Rankings Defence, aerospace & space Summa Defence
Summa Defence
31
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
- Liquidity and going concern−12
- Margin−10
- Dilution and expensive funding−9
Strengths
- Order book+1
How the score is built
From 100 to 31, 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
- 2.02 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −94%
- 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−28 of −30
- −10MarginOperating margin −27.5% and net margin −32% (TTM); EBITDA −EUR 5.6m and net result −EUR 17.9m in H1 2026. Gross margin fell from 75% (2024) to 58%.
- −6Quality of growthThe growth is bought: the group is pieced together from acquisitions (Lännen Tractors, boats, modular buildings, drones) via a reverse merger with Meriaura. Losses have grown faster than revenue (operating result 0.4 → −19 → −EUR 33m).
- −4MoatA conglomerate of excavators, workboats, modular buildings, drones and displays with no shared technology or scale; no documented competitive advantage.
- −8Capital allocationShare count +254% in a year and a 1:100 reverse split in 2025; goodwill write-down of EUR 8.8m in H1, Summa Energy written down and sold, Rasol divested at a loss – acquisitions unwound after a year.
Price
Today's multiples against the company's own history and its peers. · 1 finding−3 of −35
- −3Multiples vs own history and peersP/S 0.09 and P/B 0.07 look cheap (P/S 0.92 in 2025), but there are no earnings or positive EBITDA to price, tangible equity is negative, and the price reflects bankruptcy and dilution risk rather than undervaluation.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−33 of −35
- −12Liquidity and going concernCash was EUR 2.9m in June; in May working capital covered only about two months. Current ratio 0.50, negative working capital (about −EUR 35m), FCF −EUR 28m TTM and Altman Z −0.09.
- −9Dilution and expensive fundingA EUR 8m bridge loan from Largus Holding at 14% interest + 6% fee has been converted into a EUR 8.6m convertible at EUR 0.20 – about 43m new shares vs 46.8m outstanding. A guaranteed share issue fell through in May.
- −6GovernanceNew CEO and CFO in April 2026, a new board in June, delayed 2025 annual accounts and a correction to the results announcement; described in the Finnish press as a 'scandal company' facing bankruptcy.
- −3ExecutionGuidance was postponed in autumn 2025, and the company sold its energy businesses after a year; positive EBITDA is only promised for H2 2026.
- −3Share price riskThe share price is down 95% over 52 weeks (range EUR 0.12–4.93); a thinly traded penny stock.
Plus
Only documented strengths. · 1 finding+1 of +15
- +1Order bookOrder book of EUR 105m at the end of June, of which 61m from defence and security; guidance of EUR 110–120m in revenue from continuing operations in 2026.
Caveats
What the score does not capture, or where the data is weak.
Liquidity crisis: EUR 2.9m in cash, going concern depends on new funding; a convertible at EUR 0.20 may almost double the share count. Microcap (about EUR 10m), no analysts
Also in Defence, aerospace & space
The highest scores in the same industry.
