Upsales Technology AB (UPSALE) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Upsales Technology AB stock SEK 37.34, price SEK 27.30, upside +36.8%, quality 84 out of 100. Rating: undervalued. Calculated from audited financials with 24 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 7, 2026.
How to read this chart
60‑month range kr 20.30 – kr 99.63 · fair‑value band kr 28.00 – kr 46.67 · the kr 27.30 price screens below the kr 37.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Upsales Technology AB (publ) operates as a software-as-a-service company that develops and sells web-based business systems with a focus on sales, marketing, and analysis in Sweden and internationally.
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It provides Upsales platform, which provides database and analyzes sales history and gives suggestions on actions to win more deals; AI-based lead recommendations; helps discover untapped companies in customers' corporate networks; sets data-driven targets with AI-based accuracy, as well as provides automated forecasts and alerts for tracking pipeline activity; identifies customers on multiple boards for new sales opportunities; analyzes complex sales targets, including revenue recognition, subscription ARR/MRR, and profit margin; upsell and cross-sell alerts; identifies customers on multiple boards for new sales opportunities; and syncs financial data and comes to data-driven conclusions.
The company also offers sales and marketing suite, an end-to-end revenue engine with everything from professional pipeline management to recommendations on new business opportunities; access to financial and contact data of companies; and revenue analytics.
Upsales Technology AB (publ) was founded in 2003 and is based in Stockholm, Sweden.
Stock analysis
Upsales Technology AB (UPSALE) currently trades at kr 27.30, while our model-based Fair Value estimate is kr 37.34, implying the stock looks roughly 27% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 52.65 per share, and 16 of the 24 models we run sit above the kr 27.30 price.
Bear case: the Economic Profit group reads lowest at kr 11.46, and 8 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 28.00 (bear) to kr 46.67 (bull), the price of kr 27.30 sits below 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 84/100 (high quality), in the Technology sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Upsales Technology AB reported revenue of 152M SEK in FY2025 versus 93.1M SEK in FY2021, a compound +13.0%/yr. Reported net income was 22.5M SEK in FY2025, compounding +23.3%/yr from FY2021.
Key figures
Market cap 460M SEK (≈ $46.5M) Micro · P/E ratio 16.9 · P/S ratio 2.79 · EPS (TTM) kr 1.62 · Dividend yield 5.2% · Net margin 16.5% · Return on equity 184% · Return on assets (EBIT) 22.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 86 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 34% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at 37%, UPSALE screens cheaper than that median.
Fair Value models
Bearkr 28.00Fair Value kr 37.34Bullkr 46.67
Price kr 27.30 · Upside +36.8%
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 1.39 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.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+5.0%
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.
+5.5%
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.
+15.1%
Start year 2020 (pandemic)
Revenue growth 8 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.
+21.4%
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What shareholders gained per year (last 5 years) ⓘ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.
+32.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+27.3%
Dividend (yield on the price)5.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.27.3% vs 7.6%, picking up
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.12% → 19%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.8%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about −3.8% a year for the price.
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.Software - Application · 628 stocks
Beats the industry median on 11/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score84 · Top 25%
Fair Value upside+36.8% · Above median
Profitability
Return on equity (12 months)183.8% · Top 25%
Return on assets20.4% · Top 25%
Net margin (12 months)16.5% · Top 25%
Operating margin (12 months)38.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)10.9% · Above median
Dividend yield (12 months)5.2% · Top 25%
Valuation Multiplesvs Software - Application median · lower = cheaper
P/E (12 months)16.9× · Cheaper than median
P/B25.07× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)2.79× · Pricier than median
Price / free cash flow (fiscal year)14.1× · Cheaper than median
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). "Upsales Technology AB Fair Value". https://www.fairvalue-calculator.com/stock/UPSALE
Frequently asked questions
Is Upsales Technology AB (UPSALE) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 37.34 versus a price of kr 27.30, about +37% upside (undervalued).
What is the fair value of UPSALE?
Our model-based fair value for Upsales Technology AB is kr 37.34 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 27.30.
What is the quality score of UPSALE?
Upsales Technology AB has a Quality Score of 84/100. 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 Upsales Technology AB (UPSALE)?
Our model-based price target is the fair value of kr 37.34 (as of Nov 7, 2026) from 24 valuation models. Cautious scenario kr 28.00, optimistic scenario kr 46.67. It is a calculation from audited fundamentals, not an analyst target.
What is the Upsales Technology AB stock forecast for 2026?
Our models put fair value at kr 37.34, about +37% upside versus a price of kr 27.30 (undervalued). Cautious scenario kr 28.00, optimistic scenario kr 46.67. The calculation is refreshed regularly with new filings.
What is the revenue of Upsales Technology AB (UPSALE)?
Upsales Technology AB reported trailing-twelve-month revenue of about 165M SEK (latest available figure, as of Nov 7, 2026).
Does Upsales Technology AB pay a dividend?
Upsales Technology AB currently shows a dividend yield of 5.23% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Upsales Technology AB (UPSALE)?
Upsales Technology AB has a dividend yield of 5.2%.
What growth is priced into Upsales Technology AB (UPSALE)?
For today's price to be fair in a discounted-cash-flow model, Upsales Technology AB would have to grow free cash flow by -1.8 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.1 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of UPSALE use?
Our models discount Upsales Technology AB at 8.3 %: a base by market capitalisation (nano), damped by beta 0.47, country premium for Sweden. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Upsales Technology AB that is -1.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Upsales Technology AB (UPSALE) delivered so far?
Over the past 5 years revenue at Upsales Technology AB grew +15.1 % a year. The price currently implies free-cash-flow growth of -1.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Upsales Technology AB (UPSALE) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Upsales Technology AB (-1.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Upsales Technology AB (UPSALE)?
The free-cash-flow yield on the price is 7.10 %: that much free cash flow Upsales Technology AB produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Upsales Technology AB (UPSALE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Upsales Technology AB it is kr 37.34 per share (as of Nov 7, 2026), against a price of kr 27.30. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Upsales Technology AB stock overvalued or undervalued in 2026?
As of Nov 7, 2026, UPSALE trades below its calculated fair value: price kr 27.30, fair value kr 37.34, a gap of about +37% (undervalued). 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 UPSALE?
No. The price is what the market pays today (kr 27.30); the fair value is what the company's own numbers justify (kr 37.34). For Upsales Technology AB the two are kr 10.04 per share apart. That gap is exactly why we show both numbers side by side.
How much is Upsales Technology AB worth?
The market values Upsales Technology AB at about 460M SEK (market capitalisation, as of Nov 7, 2026). Per share that is kr 27.30; our models calculate a fair value of kr 37.34 per share.
What do the bullish and bearish scenarios say about UPSALE?
Our models span a range for Upsales Technology AB: cautious scenario kr 28.00, base kr 37.34, optimistic kr 46.67 per share (as of Nov 7, 2026, price kr 27.30). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of UPSALE?
Upsales Technology AB trades at a price-to-earnings ratio of 16.9 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 37.34 is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings: 54.1. Other multiples: P/B 25.1, P/S 2.8, EV/EBITDA 10.5.
How solid is the balance sheet of Upsales Technology AB (UPSALE)?
Balance-sheet figures for Upsales Technology AB (as of Nov 7, 2026): return on equity 183.8%. They feed the Quality Score of 84/100, which measures business quality independently of the share price.
How far is UPSALE from its 52-week high?
Upsales Technology AB trades at kr 27.30, about 18% below its 52-week high of kr 33.40 and 34% above the low of kr 20.30 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 37.34 is for.
Which stocks are comparable to Upsales Technology AB?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, Inc, 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 Upsales Technology AB stock attractive at the current price?
The data as of Nov 7, 2026: price kr 27.30, calculated fair value kr 37.34 (+37%), Quality Score 84/100, from 24 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 UPSALE calculated?
We run Upsales Technology AB through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 37.34 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. Upsales Technology AB currently trades 27% below its own fair value, and the market average says nothing about that. 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 Upsales Technology AB (UPSALE)?
The closing price on Nov 6, 2026 was kr 27.30. Our model-based fair value is kr 37.34, about +37% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Upsales Technology AB right now?
The rarer combination: high quality (84/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (kr 28.00). The market is more pessimistic than our downside scenario.
Key figures of Upsales Technology AB
How large is the market capitalisation of Upsales Technology AB (UPSALE)?
The market capitalisation of Upsales Technology AB is 460M SEK (≈ $46.5M). 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 Upsales Technology AB (UPSALE)?
The price-to-sales ratio of Upsales Technology AB is 2.79 (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 Upsales Technology AB (UPSALE)?
Earnings per share at Upsales Technology AB are kr 1.62 (price ÷ EPS = P/E 16.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Upsales Technology AB (UPSALE)?
The dividend yield of Upsales Technology AB is 5.2% (payout 88.1%). 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 Upsales Technology AB (UPSALE)?
The net margin of Upsales Technology AB is 16.5% (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 Upsales Technology AB (UPSALE)?
The return on equity (ROE) of Upsales Technology AB is 184% (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 Upsales Technology AB (UPSALE)?
On an EBIT basis the return on assets of Upsales Technology AB is 22.2% (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 Upsales Technology AB (UPSALE)?
The operating margin of Upsales Technology AB is 38.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Upsales Technology AB (UPSALE)?
Revenue at Upsales Technology AB is growing +10.9% versus a year earlier (3y avg +5.5%). 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 Upsales Technology AB (UPSALE)?
Earnings per share at Upsales Technology AB are growing +49.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Upsales Technology AB (UPSALE) hold?
Upsales Technology AB holds more cash than debt, 31.4M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 7, 2026