Rankings Machinery & automation SaltX
SaltX
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
- Margin and returns−10
- Quality of growth−7
- Multiples vs own history−7
Strengths
- Validation from industry+3
- Net cash+1
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
- 4.20 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −42%
- 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
- −10Margin and returnsRevenue SEK 36.4m over the last 12 months vs an operating result of -82.3m (operating margin -226%); EBIT -45.9m in H1 2026 (-24.6m). ROIC -30%.
- −7Quality of growthNet revenue fell to SEK 13.8m in H1 2026 (21.4m); revenue consists of single licences, partial orders and pre-studies, and there is not yet any recurring revenue from commercial plants.
- −6Capital allocationNew shares have been issued every year since 2021 (SEK 60, 73, 74, 38, 75 and 163m in the last 12 months incl. the rights issue of 110m at SEK 3.52 in December 2025); share count rose 11.8% in a year.
- −3MoatPatented EAC technology and cooperation with thyssenkrupp Polysius, but the technology is not proven at industrial scale, and competitors such as Calix (LEILAC), Coolbrook and other electrification solutions are developing alternatives.
Price
Today's multiples against the company's own history and its peers. · 2 findings−12 of −35
- −7Multiples vs own historyEV/Sales 28.1 vs 18.1 (2025), 14.3 (2024) and 15.7 (2023), and P/B 6.09 vs 3.72, 4.83 and 3.11 - the highest levels since the company got revenue.
- −5PeersEV of about SEK 1.02bn for 36m in revenue; Calix (decarbonization of lime/cement) trades at EV/Sales 1.13 and P/B 1.31. The price assumes more license agreements that have not yet been signed.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−18 of −35
- −5Cash burnOperating cash flow −SEK 13.9m in Q2 and −29.9m in H1; with cash of 103.5m, the money lasts about 19 months, so a new issue in 2027–2028 is likely unless licence revenue takes off.
- −6Execution of first plantThe first industrial EAC plant (40,000 tonnes of lime a year at SMA Mineral in Mo i Rana) is to be built from 2026 and be operating in 2027; delays or technical problems will hit the whole case.
- −4Customer concentrationSMA Mineral is the only licensee with a plant under construction; Groupe Pigeon is only at the pre-study stage, and Holcim/Paebbl are EU-supported demo projects.
- −3Dependence on subsidies and CO2 policyThe SMA plant has received EUR 24m from Enova, and the Holcim project is EU-funded; demand depends on CO2 prices and public support.
Plus
Only documented strengths. · 2 findings+4 of +15
- +3Validation from industrySMA Mineral has made a final investment decision on the world's first electric lime plant with SaltX technology, thyssenkrupp Polysius supplies the kiln, and Holcim has tested electrified cement calcination with positive results.
- +1Net cashCash of SEK 103.5m and almost no debt (0.15m); the rights issue was 135% oversubscribed.
Caveats
What the score does not capture, or where the data is weak.
SaltX Technology develops electric calcination (Electric Arc Calciner, EAC) for lime, cement and direct CO2 capture and earns money on licences and engineering services; 'Machinery & automation' has been chosen as the closest industry. Market cap calculated by us: 230.70m B shares × SEK 4.925 = SEK 1,136m ≈ DKK 750m (Nordnet 742). Revenue in Q2 2025 contained a one-off licence of SEK 20m from SMA Mineral, so the comparisons are distorted. No analysts on stockanalysis. Largest owners, insider trades and short register not checked.
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