Rankings Software, cloud & internet Kinda Brave

Kinda Brave

Software, cloud & internet · SwedenRank 704 of 829Prices 3 Nov 2026Model 1.4

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Margin−10
Peers−8
Debt and financing−8

Strengths

Validation from platforms and publishers+4
Insider ownership+2

How the score is built

From 100 to 39, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

39Score

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: 2.20 SEK
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: +15%
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−26 of −30

Margin
Almost no revenue: SEK 0.45m in 2025 and SEK 0.07m in H1 2026. EBITDA was -SEK 19.7m in 2025 and -7.6m in H1 2026, and that is even flattered by capitalized development work of SEK 22.1m in 2025. Net result was -SEK 37.0m in 2025 incl. SEK 6.5m write-downs and 9.1m interest expenses.
mb.cision.com
−10
Quality of growth and concentration
The whole company rests on one game, HELA: Of Mice & Magic. Revenue from earlier titles is almost gone (Q2: SEK 28k), and SEK 72.7m of the balance sheet is capitalised development of HELA. The company has four studios, but only Windup Games is developing something that could matter for revenue.
mb.cision.com
−6
Capital allocation and dilution
The share count has risen from 35.6m (30/6-2025) to 56.4m (+58%) through directed issues, warrant exercise and settlement of about SEK 5.95m to the loan guarantors (including board member and CFO Hans Isoz) in shares. In addition there are 5.47m TO5 warrants at SEK 3.20 in June 2027.
mfn.se
−6
Business model and moat
Kinda Brave keeps only part of the HELA sales: Knights Peak (MY.GAMES) is the publisher and has prepaid the development, and Jinderman Publishing has given SEK 25m in royalty financing against a share of net revenue. Indie games are a hit-driven market without a moat.
mfn.se
−4

Price

Today's multiples against the company's own history and its peers. · 2 findings−14 of −35

Multiples and share price performance
The market cap is approx. SEK 159m with no revenue or earnings. Equity was SEK 24.0m as of 30/6 (approx. SEK 39m incl. June's share issue), i.e. P/B approx. 4, and most of the equity is capitalised development. The share price is up 71% in six months (Inderes).
inderes.se
−6
Peers
Starbreeze has a market cap of SEK 167m with SEK 152m in revenue (EV/S 1.0), and Thunderful has SEK 120m with SEK 259m in revenue (EV/S 0.8). Kinda Brave is priced at the same level before the first krona from HELA.
stockanalysis.com
−8

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−21 of −35

Debt and financing
The loans from Avida Finans (SEK 16.5m facility, about SEK 14.5m drawn, personally guaranteed by major shareholder Love Carlsson, Hans Isoz and Alexander Benitez) mature 31/12-2026, only a month after the launch. Financial liabilities were SEK 18.5m at 30/6 vs about SEK 17m in cash at 18/8, and burn before prepayments is about SEK 9m per quarter.
mfn.se
−8
Launch risk
HELA launches 1/12-2026 on all platforms and simultaneously on Xbox Game Pass from day one. That gives reach but cannibalises sales on Xbox, and the launch falls in the most crowded window of the year. Development has already slipped from 2025/H1 2026 to Q4 2026.
mfn.se
−7
Accounting risk
SEK 72.7m in capitalized development of HELA is on the balance sheet against equity of SEK 24m. If sales disappoint, an impairment could wipe out the equity. In 2025, SEK 6.5m was already written down.
mb.cision.com
−4
Governance
Top management invoices through their own companies (CEO SEK 1.01m in H1 2026), and insiders' loan guarantees have been paid with shares. The insider purchase in September (SEK 0.6m at SEK 2.49) was a purchase from CCO Alexander Benitez, i.e. insiders trading among themselves, not new money.
mfn.se
−2

Plus

Only documented strengths. · 2 findings+6 of +15

Validation from platforms and publishers
HELA has over 1.06m wishlists, has been shown on Nintendo Direct, comes to Xbox Game Pass from day one and won two Gamescom Awards in 2025. The publisher is Knights Peak (MY.GAMES), and the game has distribution agreements with Shochiku/Sega in Japan and Boltray (G-bits) in China.
mfn.se
+4
Insider ownership
Board, management and team leads own 17.6% (Hans Isoz 8.5%), and chairman Johan Willdeck bought shares in June 2026.
mfn.se
+2

Caveats

What the score does not capture, or where the data is weak.

The stock trades on First North Stockholm (not Spotlight as in the assignment). The stockanalysis page exists (quote/sto/BRAVE), but has outdated figures: 48.97m shares and no financial data. After the directed unit issue in June 2026 (registered in August) there are 56.44m shares, so market value at SEK 2.81 is about SEK 158.6m (about DKK 105m), not Nordnet's DKK 94m. All financial figures are from the company's Q2 report (18/8-2026). Cash of about SEK 17m is the company's own figure at 18/8 and includes issue proceeds; spending after August is an estimate. The industry 'gaming' is not on the list; 'Software, cloud & internet' is the closest. No analysts. Short interest not found. The royalty terms to Jinderman and the publishing terms with Knights Peak/MY.GAMES have not been disclosed in detail, so Kinda Brave's share of sales is an estimate.