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Concejo AB (CNCJO-B) Fair Value & Analysis

Industrials · SE · Market cap 561M SEK (≈ $58.8M) · ISIN SE0000236382

What is Concejo AB really worth?

CA Concejo AB CNCJO-B · ST
Pricekr 46.00
Fair Valuekr 48.95
Upside+6.4%
Quality71/100

A solid business, currently priced close to our fair value of kr 48.95.

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Strengths

Highly profitable · 37.8% net margin
Low debt · generates free cash flow
Ranks above peers (9/13)

Risks

!Mixed Growth (revenue 5y +15.3 %/yr)
!Moderate moat 51/100
!Evidence only medium, so the estimate is less certain

For context

·2.17% dividend yield
Evidence: Medium Range kr 46.14 – kr 53.49

Fair value as of: Aug 28, 2026

From 22 valuation models · updated 8 days ago

Share price −4.6% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • The price sits below our cautious bear case: the market assumes less than even our pessimistic scenario.
  • Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Price vs Fair Value (5 years)

kr 61.18 kr 20.81 Fair Value kr 48.95 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 28, 2026.

How to read this chart

60‑month range kr 20.81 – kr 61.18 · fair‑value band kr 46.14 – kr 53.49 · the kr 46.00 price screens below the kr 48.95 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

Concejo AB (CNCJO-B) currently trades at kr 46.00, while our model-based Fair Value estimate is kr 48.95, implying the stock looks roughly 6.0% fairly valued today. The Quality Score stands at 71/100 (solid quality), in the Industrials sector. Bull case: the Growth Earnings group reads highest at a median of kr 74.21 per share, and 8 of the 22 models we run sit above the kr 46.00 price. Bear case: the Earnings-Based group reads lowest at kr 6.71, and 14 of the 22 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Concejo AB generated revenue of 510M SEK at a net margin of 37.8%. Revenue declined 9.8% year over year. It earns a return on equity of 26.1%. The balance sheet holds a net cash position of 41.9M SEK. Fundamentals as of Aug 28, 2026

Our scenario range runs from kr 46.14 (bear case) to kr 53.49 (bull case); at kr 46.00, the current price sits below 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 about 9% below its 52-week high and 43% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at −29% fair-value upside, at 6%, CNCJO-B screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 10.52 per share, which is 21.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF best evidence kr 23.80 kr 29.04 kr 38.15 82
Growth DCF kr 24.35 kr 29.33 kr 37.31 80
Owner Earnings kr 58.94 kr 74.33 kr 101.16 78
All 22 models by family
DCF Models
FCF DCF best evidence kr 23.80 kr 29.04 kr 38.15 82
Owner Earnings kr 58.94 kr 74.33 kr 101.16 78
5Y Revenue Exit kr 14.64 kr 15.89 kr 17.71 74
5Y EBITDA Exit kr 24.32 kr 32.49 kr 43.48 76
5Y P/E Exit kr 49.24 kr 75.26 kr 106.58 70
10Y Revenue Exit kr 18.53 kr 19.90 kr 21.13 68
10Y EBITDA Exit kr 23.96 kr 29.49 kr 35.42 70
10Y P/E Exit kr 37.85 kr 54.20 kr 70.40 64
Earnings-Based
Graham-Dodd kr 31.76 kr 43.48 kr 50.49 67
EPV kr 6.59 kr 6.71 kr 6.81 74
Multiples
P/E Multiple kr 73.57 kr 98.09 kr 122.61 63
P/S Multiple kr 59.55 kr 79.40 kr 99.26 58
P/B Multiple kr 59.55 kr 79.40 kr 99.26 55
EV/EBIT kr 8.54 kr 9.48 kr 10.43 66
EV/EBITDA kr 27.84 kr 35.22 kr 42.60 67
EV/Revenue kr 7.72 kr 8.59 kr 9.46 54
Asset-Based
NCAV (Graham) kr 28.54 kr 38.25 kr 57.09 54
Growth DCF
Growth DCF kr 24.35 kr 29.33 kr 37.31 80
Rev-Margin DCF kr 14.64 kr 16.36 kr 18.80 74
Economic Profit
Residual Income kr 44.91 kr 47.15 kr 49.92 76
ROIC Compounder kr 6.59 kr 6.71 kr 6.81 72
Growth Earnings
Growth-Adj P/E kr 51.95 kr 74.21 kr 96.47 67

Widest divergence: Growth Earnings (kr 74.21) versus Earnings-Based (kr 6.71). Highest evidence: FCF DCF (82).

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Key figures & financial health

P/E ratio 2.9 as of Jul 13, 2026
P/S ratio 0.28 P/E × margin
EPS (TTM) kr 16.52 price ÷ EPS = P/E 2.9
Dividend yield 2.2% payout 6.1%
Net margin 9.7% FY2025
Return on equity 26.1% TTM
More key figures
Profitability
Return on assets (EBIT) −0.3% avg 5y
Operating margin −9.7% TTM
Growth
Revenue (TTM) 510M SEK TTM
Revenue growth (YoY) −9.8% 3y avg +12.0%
EPS growth (YoY) +29.1%
Balance sheet & cash flow
Free cash flow 23.8M SEK FY2025
Net cash 41.9M SEK FY2025

Figures from reported company fundamentals · as of Aug 28, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 66 · Market factors (momentum, volatility) 56

Profitability 45
Margins and returns on capital today
Quality Growth 75
Are margins and returns improving?
Cashflow 39
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 55
Distance to the 52-week high (market factor)
Net Issuance 100
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Concejo AB (publ) engages in the design and delivery of safety systems for active firefighting. It operates through Concejo Industries and SBF Fonder segments.

Full company description

Concejo AB (publ) engages in the design and delivery of safety systems for active firefighting. It operates through Concejo Industries and SBF Fonder segments. The company offers preventive, detection, alarm, firefighting, and support system solutions; testing and system maintenance; spare parts; and consulting services, such as technical calculation, design, risk analysis, and training services. It also provides optical gas detectors; fluorine-free and biodegradable firefighting foam; and ship logs, marine tachographs, and positioning systems. In addition, the company operates as a manager of alternative investment ¬funds that offers investors co-ownership in Swedish residential properties. It serves the oil and gas, marine, mining, energy and power, aerospace, and petrochemical plant industries. The company operates in Sweden, Norway, Turkey, the Netherlands, Spain, Greece, Italy, France, Germany, Great Britain, rest of Europe, Canada, the United States, Mexico, South Korea, Singapore, Japan, India, China, Kazakhstan, the United Arab Emirates, rest of Asia, Nigeria, Morocco, rest of Africa, Australia, Brazil, and rest of South America. The company was formerly known as Consilium AB (publ) and changed its name to Concejo AB (publ) in December 2020. The company was incorporated in 1993 and is headquartered in Nacka, Sweden. Concejo AB (publ) operates as a subsidiary of Platanen Holding Ab.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Concejo AB reported revenue of 522M SEK in FY2025 versus 261M SEK in FY2021, a compound +18.9%/yr. Reported net income was 50.4M SEK in FY2025.

Growth Quality 80/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
522M SEK
Latest YoY
−9.4%
Avg. revenue 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.
+12.0%
Avg. revenue 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.
+15.3%
Avg. revenue growth/yr (17Y) 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.
−3.4%
Value creation/yr (3Y) Earnings growth per share (CAGR 3 years) plus dividend yield: value created per share and year.
+51.6% (49.4 + 2.2)
Revenue +18.9%/yr
FY21 261M SEK
FY22 372M SEK
FY23 535M SEK
FY24 576M SEK
FY25 522M SEK
Net income
FY21 −20.7M SEK
FY22 −192M SEK
FY23 16.3M SEK
FY24 −46.4M SEK
FY25 50.4M SEK
Character of growth · EPS growth decomposed (2014-2025) −5.6 % p.a.
Revenue per share −10.5 %

of which total revenue −10.9 % · buybacks/dilution +0.4 %

EBIT margin −10.8 %
Tax rate +2.8 %
Residual (interest, one-offs) +15.0 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Concejo AB Fair Value". https://www.fairvalue-calculator.com/stock/CNCJO-B

Peer Group

Building Products & Equipment · 242 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 71 · Top 25%
Fair Value upside +6% · Above median
Return on equity (TTM) 26% · Top 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) 38% · Top 25%
Operating margin (TTM) −10% · Bottom 25%
Revenue growth −10% · Bottom 25%
Dividend yield (TTM) 2.2% · Above median
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Building Products & Equipment median · lower = cheaper

P/E (TTM) 2.9× · Cheaper than 75% of peers
P/B 0.91× · Cheaper than median
P/S (TTM) 1.10× · Pricier than median
P/FCF 2.5× · Cheaper than median

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE42 · sector 2
FUTURE0 · sector 11
PAST100 · sector 25
HEALTH99 · sector 95
DIVIDEND43 · sector 41

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

Similar stocks

10 more Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock Price Fair Value vs Fair Value
Trane Technologies plc TT $454.31 $208.50 −54%
Johnson Controls International plc JCI $142.23 $44.75 −69%
Carrier Global Corporation CARR $57.25 $16.85 −71%
Compagnie de Saint-Gobain S.A SGO €81.20 €97.97 +21%
Geberit AG GEBN CHF 577.80 CHF 307.66 −47%
Lennox International Inc LII $377.25 $363.09 −4%
Kingspan Group KRX €87.30 €66.79 −23%
Masco Corporation MAS $74.64 $53.22 −29%
Carlisle Companies Incorporated CSL $356.53 $340.70 −4%
BELIMO Holding BEAN CHF 878.50 CHF 227.18 −74%

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Frequently asked questions

Is Concejo AB (CNCJO-B) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of kr 48.95 versus a price of kr 46.00, about +6% upside (fairly valued).
What is the fair value of CNCJO-B?
Our model-based fair value for Concejo AB is kr 48.95 (as of Aug 28, 2026), built from audited fundamentals. The current price: kr 46.00.
What is the quality score of CNCJO-B?
Concejo AB has a Quality Score of 71/100. 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 Concejo AB (CNCJO-B)?
Concejo AB reported trailing-twelve-month revenue of about 510M SEK (latest available figure, as of Aug 28, 2026).
What is the net profit margin of CNCJO-B?
The net profit margin of Concejo AB is about 37.8%, meaning it keeps roughly 37.8% of revenue as net income. Based on the latest reported figures.
Does Concejo AB pay a dividend?
Concejo AB currently shows a dividend yield of about 2.17% relative to its recent price (as of Aug 28, 2026).
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