Rankings Defence, aerospace & space W5 Solutions
W5 Solutions
66
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
- Margin and returns−9
- Profit warnings and execution−9
- Debt and financing−8
Strengths
- Order book and framework agreement+3
- Insider buying+2
How the score is built
From 100 to 66, 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
- 25.60 SEK
- Median analyst target
- 48.50 SEK
- Upside to median
- +89.5%
- Analysts
- 2
- Target range
- 42.00 – 55.00 SEK
- 52-week change
- −53%
- P/E (trailing)
- 117.5
- Forward P/E
- 14.8
- 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−23 of −30
- −9Margin and returnsOperating margin has fallen from 8.2% (2025) to 4.2% TTM, ROIC is 2.3%, and the full-year expectation for 2026 is now EBIT of −SEK 10 to 0m (vs +38m in 2025), incl. about 20m in one-off costs for the KT-Shelter purchase.
- −5Quality of growthRevenue rose 105% in Q2 (66% organic) to SEK 227.9m, but with higher direct costs, more expensive purchasing and low-margin third-party sales. Order intake fell to SEK 234m (358) in Q2.
- −7Capital allocationKT-Shelter was bought for EUR 22.0m (plus up to EUR 4.0m of additional purchase price) with bank loans and an issue of SEK 100m at SEK 50. Net debt rose from SEK 8m (end of 2025) to SEK 299m, and the share count rose 21.6% in a year; the stock now trades at under half the issue price.
- −2MoatNiche positions in training systems, mobile power and shelters with a framework agreement with the Swedish Armed Forces (approx. SEK 700m over 8 years), but the products are largely integration of third-party components with limited pricing power (purchase prices squeezed the margin).
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −1Multiples vs own historyEV/Sales 1.18 vs 1.82-3.87 in 2021-2025 and EV/EBITDA 12.2 vs 16-32, i.e. historically low. But EV/EBIT is 27.9 TTM, and on the 2026 expectation (EBIT around 0) the stock is not cheap on earnings.
- −2PeersMilDef trades at EV/Sales 4.4 and EV/EBITDA 23.4 with an operating margin of 14.4%. W5 is far cheaper, but the discount reflects an operating margin of 4% (TTM) and net debt of 6x EBITDA.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−17 of −35
- −9Profit warnings and executionQ2 operating result −24.3m SEK (the stock fell double digits), and on 27/9-2026 the company warned of EBIT of −20 to −30m in Q3 (vs +1m) due to delays in a large project that moves approx. 20m SEK of earnings to Q4. The stock is down 59% over a year and 46% over 3 months.
- −8Debt and financingInterest-bearing debt SEK 359m vs cash of 60m as of 30/6 (net debt/EBITDA 6.2x, debt/equity 0.65). With EBIT around 0 in 2026 and unknown covenants, there is a risk that a new share issue becomes necessary.
Plus
Only documented strengths. · 2 findings+5 of +15
- +3Order book and framework agreementThe order book is SEK 865m (597m a year earlier), approx. 1.3x annual revenue, plus a framework agreement with the Swedish Armed Forces of approx. SEK 700m over 8 years.
- +2Insider buyingChairman Jonas Rydin subscribed 200,000 shares at SEK 50 (SEK 10m) in the directed issue (registered 15/4-2026), and board member Gunilla Stomberg bought 1,000 shares at SEK 49.30 on 12/5-2026. No insider sales found.
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis shows 19.56m shares (after the directed issue of 2m shares at SEK 50 in March 2026), i.e. market cap 19.56 × 24.35 = SEK 476m ≈ DKK 314m. Nordnet's DKK 371m corresponds to about 23m shares and is not reconciled (possible consideration shares not found). No analyst forecast on stockanalysis (forecast 404), but forward P/E 18.5 is shown. Cash and net debt are from stockanalysis (30/6-2026); loan terms and covenants are not published. A CFO departure has been announced (date not verified). Short positions (Finansinspektionen) not checked. Customer concentration towards FMV/the Swedish Armed Forces is not quantified.
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