 0.78 fully diluted). The discount reflects operating costs and dilution history, so the stock is not expensive, but not obviously cheap either for a treasury without access to capital.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−20 of −35
- −7Bitcoin priceAlmost all the value is bitcoin. The price is about USD 83,000, vs an acquisition in 2025 around USD 110,000+, and the stock is -55% in a year. A new drop of 30-40% in bitcoin hits NAV directly.
- −7DilutionThe share count has gone from 338.4m (30/6-2026) to 1,128.9m (10/8-2026), i.e. +234% in six weeks, after several issues and conversions in 2025. Fully diluted 1,154.9m shares (convertible loans).
- −3Selling pressure from new ownersThe sellers of Moonshot AS and Never Say Die AS received 790.5m shares, about 70% of the company. Lock-up not found. With daily turnover of only about SEK 1.1m, even small sales can press the price.
- −3Liquidity in the companyCash was SEK 18.1m at 30/6-2026 vs convertible loans of about 219.8m nominal (0% interest, maturity 2030). Operations must be financed with bitcoin sales or new issues below NAV.
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.
Bitcoin treasury company with a small healthcare business; the nearest industry on the list is 'Finance, data & insurance brokerage'. Stockanalysis' financials are as of 30/6-2026, i.e. before the NSD acquisition 10/8-2026, which tripled both the bitcoin holding and the share count. P/B 4.1 is therefore outdated. NAV is calculated by ourselves: 3,506.4 BTC × SEK 829,800 (CoinGecko 11/10-2026) = about SEK 2,910m. The main report (PDF) could not be read; the figures come from press releases and secondary reproductions. The convertible loans stand at SEK 84.9m on the balance sheet vs about 219.8m nominal; the difference is not clarified. Cash after the NSD acquisition, the sellers' identity, lock-up and insider trades are not verified. cyclical = true, because the value follows the bitcoin price.
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