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Eolus Aktiebolag (publ) primarily (EOLU-B) Fair Value & Analysis

Utilities · SE · Market cap 1.0B SEK (≈ $107M) · ISIN SE0007075056

What is Eolus Aktiebolag (publ) primarily really worth?

EA Eolus Aktiebolag (publ) primarily EOLU-B · ST
Pricekr 46.45
Fair Valuekr 29.74
Upside−36.0%
Quality67/100

A solid business, but trading 56% above our fair value of kr 29.74.

As of Aug 28, 2026, the fair value of Eolus Aktiebolag (publ) primarily is kr 29.74 per share against a price of kr 46.45, so the fair value sits 36% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Low debt · generates free cash flow

Risks

!Mixed Growth (revenue 5y +23.0 %/yr)
!Loss-making · -10.7% net margin
!Mixed vs. peers (7/12)
!Narrow moat 34/100
!Evidence only low, so the estimate is less certain

For context

·4.84% dividend yield
Evidence: Low Range kr 20.82 – kr 38.66

Fair value as of: Aug 28, 2026

From 7 valuation models · updated 8 days ago

Fair value updated Aug 28, 2026, revised from kr 30.02 to kr 29.74 (−0.9%) since Aug 13, 2026. Share price +28.0% 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 above even our optimistic bull case (kr 38.66). The favourable scenario is already priced in.
  • 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 but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (kr 20.82 to kr 38.66) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

kr 191.99 kr 33.30 Fair Value kr 29.74 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 33.30 – kr 191.99 · fair‑value band kr 20.82 – kr 38.66 · the kr 46.45 price screens above the kr 29.74 fair value. Dashed = 300-day average. As of Aug 28, 2026.

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Analysis

Eolus Aktiebolag (publ) primarily (EOLU-B) currently trades at kr 46.45, while our model-based Fair Value estimate is kr 29.74, implying the stock looks roughly 56.2% overvalued today. The Quality Score stands at 67/100 (solid quality), in the Utilities sector. How firm this estimate is: it rests on 7 models at a data quality of 90/100, which puts the evidence level at low.

Over the trailing twelve months, Eolus Aktiebolag (publ) primarily generated revenue of 2.5B SEK at a net margin of −10.7%. Revenue declined 68.3% year over year. It earns a return on equity of −18.1%. The balance sheet holds a net cash position of 3.0M SEK. Fundamentals as of Aug 28, 2026

Our scenario range runs from kr 20.82 (bear case) to kr 38.66 (bull case); at kr 46.45, 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 about 18% below its 52-week high and 40% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −12% fair-value upside, at −36%, EOLU-B screens richer than that median.

Fair Value models

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 kr 1,028 kr 1,500 kr 2,912 77
Growth DCF kr 963.18 kr 1,598 kr 2,766 76
5Y Revenue Exit kr 485.30 kr 700.66 kr 1,140 71
All 7 models by family
DCF Models
FCF DCF kr 1,028 kr 1,500 kr 2,912 77
5Y Revenue Exit kr 485.30 kr 700.66 kr 1,140 71
10Y Revenue Exit kr 663.26 kr 1,134 kr 1,338 67
Multiples
EV/Revenue kr 209.75 kr 299.29 kr 388.84 53
Asset-Based
NCAV (Graham) kr 24.27 kr 32.53 kr 48.55 54
Growth DCF
Growth DCF kr 963.18 kr 1,598 kr 2,766 76
Rev-Margin DCF kr 495.20 kr 803.06 kr 1,390 70

Widest divergence: DCF Models (kr 1,134) versus Asset-Based (kr 32.53). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/S ratio 0.41 TTM
EPS (TTM) kr −10.92
Dividend yield 4.8%
Net margin −8.8% FY2025
Return on equity −18.1% TTM
Return on assets (EBIT) 4.9% avg 5y
More key figures
Profitability
Operating margin 33.9% TTM
Growth
Revenue (TTM) 2.5B SEK TTM
Revenue growth (YoY) −68.3% 3y avg +18.4%
EPS growth (YoY) +82.2%
Balance sheet & cash flow
Free cash flow 1.8B SEK FY2025
Net cash 3.0M SEK FY2025

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

Quality Score breakdown

Overall quality 67/100

Of which business quality 68 · Market factors (momentum, volatility) 56

Profitability 20
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 84
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 51
Distance to the 52-week high (market factor)
Net Issuance 83
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

Eolus Aktiebolag (publ) primarily engages in the development, construction, and operation of renewable energy assets in the Nordics region, the Baltics states, Poland, Spain, and the United States. It operates through Project Development and Asset Management segments.

Full company description

Eolus Aktiebolag (publ) primarily engages in the development, construction, and operation of renewable energy assets in the Nordics region, the Baltics states, Poland, Spain, and the United States. It operates through Project Development and Asset Management segments. The company engages in the project development, divestment, and establishment of facilities for renewable electricity generation and energy storage; and provision of technical consultancy services for renewable energy stakeholders. It also offers asset management services for renewable electricity generation and energy storage facilities. As of December 31, 2025, the company's portfolio includes 6,409 megawatt (MW) onshore wind; 1,000 MW offshore wind; 3,102 MW energy storage; and 5,309 MW solar power plants. The company was formerly known as Eolus Vind AB (publ) and change its name to Eolus Aktiebolag (publ) in June 2025. The company was incorporated in 1990 and is headquartered in Hässleholm, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Eolus Aktiebolag (publ) primarily reported revenue of 3.9B SEK in FY2025 versus 2.6B SEK in FY2021, a compound +10.6%/yr. Reported net income was −346M SEK in FY2025.

Growth Quality 59/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.9B SEK
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.
+18.4%
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.
+23.0%
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.
+13.7%
EBIT 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.
15.8% (2020) → −8.6% (2025)
Value creation/yr 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
Revenue +10.6%/yr
FY21 2.6B SEK
FY22 2.4B SEK
FY23 2.3B SEK
FY24 851M SEK
FY25 3.9B SEK
Net income
FY21 −24.0M SEK
FY22 117M SEK
FY23 572M SEK
FY24 155M SEK
FY25 −346M SEK
Character of growth · EPS growth decomposed (2014-2025) +13.6 % p.a.
Revenue per share +5.9 %

of which total revenue +5.9 % · buybacks/dilution +0.0 %

EBIT margin +7.6 %
Tax rate −4.1 %
Residual (interest, one-offs) +4.0 %

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).

EOLU-B screens 56% overvalued. Compare with China Yangtze Power Co →

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Cite: Fair Value Calculator (2026). "Eolus Aktiebolag (publ) primarily Fair Value". https://www.fairvalue-calculator.com/stock/EOLU-B

Peer Group

Utilities - Renewable · 212 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 67 · Top 25%
Fair Value upside −36% · Below median
Return on assets −7% · Bottom 25%
Net margin (TTM) −11% · Bottom 25%
Operating margin (TTM) 34% · Top 25%
Revenue growth −68% · Bottom 25%
Dividend yield (TTM) 4.8% · Top 25%
Debt / equity 0.47× · Lower than median

Valuation Multiples vs Utilities - Renewable median · lower = cheaper

P/B 0.09× · Cheaper than 75% of peers
P/S (TTM) 0.04× · Cheaper than 75% of peers
P/FCF 0.1× · Cheaper than 75% of peers

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
VALUE0 · sector 5
FUTURE0 · sector 0
PAST0 · sector 14
HEALTH77 · sector 68
DIVIDEND97 · sector 44

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

Similar stocks

10 more Utilities - Renewable stocks, each showing price versus our Fair Value estimate (as of Aug 28, 2026).

Stock Price Fair Value vs Fair Value
China Yangtze Power Co 600900 ¥27.96 ¥25.13 −10%
Ørsted A/S ORSTED kr 139.25 kr 31.40 −77%
Huaneng Lancang River Hydropower Inc 600025 ¥9.79 ¥5.57 −43%
Adani Green Energy Limited ADANIGREEN ₹1,319 ₹169.61 −87%
AXIA Energia SA AXIAP $10.74 $9.49 −12%
VERBUND AG VER €59.65 €55.03 −8%
BEP BEP $31.27 $70.40 +125%
BEPUN BEPUN C$45.05 C$42.83 −5%
Fortum Oyj FORTUM €19.80 €13.55 −32%
China Longyuan Power Group 001289 ¥15.92 ¥7.55 −53%

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Frequently asked questions

Is Eolus Aktiebolag (publ) primarily (EOLU-B) overvalued or undervalued?
As of Aug 28, 2026, our model estimates a fair value of kr 29.74 versus a price of kr 46.45, about −36% upside (overvalued).
What is the fair value of EOLU-B?
Our model-based fair value for Eolus Aktiebolag (publ) primarily is kr 29.74 (as of Aug 28, 2026), built from audited fundamentals. The current price: kr 46.45.
What is the quality score of EOLU-B?
Eolus Aktiebolag (publ) primarily has a Quality Score of 67/100. 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 Eolus Aktiebolag (publ) primarily (EOLU-B)?
Eolus Aktiebolag (publ) primarily reported trailing-twelve-month revenue of about 2.5B SEK (latest available figure, as of Aug 28, 2026).
What is the net profit margin of EOLU-B?
The net profit margin of Eolus Aktiebolag (publ) primarily is about −10.7%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Eolus Aktiebolag (publ) primarily pay a dividend?
Eolus Aktiebolag (publ) primarily currently shows a dividend yield of about 4.84% relative to its recent price (as of Aug 28, 2026).
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