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Calviks AB (CALVIK) Fair Value & Analysis

Industrials · Market cap 390M SEK

CA Calviks AB CALVIK · ST
Pricekr 77.80
Fair Valuekr 52.05
Upside-33.1%
Quality39/100
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Healthy Growth
Thin margins · 0.3% net margin
High debt · generates free cash flow
Trails peers (5/13)
Narrow moat 35/100
Evidence: High Range kr 39.03 – kr 65.06 Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 22 days ago

Below-average quality, and screening another 33% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 65.06). The favourable scenario is already priced in.
  • Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (14 months)

kr 85.00 kr 29.10 Fair Value kr 52.05 Jun 2025 Aug 2026

White line = price, green steps = our fair value per fiscal year. As of Jul 19, 2026.

How to read this chart

14‑month range kr 29.10 – kr 85.00 · fair‑value band kr 39.03 – kr 65.06 · the kr 77.80 price screens above the kr 52.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Jul 19, 2026.

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Analysis

Calviks AB (CALVIK) currently trades at kr 77.80, while our model-based Fair Value estimate is kr 52.05, implying the stock looks roughly 33.1% overvalued today. The Quality Score stands at 39/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Calviks AB generated revenue of 1.7B SEK at a net margin of 0.3%. Revenue grew 279.6% year over year. It earns a return on equity of 6.5%. Net debt stands at 56.4M SEK. Fundamentals as of Jul 19, 2026

Our scenario range runs from kr 39.03 (bear case) to kr 65.06 (bull case); at kr 77.80, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 206% 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 -33%, CALVIK screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
Highest evidence
Growth DCF kr 96.33 kr 174.04 kr 296.15 80
Residual Income kr 17.56 kr 22.28 kr 54.07 76
Rev-Margin DCF kr 87.01 kr 158.74 kr 309.13 74
All 24 models by family
DCF Models
FCF DCF kr 103.53 kr 155.88 kr 312.36 38
Owner Earnings kr 71.90 kr 160.12 kr 323.82 31
5Y Revenue Exit kr 78.13 kr 137.47 kr 261.21 39
5Y EBITDA Exit kr 104.42 kr 190.56 kr 359.35 41
5Y P/E Exit kr 57.93 kr 120.81 kr 202.87 38
10Y Revenue Exit kr 84.50 kr 183.57 kr 242.57 36
10Y EBITDA Exit kr 104.70 kr 235.19 kr 459.64 37
10Y P/E Exit kr 73.68 kr 143.89 kr 251.11 35
Earnings-Based
Graham-Dodd kr 19.83 kr 138.27 kr 194.04 54
Lynch FV kr 71.43 kr 102.05 kr 132.66 50
PEG = 1.0 kr 71.43 kr 102.05 kr 132.66 46
EPV kr 38.65 kr 45.33 kr 50.90 59
Multiples
P/E Multiple kr 45.92 kr 61.23 kr 76.54 63
P/S Multiple kr 37.17 kr 49.57 kr 61.96 58
P/B Multiple kr 37.17 kr 49.57 kr 61.96 55
EV/EBIT kr 87.97 kr 120.74 kr 153.51 53
EV/EBITDA kr 102.91 kr 140.66 kr 178.41 54
EV/Revenue kr 59.82 kr 89.90 kr 119.97 43
Asset-Based
NCAV (Graham) kr 9.11 kr 12.21 kr 18.22 50
Growth DCF
Growth DCF kr 96.33 kr 174.04 kr 296.15 80
Rev-Margin DCF kr 87.01 kr 158.74 kr 309.13 74
Economic Profit
Residual Income kr 17.56 kr 22.28 kr 54.07 76
ROIC Compounder kr 52.66 kr 83.66 kr 99.90 72
Growth Earnings
Growth-Adj P/E kr 93.44 kr 133.48 kr 173.52 68

Widest divergence: Growth DCF (kr 158.74) versus Asset-Based (kr 12.21). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 1.7B SEK
Revenue growth (YoY) +280%
Net margin 0.3%
Return on equity 6.5%
Free cash flow 45.6M SEK FY2025
P/E ratio 68.4
More key figures
Operating margin 3.5%
EPS (TTM) kr 0.7900
EPS growth (YoY) -60.1%
Net debt 56.4M SEK FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 39/100

Of which business quality 43 · Market factors (momentum, volatility) 81

Profitability 47
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 42
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 52
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 81
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Calviks AB reported revenue of kr 1.3B in FY2025 versus kr 25.8M in FY2021, a compound +169.0%/yr. Reported net income was kr 15.9M in FY2025, compounding +27.2%/yr from FY2021.

Growth Quality 85/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
1.3B SEK
Latest YoY
+231.4%
Avg. growth/yr (3Y) 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.
+217.2%
Avg. growth/yr (5Y) 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.
+145.7%
Revenue +169.0%/yr
FY21 kr 25.8M
FY22 kr 42.3M
FY23 kr 73.8M
FY24 kr 407M
FY25 kr 1.3B
Net income +27.2%/yr
FY21 kr 6.1M
FY22 kr 7.1M
FY23 kr 1.5M
FY24 kr 12.6M
FY25 kr 15.9M

CALVIK screens 33% overvalued. Compare with Adecco Group →

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Cite: Fair Value Calculator (2026). "Calviks AB Fair Value". https://www.fairvalue-calculator.com/stock/CALVIK

Peer Group

Staffing & Employment Services · 85 stocks

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.

Quality Score 39 · Bottom 25%
Fair Value upside −33% · Bottom 25%
Return on equity (TTM) 6% · Below median
Return on assets 6% · Top 25%
Net margin (TTM) 0% · Below median
Operating margin (TTM) 3% · Above median
Revenue growth 280% · Top 25%
Debt / equity 1.62× · Higher than 75% of peers

Valuation Multiples vs Staffing & Employment Services median · lower = cheaper

P/E (TTM) 90.6× · Pricier than 75% of peers
P/B 3.93× · Pricier than 75% of peers
P/S (TTM) 0.23× · Cheaper than median
P/FCF 0.9× · Cheaper than 75% of peers
EV/EBITDA 7.5× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 41
FUTURE 100 · sector 1
PAST 26 · sector 36
HEALTH 19 · sector 95
DIVIDEND 0 · sector 60

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Staffing & Employment Services stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
Adecco Group ADEN CHF 20.46 CHF 23.73 +16%
Korn Ferry, KFY $78.61 $114.56 +46%
Robert Half Inc RHI $36.70 $22.10 -40%
TriNet Group TNET $57.56 $70.85 +23%
ManpowerGroup Inc MAN $39.02 $29.67 -24%
Insperity, Inc NSP $49.48 $17.34 -65%
FESCO Group 600861 ¥13.24 ¥45.46 +243%
Grupa Pracuj S.A GPP 47.40 PLN 65.45 PLN +38%
Barrett Business Services, Inc BBSI $37.43 $38.42 +3%
Maharah for Human Resources Company 1831 5.36 SAR 6.92 SAR +29%

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Frequently asked questions

Is Calviks AB (CALVIK) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of kr 52.05 versus a price of kr 77.80, about −33% (overvalued).
What is the fair value of CALVIK?
Our model-based fair value for Calviks AB is kr 52.05 (as of Jul 19, 2026), built from audited fundamentals. The current price is kr 77.80.
What is the quality score of CALVIK?
Calviks AB 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 revenue of Calviks AB (CALVIK)?
Calviks AB reported trailing-twelve-month revenue of about 1.7B SEK (latest available figure, as of Jul 19, 2026).
What is the net profit margin of CALVIK?
The net profit margin of Calviks AB is about 0.3%, meaning it keeps roughly 0.3% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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