CodeMill AB (CDMIL) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of CodeMill AB stock SEK 4.70, price SEK 14.10, that is 66.7% below the price, quality 43 out of 100. Rating: strongly overvalued. Calculated from audited financials with 14 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 4.03 – kr 22.35 · fair‑value band kr 4.04 – kr 5.36 · the kr 14.10 price screens above the kr 4.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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CodeMill AB (publ) provides media workflow applications in Sweden and internationally. It offers Accurate.
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Video, a web-based platform for video production created for media and other companies; Accurate Player SDK, a cloud based video player; and Cantemo, a media management platform that helps customers order and structure in their media library.
The company also provides digital services; and software development and technical services for video and media companies. CodeMill AB (publ) was incorporated in 2008 and is based in Umeå, Sweden.
Stock analysis
CodeMill AB (CDMIL) currently trades at kr 14.10, while our model-based Fair Value estimate is kr 4.70, 67% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 8.82 per share, and 3 of the 14 models we run sit above the kr 14.10 price.
Bear case: the Asset-Based group reads lowest at kr 1.22, and 11 of the 14 models stay below the price. Data coverage for this calculation is medium.
Scenario range: kr 4.04 (bear) to kr 5.36 (bull), the price of kr 14.10 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 43/100 (below-average quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
CodeMill AB reported revenue of 67.2M SEK in FY2025 versus 34.6M SEK in FY2021, a compound +18.0%/yr. Reported net income was −42.0K SEK in FY2025.
Key figures
Market cap 199M SEK (≈ $20.2M) Micro · P/E ratio 70.5 · P/S ratio 3.14 · EPS (TTM) kr 0.2000 · Dividend yield 3.6% · Net margin 4.3% · Return on equity 5.2% · Return on assets (EBIT) −6.6% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at 10% fair-value upside, at −67%, CDMIL screens richer than that median.
Fair Value models
Bearkr 4.04Fair Value kr 4.70Bullkr 5.36
Price kr 14.10 · Downside -66.7%
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 0.1715 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
−27.0%
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.
+5.4%
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.
+17.3%
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.
+5.2%
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Profit margin (trend) ⓘ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.
−48.4% (2020) → 2.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+17.4%
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 +15.2% 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 3/13 measures
Overall it trails its industry peers.
Valuation
Quality Score43 · Bottom 25%
Fair Value upside−66.7% · Bottom 25%
Profitability
Return on equity (12 months)5.2% · Above median
Return on assets−0.1% · Below median
Net margin (12 months)4.3% · Below median
Operating margin (12 months)5.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)−3.1% · Below median
Dividend yield (12 months)3.6% · Top 25%
Valuation Multiplesvs Software - Application median · lower = cheaper
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). "CodeMill AB Fair Value". https://www.fairvalue-calculator.com/stock/CDMIL
Frequently asked questions
Is CodeMill AB (CDMIL) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of kr 4.70 versus a price of kr 14.10, about 67% lower (overvalued).
What is the fair value of CDMIL?
Our model-based fair value for CodeMill AB is kr 4.70 (as of Nov 7, 2026), built from audited fundamentals. The current price: kr 14.10.
What is the quality score of CDMIL?
CodeMill AB has a Quality Score of 43/100. 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 CodeMill AB (CDMIL)?
Our model-based price target is the fair value of kr 4.70 (as of Nov 7, 2026) from 14 valuation models. Cautious scenario kr 4.04, optimistic scenario kr 5.36. It is a calculation from audited fundamentals, not an analyst target.
What is the CodeMill AB stock forecast for 2026?
Our models put fair value at kr 4.70, about 67% lower versus a price of kr 14.10 (overvalued). Cautious scenario kr 4.04, optimistic scenario kr 5.36. The calculation is refreshed regularly with new filings.
What is the revenue of CodeMill AB (CDMIL)?
CodeMill AB reported trailing-twelve-month revenue of about 63.4M SEK (latest available figure, as of Nov 7, 2026).
Does CodeMill AB pay a dividend?
CodeMill AB currently shows a dividend yield of 3.60% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of CodeMill AB (CDMIL)?
CodeMill AB has a dividend yield of 3.6%.
What growth is priced into CodeMill AB (CDMIL)?
For today's price to be fair in a discounted-cash-flow model, CodeMill AB would have to grow free cash flow by +17.4 % per year for five years (discount rate 8.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +17.3 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of CDMIL use?
Our models discount CodeMill AB at 8.8 %: a base by market capitalisation (nano), damped by beta 0.72, 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 CodeMill AB that is +17.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.8 %) and the same formula as our fair value.
How much growth has CodeMill AB (CDMIL) delivered so far?
Over the past 5 years revenue at CodeMill AB grew +17.3 % a year. The price currently implies free-cash-flow growth of +17.4 % 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 CodeMill AB (CDMIL) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into CodeMill AB (+17.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CodeMill AB (CDMIL)?
The free-cash-flow yield on the price is 2.46 %: that much free cash flow CodeMill AB produces per unit of market value. When it exceeds the discount rate of our models (8.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CodeMill AB (CDMIL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CodeMill AB it is kr 4.70 per share (as of Nov 7, 2026), against a price of kr 14.10. It is the blended result of 14 valuation models in 6 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is CodeMill AB stock overvalued or undervalued in 2026?
As of Nov 7, 2026, CDMIL trades above its calculated fair value: price kr 14.10, fair value kr 4.70, a gap of about −67% (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 CDMIL?
No. The price is what the market pays today (kr 14.10); the fair value is what the company's own numbers justify (kr 4.70). For CodeMill AB the two are kr 9.40 per share apart. That gap is exactly why we show both numbers side by side.
How much is CodeMill AB worth?
The market values CodeMill AB at about 199M SEK (market capitalisation, as of Nov 7, 2026). Per share that is kr 14.10; our models calculate a fair value of kr 4.70 per share.
What do the bullish and bearish scenarios say about CDMIL?
Our models span a range for CodeMill AB: cautious scenario kr 4.04, base kr 4.70, optimistic kr 5.36 per share (as of Nov 7, 2026, price kr 14.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CDMIL?
CodeMill AB trades at a price-to-earnings ratio of 70.5 (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 4.70 is built from several models across several years. Other multiples: P/B 4.0, P/S 3.1, EV/EBITDA 10.4.
How solid is the balance sheet of CodeMill AB (CDMIL)?
Balance-sheet figures for CodeMill AB (as of Nov 7, 2026): return on equity 5.2%. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is CDMIL from its 52-week high?
CodeMill AB trades at kr 14.10, about 19% below its 52-week high of kr 17.40 and 15% above the low of kr 12.25 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 4.70 is for.
Which stocks are comparable to CodeMill 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 CodeMill AB stock attractive at the current price?
The data as of Nov 7, 2026: price kr 14.10, calculated fair value kr 4.70 (−67%), Quality Score 43/100, from 14 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 CDMIL calculated?
We run CodeMill AB through 14 models from 6 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of kr 4.70 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. CodeMill 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 CodeMill AB (CDMIL)?
The closing price on Nov 6, 2026 was kr 14.10. Our model-based fair value is kr 4.70, about 67% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CodeMill AB right now?
The price sits above even our optimistic bull case (kr 5.36). The favourable scenario is already priced in. Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of CodeMill AB
How large is the market capitalisation of CodeMill AB (CDMIL)?
The market capitalisation of CodeMill AB is 199M SEK (≈ $20.2M). 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 CodeMill AB (CDMIL)?
The price-to-sales ratio of CodeMill AB is 3.14 (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 CodeMill AB (CDMIL)?
Earnings per share at CodeMill AB are kr 0.2000 (price ÷ EPS = P/E 70.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CodeMill AB (CDMIL)?
The dividend yield of CodeMill AB is 3.6%. 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 CodeMill AB (CDMIL)?
The net margin of CodeMill AB is 4.3% (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 CodeMill AB (CDMIL)?
The return on equity (ROE) of CodeMill AB is 5.2% (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 CodeMill AB (CDMIL)?
On an EBIT basis the return on assets of CodeMill AB is −6.6% (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 CodeMill AB (CDMIL)?
The operating margin of CodeMill AB is 5.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CodeMill AB (CDMIL)?
Revenue at CodeMill AB is growing −3.1% versus a year earlier (3y avg +5.4%). 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 CodeMill AB (CDMIL)?
Earnings per share at CodeMill AB are growing +2.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does CodeMill AB (CDMIL) hold?
CodeMill AB holds more cash than debt, 27.9M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Nov 7, 2026