MilDef Group AB (MILDEF) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of MilDef Group AB stock SEK 59.43, price SEK 243, that is 75.6% below the price, quality 48 out of 100. Rating: strongly overvalued. Calculated from audited financials with 17 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range kr 37.06 – kr 284.25 · fair‑value band kr 30.38 – kr 78.57 · the kr 243.30 price screens above the kr 59.43 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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MilDef Group AB (publ), together with its subsidiaries, develops, manufactures, and sells rugged IT solutions in Sweden, Norway, Finland, Denmark, the United Kingdom, Germany, Switzerland, the United States, Australia, and internationally.
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The company offers IT equipment, rugged computers, KVM, switches, routers, power distribution, customer projects, and accessories; laptops, tablets, and handhelds; intelligent displays; special electronics; concept products; and fiber optic and keyboards.
It also provides OneCIS, a tactical C2IS platform; development services; and consulting services, such as project management and facilitating, change management and benefit realization, service design and architecture, and IT advisory and security.
In addition, the company offers integration services, including systems engineering and design; ILS-management and technical support; system safety; technical documentation; project, program, and portfolio management; integration, installation, and maintenance; helpdesk, and service desk services.
It sells its products to national and critical infrastructure sectors. The company was founded in 1997 and is headquartered in Helsingborg, Sweden.
Stock analysis
MilDef Group AB (MILDEF) currently trades at kr 243.30, while our model-based Fair Value estimate is kr 59.43, 76% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of kr 143.58 per share, and 0 of the 17 models we run sit above the kr 243.30 price.
Bear case: the Dividend Discount group reads lowest at kr 6.55, and 17 of the 17 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 30.38 (bear) to kr 78.57 (bull), the price of kr 243.30 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
MilDef Group AB reported revenue of 2.0B SEK in FY2025 versus 470M SEK in FY2021, a compound +44.5%/yr. Reported net income was 148M SEK in FY2025.
Key figures
Market cap 11.5B SEK (≈ $1.2B) Small · P/E ratio 35.4 · P/S ratio 3.89 · EPS (TTM) kr 6.87 · Dividend yield 0.3% · Net margin 11.2% · Return on equity 20.5% · Return on assets (EBIT) 0.8% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 122% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −23% fair-value upside, at −76%, MILDEF screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (kr 3.50 to kr 148.73). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bearkr 30.38Fair Value kr 59.43Bullkr 78.57
Price kr 243.30 · Downside -75.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 5.25 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+70.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+40.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+38.7%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+35.5%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+24.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+23.7%
Dividend (yield on the price)0.3%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14% → 10%
2025 sits 202% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Aerospace & Defense · 238 stocks
Beats the industry median on 5/13 measures
Overall it trails its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−75.6% · Bottom 25%
Profitability
Return on equity (12 months)20.5% · Top 25%
Return on assets5.1% · Above median
Net margin (12 months)11.2% · Above median
Operating margin (12 months)19.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)53.6% · Top 25%
Dividend yield (12 months)0.3% · Bottom 25%
Balance sheet
Debt / equity0.30× · Above median
Valuation Multiplesvs Aerospace & Defense median · lower = cheaper
P/E (12 months)35.4× · Pricier than median
P/B7.54× · Priciest 25%
P/S (12 months)3.89× · Pricier than median
EV/EBITDA20.7× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 65
PAST (return on equity)82· sector 41
HEALTH (low debt)85· sector 94
DIVIDEND (yield)6· sector 19
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "MilDef Group AB Fair Value". https://www.fairvalue-calculator.com/stock/MILDEF
Frequently asked questions
Is MilDef Group AB (MILDEF) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of kr 59.43 versus a price of kr 243.30, about 76% lower (overvalued).
What is the fair value of MILDEF?
Our model-based fair value for MilDef Group AB is kr 59.43 (as of Nov 6, 2026), built from audited fundamentals. The current price: kr 243.30.
What is the quality score of MILDEF?
MilDef Group AB has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for MilDef Group AB (MILDEF)?
Our model-based price target is the fair value of kr 59.43 (as of Nov 6, 2026) from 17 valuation models. Cautious scenario kr 30.38, optimistic scenario kr 78.57. It is a calculation from audited fundamentals, not an analyst target.
What is the MilDef Group AB stock forecast for 2026?
Our models put fair value at kr 59.43, about 76% lower versus a price of kr 243.30 (overvalued). Cautious scenario kr 30.38, optimistic scenario kr 78.57. The calculation is refreshed regularly with new filings.
What is the revenue of MilDef Group AB (MILDEF)?
MilDef Group AB reported trailing-twelve-month revenue of about 3.0B SEK (latest available figure, as of Nov 6, 2026).
Does MilDef Group AB pay a dividend?
MilDef Group AB currently shows a dividend yield of 0.31% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of MilDef Group AB (MILDEF) and when is the ex-dividend date?
MilDef Group AB pays a dividend of kr 0.75 per share a year, a dividend yield of 0.3%. The last ex-dividend date was May 22, 2026. The payout ratio is 10.9% of earnings. Our assessment: Token dividend. At a yield of 0.3% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.3% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What is the intrinsic value of MilDef Group AB (MILDEF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For MilDef Group AB it is kr 59.43 per share (as of Nov 6, 2026), against a price of kr 243.30. It is the blended result of 17 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is MilDef Group AB stock overvalued or undervalued in 2026?
As of Nov 6, 2026, MILDEF trades above its calculated fair value: price kr 243.30, fair value kr 59.43, a gap of about −76% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MILDEF?
No. The price is what the market pays today (kr 243.30); the fair value is what the company's own numbers justify (kr 59.43). For MilDef Group AB the two are kr 183.87 per share apart. That gap is exactly why we show both numbers side by side.
How much is MilDef Group AB worth?
The market values MilDef Group AB at about 11.5B SEK (market capitalisation, as of Nov 6, 2026). Per share that is kr 243.30; our models calculate a fair value of kr 59.43 per share.
What do the bullish and bearish scenarios say about MILDEF?
Our models span a range for MilDef Group AB: cautious scenario kr 30.38, base kr 59.43, optimistic kr 78.57 per share (as of Nov 6, 2026, price kr 243.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MILDEF?
MilDef Group AB trades at a price-to-earnings ratio of 35.4 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 59.43 is built from several models across several years. Other multiples: P/B 7.5, P/S 3.9, EV/EBITDA 20.7.
How solid is the balance sheet of MilDef Group AB (MILDEF)?
Balance-sheet figures for MilDef Group AB (as of Nov 6, 2026): return on equity 20.5%, debt of 0.30 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is MILDEF from its 52-week high?
MilDef Group AB trades at kr 243.30, about 7% below its 52-week high of kr 262.90 and 122% above the low of kr 109.76 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 59.43 is for.
Which stocks are comparable to MilDef Group AB?
From the same area (Industrials) we also value General Electric Company, RTX Corporation, Airbus SE, Lockheed Martin Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is MilDef Group AB stock attractive at the current price?
The data as of Nov 6, 2026: price kr 243.30, calculated fair value kr 59.43 (−76%), Quality Score 48/100, from 17 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MILDEF calculated?
We run MilDef Group AB through 17 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 59.43 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. MilDef Group AB itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of MilDef Group AB (MILDEF)?
The closing price on Nov 6, 2026 was kr 243.30. Our model-based fair value is kr 59.43, about 76% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with MilDef Group AB right now?
The price sits above even our optimistic bull case (kr 78.57). The favourable scenario is already priced in. Weak quality (48/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (kr 30.38 to kr 78.57) leaves room in how you read the outcome.
Key figures of MilDef Group AB
How large is the market capitalisation of MilDef Group AB (MILDEF)?
The market capitalisation of MilDef Group AB is 11.5B SEK (≈ $1.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of MilDef Group AB (MILDEF)?
The price-to-sales ratio of MilDef Group AB is 3.89 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of MilDef Group AB (MILDEF)?
Earnings per share at MilDef Group AB are kr 6.87 (price ÷ EPS = P/E 35.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of MilDef Group AB (MILDEF)?
The dividend yield of MilDef Group AB is 0.3% (payout 10.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of MilDef Group AB (MILDEF)?
The net margin of MilDef Group AB is 11.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of MilDef Group AB (MILDEF)?
The return on equity (ROE) of MilDef Group AB is 20.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of MilDef Group AB (MILDEF)?
On an EBIT basis the return on assets of MilDef Group AB is 0.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of MilDef Group AB (MILDEF)?
The operating margin of MilDef Group AB is 19.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at MilDef Group AB (MILDEF)?
Revenue at MilDef Group AB is growing +53.6% versus a year earlier (3y avg +40.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at MilDef Group AB (MILDEF)?
Earnings per share at MilDef Group AB are growing +143% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does MilDef Group AB (MILDEF) generate?
The free cash flow of MilDef Group AB is −31.6M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does MilDef Group AB (MILDEF) carry?
The net debt of MilDef Group AB is 807M SEK (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 6, 2026