Rankings Software, cloud & internet Starbreeze

Starbreeze

Software, cloud & internet · SwedenRank 756 of 829Prices 3 Nov 2026Model 1.4

15070100

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

Biggest deductions

Multiples vs history and peers−15
Margin−10
Funding−10

Strengths

No documented strengths.

How the score is built

From 100 to 33, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

33Score

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: 0.09 SEK
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: −27%
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

Margin
EBIT margin −113% TTM and net income −SEK 440m (including the impairment of Project Baxter). Q2 2026: EBITDA SEK 3.4m, but depreciation and impairments of 39.8m gave a pre-tax result of −36.8m.
stockanalysis.com
−10
Quality of growth
Revenue halved in Q2 to SEK 25.6m (53.8) and fell about 28% TTM to 152m; work-for-hire for KRAFTON and third-party publishing has fallen to zero, and only PAYDAY 2 grew.
inderes.se
−7
Capital allocation
Project Baxter (the Dungeons & Dragons game) was shut down in October 2025 with a write-down of about SEK 255m. Capitalized development of SEK 114-242m a year has not produced a return, and the company has a history of restructuring (2018-2019).
inderes.se
−7
Moat
Almost all revenue comes from one IP (PAYDAY 2 and 3) after the end of the KRAFTON collaboration; PAYDAY 3 has not managed to retain players since its launch in 2023.
inderes.se
−3

Price

Today's multiples against the company's own history and its peers. · 1 finding−15 of −35

Multiples vs history and peers
EV about SEK 150m ≈ 1.0x sales (Inderes: EV/sales 1.1 and EV/EBITDA 6.1 for 2026e), in line with its own P/S history (0.8–1.7 in 2023–25). Cheap on sales, but EBITDA is before capitalised development, and the company has no positive FCF or earnings; the only analyst's price target (SEK 0.08) is below the share price.
stockanalysis.com
−15

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−19 of −35

Funding
Cash has fallen from 102.6 to 52.1m SEK in two quarters; real FCF approx. −88m SEK TTM. Inderes calls the target of positive cash flow in 2026 increasingly unlikely and financing a current issue.
inderes.se
−10
Weak monetisation of PAYDAY 3
PAYDAY 3 generated only SEK 11.0m in Q2 (17.7); monthly updates and larger improvements have not produced noticeably higher revenue despite signs of increased engagement.
inderes.se
−5
Governance and track record
History of restructuring, management changes (CEO Adolf Kristjansson) and repeated cutbacks (approx. 20% of staff in 2026); insiders own only 0.18%.
inderes.se
−4

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.

Penny deep dive (price DKK 0.07). Swedish game developer behind the PAYDAY series. A price of SEK 0.1008 and 1,624m shares (A+B) give a market cap of about SEK 164m (DKK 108m; Nordnet 113). Stockanalysis' share change figures (-93%/+99,900%) are errors; the share count has been 1,624m since 2025. Stockanalysis' FCF (+SEK 25.5m TTM) is before capitalized development (113.9m); actual FCF is about -SEK 88m TTM. Cash fell from 102.6m (31/12-2025) to 74.5 (Q1) and 52.1m (Q2); quarterly burn is set at Q2's actual cash decline of 23m. Staff has been cut about 20% with full effect from Q3, so burn may fall. Debt of 34.5m is leasing. The only analyst (Inderes) has 'Reduce' and a price target of SEK 0.08. Largest owners and insider trades not verified; short data not found. Industry: 'Software, cloud & internet' is closest for games.