Hernö Gin AB (publ) (CALVIK) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Hernö Gin AB (publ) SEK 120, price SEK 65.20, upside +84.6%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
15‑month range kr 29.10 – kr 85.00 · fair‑value band kr 79.42 – kr 155.58 · the kr 65.20 price screens below the kr 120.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Calviks AB (publ) provides recruitment and interim solutions in Sweden and Nordic countries. It offers solutions for leadership roles and key positions in the private and public sectors. The company also provides solutions for IT, technology, finance and HR sectors, as well as training and staffing services.
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Calviks AB (publ) provides recruitment and interim solutions in Sweden and Nordic countries. It offers solutions for leadership roles and key positions in the private and public sectors. The company also provides solutions for IT, technology, finance and HR sectors, as well as training and staffing services. The company was formerly known as Job Solution Sweden Holding AB (publ) and changed its name to Calviks AB (publ) in June 2025. Calviks AB (publ) was founded in 2015 and is based in Sundbyberg, Sweden.
Stock analysis
Hernö Gin AB (publ) (CALVIK) currently trades at kr 65.20, while our model-based Fair Value estimate is kr 120.34, implying the stock looks roughly 45.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 217.04 per share, and 18 of the 24 models we run sit above the kr 65.20 price.
Bear case: the Asset-Based group reads lowest at kr 12.21, and 6 of the 24 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 79.42 (bear) to kr 155.58 (bull), the price of kr 65.20 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 39/100 (below-average quality), in the Industrials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Hernö Gin AB (publ) reported revenue of 1.3B SEK in FY2025 versus 25.8M SEK in FY2021, a compound +169.0%/yr. Reported net income was 15.9M SEK in FY2025, compounding +27.2%/yr from FY2021.
Key figures
Market cap 390M SEK (≈ $39.3M) · P/E ratio 82.5 · P/S ratio 0.97 · EPS (TTM) kr 0.7900 · Net margin 1.2% · Return on equity 6.5% · Return on assets (EBIT) 18.0% · Operating margin 3.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 23% below its 52-week high and 121% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 12% fair-value upside, at 85%, CALVIK screens cheaper than that median.
Fair Value models
Bear kr 79.42Fair Value kr 120.34Bull kr 155.58
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 0.5801 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.Evidence ⓘEvidence = 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.85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+231.4%
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.
+217.2%
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.
+145.7%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
+18.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.1%
Dividend (yield on the price)0.0%
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.27% → 3%
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).
−7.8%
Yearly growth needed for the next five years to justify today's price.
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 −9.6% 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.Staffing & Employment Services · 85 stocks
P/B3.93× · 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.
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). "Hernö Gin AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/CALVIK
Frequently asked questions
Is Hernö Gin AB (publ) (CALVIK) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 120.34 versus a price of kr 65.20, about +85% upside (undervalued).
What is the fair value of CALVIK?
Our model-based fair value for Hernö Gin AB (publ) is kr 120.34 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 65.20.
What is the quality score of CALVIK?
Hernö Gin AB (publ) has a Quality Score of 39/100. 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 Hernö Gin AB (publ) (CALVIK)?
Our model-based price target is the fair value of kr 120.34 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 79.42, optimistic scenario kr 155.58. It is a calculation from audited fundamentals, not an analyst target.
What is the Hernö Gin AB (publ) stock forecast for 2026?
Our models put fair value at kr 120.34, about +85% upside versus a price of kr 65.20 (undervalued). Cautious scenario kr 79.42, optimistic scenario kr 155.58. The calculation is refreshed regularly with new filings.
What is the revenue of Hernö Gin AB (publ) (CALVIK)?
Hernö Gin AB (publ) reported trailing-twelve-month revenue of about 1.7B SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into Hernö Gin AB (publ) (CALVIK)?
For today's price to be fair in a discounted-cash-flow model, Hernö Gin AB (publ) would have to grow free cash flow by -7.8 % 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 +145.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CALVIK use?
Our models discount Hernö Gin AB (publ) at 8.3 %: a base by market capitalisation (nano), damped by beta 0.46, 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 Hernö Gin AB (publ) that is -7.8 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Hernö Gin AB (publ) (CALVIK) delivered so far?
Over the past 5 years revenue at Hernö Gin AB (publ) grew +145.7 % a year. The price currently implies -7.8 % per year free-cash-flow growth a 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 Hernö Gin AB (publ) (CALVIK) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Hernö Gin AB (publ) (-7.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Hernö Gin AB (publ) (CALVIK)?
The free-cash-flow yield on the price is 12.83 %: that much free cash flow Hernö Gin AB (publ) 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 Hernö Gin AB (publ) (CALVIK)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hernö Gin AB (publ) it is kr 120.34 per share (as of Sep 24, 2026), against a price of kr 65.20. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Hernö Gin AB (publ) stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CALVIK trades below its calculated fair value: price kr 65.20, fair value kr 120.34, a gap of about +85% (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 CALVIK?
No. The price is what the market pays today (kr 65.20); the fair value is what the company's own numbers justify (kr 120.34). For Hernö Gin AB (publ) the two are kr 55.14 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hernö Gin AB (publ) worth?
The market values Hernö Gin AB (publ) at about 390M SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 65.20; our models calculate a fair value of kr 120.34 per share.
What do the bullish and bearish scenarios say about CALVIK?
Our models span a range for Hernö Gin AB (publ): cautious scenario kr 79.42, base kr 120.34, optimistic kr 155.58 per share (as of Sep 24, 2026, price kr 65.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CALVIK?
Hernö Gin AB (publ) trades at a price-to-earnings ratio of 82.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 120.34 is built from several models across several years. Other multiples: P/B 3.9, P/S 0.2, EV/EBITDA 7.5.
How solid is the balance sheet of Hernö Gin AB (publ) (CALVIK)?
Balance-sheet figures for Hernö Gin AB (publ) (as of Sep 24, 2026): return on equity 6.5%, debt of 1.62 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is CALVIK from its 52-week high?
Hernö Gin AB (publ) trades at kr 65.20, about 23% below its 52-week high of kr 85.00 and 121% above the low of kr 29.50 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 120.34 is for.
Which stocks are comparable to Hernö Gin AB (publ)?
From the same area (Industrials) we also value Adecco Group, Korn Ferry,, Robert Half Inc, TriNet Group, 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 Hernö Gin AB (publ) stock attractive at the current price?
The data as of Sep 24, 2026: price kr 65.20, calculated fair value kr 120.34 (+85%), Quality Score 39/100, 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 CALVIK calculated?
We run Hernö Gin AB (publ) through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 120.34, 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 13.0 % above its aggregate fair value. Hernö Gin AB (publ) currently trades 85 % 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 Hernö Gin AB (publ) (CALVIK)?
The closing price on Sep 24, 2026 was kr 65.20. Our model-based fair value is kr 120.34, about +85% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hernö Gin AB (publ) right now?
The large discount to fair value meets weak quality (39/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (kr 79.42). The market is more pessimistic than our downside scenario. A fairly wide model range (kr 79.42 to kr 155.58) leaves room in how you read the outcome.
Key figures of Hernö Gin AB (publ)
How large is the market capitalisation of Hernö Gin AB (publ) (CALVIK)?
The market capitalisation of Hernö Gin AB (publ) is 390M SEK (≈ $39.3M). 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 Hernö Gin AB (publ) (CALVIK)?
The price-to-sales ratio of Hernö Gin AB (publ) is 0.97 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hernö Gin AB (publ) (CALVIK)?
Earnings per share at Hernö Gin AB (publ) are kr 0.7900 (price ÷ EPS = P/E 82.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Hernö Gin AB (publ) (CALVIK)?
The net margin of Hernö Gin AB (publ) is 1.2% (fiscal year 2025). 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 Hernö Gin AB (publ) (CALVIK)?
The return on equity (ROE) of Hernö Gin AB (publ) is 6.5% (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 Hernö Gin AB (publ) (CALVIK)?
On an EBIT basis the return on assets of Hernö Gin AB (publ) is 18.0% (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 Hernö Gin AB (publ) (CALVIK)?
The operating margin of Hernö Gin AB (publ) is 3.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hernö Gin AB (publ) (CALVIK)?
Revenue at Hernö Gin AB (publ) is growing +280% versus a year earlier (3y avg +217%). 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 Hernö Gin AB (publ) (CALVIK)?
Earnings per share at Hernö Gin AB (publ) are growing −60.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Hernö Gin AB (publ) (CALVIK) carry?
The net debt of Hernö Gin AB (publ) is 56.4M SEK (fiscal year 2025, ≈ 1.2 yrs of FCF). 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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