Teneo AI AB (publ) (EMB) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Teneo AI AB (publ) SEK 0.80, price SEK 0.45, upside +77.8%, quality 57 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
60‑month range kr 0.2520 – kr 3.30 · fair‑value band kr 0.5600 – kr 1.03 · the kr 0.4500 price screens below the kr 0.8000 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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EMB Mission Bound AB (publ), together with its subsidiaries, engages in the development of online gaming technology in Sweden and internationally. It offers slot game development, platform development, white label solutions, game content aggregation, payment solutions, UI/UX design, and digital marketing services.
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EMB Mission Bound AB (publ), together with its subsidiaries, engages in the development of online gaming technology in Sweden and internationally. It offers slot game development, platform development, white label solutions, game content aggregation, payment solutions, UI/UX design, and digital marketing services. The company was formerly known as Embark Group AB (publ) and changed its name to EMB Mission Bound AB (publ) in January 2025. EMB Mission Bound AB (publ) was incorporated in 2019 and is based in Stockholm, Sweden.
Stock analysis
Teneo AI AB (publ) (EMB) currently trades at kr 0.4500, while our model-based Fair Value estimate is kr 0.8000, implying the stock looks roughly 43.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 1.18 per share, and 18 of the 24 models we run sit above the kr 0.4500 price.
Bear case: the Asset-Based group reads lowest at kr 0.1000, and 6 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 0.5600 (bear) to kr 1.03 (bull), the price of kr 0.4500 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 57/100 (solid quality), in the Communication Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Teneo AI AB (publ) reported revenue of 166M SEK in FY2025 versus 1.9M SEK in FY2021, a compound +204.5%/yr. Reported net income was 5.2M SEK in FY2025.
Key figures
Market cap 173M SEK (≈ $17.4M) · P/E ratio 11.3 · P/S ratio 0.35 · EPS (TTM) kr 0.0400 · Net margin 3.1% · Return on equity 24.5% · Return on assets (EBIT) −67.2% · Operating margin 13.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 56% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 50% fair-value upside, at 78%, EMB screens cheaper than that median.
Fair Value models
Bear kr 0.5600Fair Value kr 0.8000Bull kr 1.03
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 0.0294 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.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+79.9%
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.
+220.8%
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.
+366.1%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
−5,701.4% (2020) → 6.4% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
not computed
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).
−5.4%
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 −7.2% 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.Electronic Gaming & Multimedia · 149 stocks
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). "Teneo AI AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/EMB
Frequently asked questions
Is Teneo AI AB (publ) (EMB) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 0.8000 versus a price of kr 0.4500, about +78% upside (undervalued).
What is the fair value of EMB?
Our model-based fair value for Teneo AI AB (publ) is kr 0.8000 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 0.4500.
What is the quality score of EMB?
Teneo AI AB (publ) has a Quality Score of 57/100. 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 Teneo AI AB (publ) (EMB)?
Our model-based price target is the fair value of kr 0.8000 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 0.5600, optimistic scenario kr 1.03. It is a calculation from audited fundamentals, not an analyst target.
What is the Teneo AI AB (publ) stock forecast for 2026?
Our models put fair value at kr 0.8000, about +78% upside versus a price of kr 0.4500 (undervalued). Cautious scenario kr 0.5600, optimistic scenario kr 1.03. The calculation is refreshed regularly with new filings.
What is the revenue of Teneo AI AB (publ) (EMB)?
Teneo AI AB (publ) reported trailing-twelve-month revenue of about 166M SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into Teneo AI AB (publ) (EMB)?
For today's price to be fair in a discounted-cash-flow model, Teneo AI AB (publ) would have to grow free cash flow by -5.4 % per year for five years (discount rate 9.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +366.1 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of EMB use?
Our models discount Teneo AI AB (publ) at 9.5 %: a base by market capitalisation (nano), 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 Teneo AI AB (publ) that is -5.4 % per year a year over ten years, using the same discount rate (9.5 %) and the same formula as our fair value.
How much growth has Teneo AI AB (publ) (EMB) delivered so far?
Over the past 5 years revenue at Teneo AI AB (publ) grew +366.1 % a year. The price currently implies -5.4 % 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 Teneo AI AB (publ) (EMB) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into Teneo AI AB (publ) (-5.4 % 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 Teneo AI AB (publ) (EMB)?
The free-cash-flow yield on the price is 10.71 %: that much free cash flow Teneo AI AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (9.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Teneo AI AB (publ) (EMB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Teneo AI AB (publ) it is kr 0.8000 per share (as of Sep 24, 2026), against a price of kr 0.4500. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Teneo AI AB (publ) stock overvalued or undervalued in 2026?
As of Sep 24, 2026, EMB trades below its calculated fair value: price kr 0.4500, fair value kr 0.8000, a gap of about +78% (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 EMB?
No. The price is what the market pays today (kr 0.4500); the fair value is what the company's own numbers justify (kr 0.8000). For Teneo AI AB (publ) the two are kr 0.3500 per share apart. That gap is exactly why we show both numbers side by side.
How much is Teneo AI AB (publ) worth?
The market values Teneo AI AB (publ) at about 173M SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 0.4500; our models calculate a fair value of kr 0.8000 per share.
What do the bullish and bearish scenarios say about EMB?
Our models span a range for Teneo AI AB (publ): cautious scenario kr 0.5600, base kr 0.8000, optimistic kr 1.03 per share (as of Sep 24, 2026, price kr 0.4500). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of EMB?
Teneo AI AB (publ) trades at a price-to-earnings ratio of 11.3 (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 0.8000 is built from several models across several years. Other multiples: P/B 3.8, P/S 1.0, EV/EBITDA 5.9.
How solid is the balance sheet of Teneo AI AB (publ) (EMB)?
Balance-sheet figures for Teneo AI AB (publ) (as of Sep 24, 2026): return on equity 24.5%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is EMB from its 52-week high?
Teneo AI AB (publ) trades at kr 0.4500, about 56% below its 52-week high of kr 1.03 and at the low of kr 0.4480 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 0.8000 is for.
Which stocks are comparable to Teneo AI AB (publ)?
From the same area (Communication Services) we also value Konami Group, NetEase, Inc, Take-Two Interactive Software, Inc, Roblox Corporation, 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 Teneo AI AB (publ) stock attractive at the current price?
The data as of Sep 24, 2026: price kr 0.4500, calculated fair value kr 0.8000 (+78%), Quality Score 57/100, 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 EMB calculated?
We run Teneo AI 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 0.8000, 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. Teneo AI AB (publ) currently trades 78 % 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 Teneo AI AB (publ) (EMB)?
The closing price on Sep 24, 2026 was kr 0.4500. Our model-based fair value is kr 0.8000, about +78% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Teneo AI AB (publ) right now?
The price is below even our cautious bear case (kr 0.5600). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (57/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 0.5600 to kr 1.03) leaves room in how you read the outcome.
Key figures of Teneo AI AB (publ)
How large is the market capitalisation of Teneo AI AB (publ) (EMB)?
The market capitalisation of Teneo AI AB (publ) is 173M SEK (≈ $17.4M). 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 Teneo AI AB (publ) (EMB)?
The price-to-sales ratio of Teneo AI AB (publ) is 0.35 (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 Teneo AI AB (publ) (EMB)?
Earnings per share at Teneo AI AB (publ) are kr 0.0400 (price ÷ EPS = P/E 11.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Teneo AI AB (publ) (EMB)?
The net margin of Teneo AI AB (publ) is 3.1% (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 Teneo AI AB (publ) (EMB)?
The return on equity (ROE) of Teneo AI AB (publ) is 24.5% (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 Teneo AI AB (publ) (EMB)?
On an EBIT basis the return on assets of Teneo AI AB (publ) is −67.2% (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 Teneo AI AB (publ) (EMB)?
The operating margin of Teneo AI AB (publ) is 13.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Teneo AI AB (publ) (EMB)?
Revenue at Teneo AI AB (publ) is growing +2.2% versus a year earlier (3y avg +221%). 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 Teneo AI AB (publ) (EMB)?
Earnings per share at Teneo AI AB (publ) are growing +10.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Teneo AI AB (publ) (EMB) carry?
The net debt of Teneo AI AB (publ) is 11.2M SEK (fiscal year 2025, ≈ 0.8 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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