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CombinedX AB (CX) Fair Value & Analysis

Technology · SE · Market cap 740M SEK

CA CombinedX AB CX · ST
Pricekr 35.70
Fair Valuekr 38.71
Upside+8.4%
Quality95/100
Evidence: High Range kr 29.03 – kr 48.39

Fair value as of: Jun 24, 2026

From 24 valuation models · updated 5 days ago

Fair value updated Jun 24, 2026 — revised from kr 48.01 to kr 38.71 (−19.4%) since Jun 23, 2026. Share price −5.8% over the past month.

Price vs Fair Value (12 months)

kr 43.58 kr 27.92 Fair Value kr 38.71 Jun 2025 Jun 2026

12‑month range kr 27.92 – kr 43.58 · fair‑value band kr 29.03 – kr 48.39 · the kr 35.70 price screens below the kr 38.71 fair value. As of Jun 24, 2026.

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Analysis

CombinedX AB (CX) currently trades at kr 35.70, while our model-based Fair Value estimate is kr 38.71 — implying the stock looks roughly 8.4% undervalued today. We read business quality at 95/100 (high quality), in the Technology sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high) — always confirm before acting.

Over the trailing twelve months, CombinedX AB generated revenue of 968M SEK at a net margin of 3.6%. Revenue grew 8.0% year over year. It earns a return on equity of 7.5%. Net debt stands at 46.9M SEK. Fundamentals as of Jun 24, 2026

Key figures & financial health

Revenue (TTM) 968M SEK
Revenue growth (YoY) +8.0%
Net margin 3.6%
Return on equity 7.5%
Free cash flow 89.8M SEK FY2025
P/E ratio 21.1
More key figures
Operating margin 7.8%
EPS (TTM) kr 1.80
Dividend yield 2.7%
EPS growth (YoY) -19.9%
Net debt 46.9M SEK FY2025

Figures from reported company fundamentals (EODHD) · as of Jun 24, 2026. TTM = trailing twelve months.

About the company

CombinedX AB (publ) operates as an IT consulting company in Sweden and internationally. It offers digital business development and transformation, service design and customer experience, business systems and business processes, data analysis and decision support, automation and robotization, application development and life cycle management, digital workplace and identity management, managed infrastructure services and security, Internet of Things and AI, and customer relationship management services. The company was incorporated in 2013 and is headquartered in Karlstad, Sweden.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CombinedX AB reported revenue of kr 948M in FY2025 versus kr 560M in FY2021, a compound +14.1%/yr. Reported net income was kr 37.7M in FY2025, compounding −6.5%/yr from FY2021.

Revenue +14.1%/yr
FY21 kr 560M
FY22 kr 651M
FY23 kr 766M
FY24 kr 930M
FY25 kr 948M
Net income −6.5%/yr
FY21 kr 49.3M
FY22 kr 35.2M
FY23 kr 70.9M
FY24 kr 50.6M
FY25 kr 37.7M

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Similar stocks

6 more Information Technology Services stocks, each showing price versus our Fair Value estimate (as of Jun 24, 2026).

Stock Price Fair Value vs Fair Value
International Business Machines Corporation IBM $252.22 $147.06 -42%
Accenture plc ACN $170.50 $228.49 +34%
Tata Consultancy Services Limited TCS ₹2,199 ₹1,863 -15%
Infosys Limited INFY ₹1,065 ₹15.23 -99%
Fujitsu Limited FJTSF $20.73 $20.97 +1%
HCL Technologies Limited HCLTECH ₹1,132 ₹1,230 +9%

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Frequently asked questions

Is CombinedX AB (CX) undervalued?
As of Jun 24, 2026, our model estimates a fair value of kr 38.71 versus a price of kr 35.70 — about +8% (undervalued). Model-based estimate, not financial advice.
What is the fair value of CX?
Our 21-model fair value for CombinedX AB is kr 38.71 (as of Jun 24, 2026), built from audited fundamentals. The current price is kr 35.70.
What is the quality score of CX?
CombinedX AB has a Quality Score of 95/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of CombinedX AB (CX)?
CombinedX AB reported trailing-twelve-month revenue of about 968M SEK (latest available figure, as of Jun 24, 2026).
What is the net profit margin of CX?
The net profit margin of CombinedX AB is about 3.6%, meaning it keeps roughly 3.6% of revenue as net income. Based on the latest reported figures.
Does CombinedX AB pay a dividend?
CombinedX AB currently shows a dividend yield of about 2.65% relative to its recent price (as of Jun 24, 2026).

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.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.