Rankings Software, cloud & internet Sectra
Sectra
69
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Absolute price level−10
- Multiples vs own history−4
- FCF outlook−3
Strengths
- Future segment+3
- Net cash+1
- Dividend+1
How the score is built
From 100 to 69, 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
- 320.60 SEK
- Median analyst target
- 340.00 SEK
- Upside to median
- +6.1%
- Analysts
- 3
- Target range
- 220.00 – 460.00 SEK
- 52-week change
- +10%
- P/E (trailing)
- 99.8
- Forward P/E
- 82.1
- 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? · 2 findings−3 of −30
- −2MarginAn operating margin of 20.6% (TTM) is good, but the 36.6% gross margin (37–39% in 2022–2025) is low for a software company, because a large part is project, service and hardware deliveries.
- −1Quality of growthEPS stood still in fiscal 2025/26 (SEK 2.93 vs 2.92) despite 9% revenue growth; the progress in Q1 2026/27 (+26% revenue) came at the same time as cash flow fell.
Price
Today's multiples against the company's own history and its peers. · 3 findings−17 of −35
- −4Multiples vs own historyForward P/E 71.5 and EV/EBITDA 64 are at the bottom of its own history (forward P/E 73–95 and EV/EBITDA 58–100 in 2022–2026), but that history is itself extreme.
- −10Absolute price levelTrailing P/E 89.6, P/S 14.8 and P/B 23.9; earnings yield 1.1% and FCF yield 1.6% at a market value of SEK 55bn – it takes many years of 20%+ growth to make sense.
- −3FCF outlookAnalysts expect FCF of only SEK 353m in 2026/27 vs 1,012m in 2025/26 – an FCF yield of about 0.6%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−5 of −35
- −3Order intake and cash flowContracted order intake fell 46.6% to SEK 699m in Q1 2026/27, and operating cash flow was only SEK 3m (118m a year earlier) because of higher receivables and debt repayment. Orders are lumpy and depend on large public hospital contracts.
- −2Governance and key personCEO Torbjörn Kronander (born 1957, employed since 1985, CEO since 2012) also sits on the board and is among the largest owners of A and B shares; the founders control the votes via A shares, and there is no public succession plan.
Plus
Only documented strengths. · 3 findings+5 of +15
- +3Future segmentCloud revenue rose 75% to SEK 315m in Q1 2026/27 and passed SEK 1bn on a rolling 12-month basis; recurring revenue makes up 75% of revenue.
- +1Net cashNet cash SEK 1.6bn and almost no debt (debt/EBITDA 0.15, interest cover over 100x).
- +1DividendThe ordinary dividend raised to SEK 1.30 plus a special dividend of SEK 1.00 (about SEK 440m in total), covered by FCF of SEK 873m (TTM).
Caveats
What the score does not capture, or where the data is weak.
Industry set to 'Software, cloud & internet': about 75% of revenue is recurring software and cloud income (imaging IT/PACS for hospitals), and Secure Communications (encryption for defence/authorities, about 12%) is not medical; the customers are, however, in healthcare ('Pharma & medtech' was the alternative). Fiscal year May–April. ROIC of 108% is distorted by customer prepayments (negative working capital); ROCE of 31% is the representative measure. Only 3 analysts cover the stock. Insider trading has not been examined.
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