Rankings Construction & materials SolTech Energy

SolTech Energy

Construction & materials · SwedenRank 799 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−12
Liquidity and going concern−10
Capital allocation−8

Strengths

Extended bank financing+2
Framework agreements+1

How the score is built

From 100 to 26, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

26Score

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: 0.05 SEK
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: −81%
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−29 of −30

Margin
EBITA −SEK 84.3m in H1 2026 (−11.1%) versus −48.2m a year earlier; EBITDA −60.7m (adjusted −40.7). Net income −SEK 568m TTM and −632m in 2025.
mfn.se
−12
Quality of growth
Revenue fell from SEK 2,904m (2023) to 2,261 (2024) and 1,709 (2025); H1 2026 only +3% (SEK 757m). The solar segment has halved from 1,492 to SEK 672m.
stockanalysis.com
−6
Capital allocation
The acquisition strategy (consolidating solar, roofing, facade and electrical companies) has destroyed value: large write-downs, the divestment of 365zon (Netherlands) back to the founders, and a development portfolio of up to 2 GWp sold to Alight for only a guaranteed SEK 14m.
mfn.se
−8
Moat
Installation business (solar, roof, facade, electrical, EV chargers, battery parks) in a fragmented market with low barriers to entry and no pricing power.
mfn.se
−3

Price

Today's multiples against the company's own history and its peers. · 2 findings−12 of −35

Absolute price level
EV about SEK 480m (market value about SEK 206m after the issue plus net debt about SEK 275m) on negative EBITDA; no meaningful earnings multiple, and P/B 0.18 rests on goodwill from acquisitions.
stockanalysis.com
−8
FCF
FCF −SEK 221m TTM (operating cash flow −186, capex −36); cash flow for H1 2026 was −SEK 164m.
stockanalysis.com
−4

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−30 of −35

Liquidity and going concern
Cash was 66.7 MSEK as of 30 Jun 2026 versus debt of 341.6 MSEK; the company has relied on bridge financing of up to 50 MSEK from the principal shareholder and bank concessions (amortisation holiday, interest facility), which are conditional on the offering. Altman Z −0.66.
mfn.se
−10
Dilution
Preferential issue of 1,984m new shares at SEK 0.05 (discount about 56% to TERP) plus 126m consideration shares to the underwriter: up to about 61.5% dilution, only about a year after the issue at SEK 0.29 in autumn 2025.
mfn.se
−8
Subsidiary bankruptcies
The subsidiary Sesol (about 300 employees) abandoned the restructuring and was petitioned into bankruptcy in March 2026; the operations in Spain and the Netherlands have been wound down or sold.
mfn.se
−6
Management
Interim CEO (Leif Göransson) since Q2 2026; CFO Pontus Andersson only made permanent on 16 Sep 2026. No permanent CEO in the middle of the restructuring.
mfn.se
−3
Controlling shareholder
Artim Balance (Nordic Capital) owns approx. 36.5% and has received an exemption from the mandatory bid requirement (AMN 2026:28), so via the underwriting it can approach or pass 50% without making an offer to the minority; the underwriting is compensated with 10% in new shares.
mfn.se
−3

Plus

Only documented strengths. · 2 findings+3 of +15

Extended bank financing
Norion Bank and Swedbank extend the credit facilities to the end of 2028 with an amortisation waiver, conditional on the issue being completed (approved at the extraordinary general meeting on 29 Sep 2026).
mfn.se
+2
Framework agreements
New framework agreements with public customers: Svenska Bostäder (charging infrastructure, up to SEK 150m), SISAB (roof, SEK 60-80m), Trafikverket (up to SEK 28m) and a Finnish battery park for about SEK 125m.
mfn.se
+1

Caveats

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

In the middle of a fully underwritten rights issue: the stock has traded without subscription rights since 30 Sep 2026, and the subscription period runs 5-19 Oct 2026. The share count rises from 1,322.8m to at most 3,433.0m (incl. 126m consideration shares to the underwriter Artim Balance/Nordic Capital); market cap is calculated on 3,433m shares x SEK 0.0599 = about SEK 206m, while stockanalysis (SEK 79m) and Nordnet (DKK 125m) use outdated share counts. Cash and debt are as of 30 Jun 2026 (stockanalysis, debt incl. leasing). Quarterly burn (about SEK 50m) is an own estimate based on FCF of SEK -221m TTM and adjusted EBITDA of SEK -40.7m in H1. Dilution over 12 months is an estimate (about 179m shares a year ago according to stockanalysis' +639%). No analyst coverage (forecast 404). Industry: solar, roof, facade and electrical installation - 'Construction & materials' is the closest; cyclical set to false because only about 40% of revenue is solar.