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First Venture Sweden AB Series B (FIRST-B) fair value: what the stock is really worth

As of Oct 19, 2026: fair value (intrinsic value) of First Venture Sweden AB Series B stock SEK 2.10, price SEK 1.31, upside +60.3%, quality 52 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Financial Services · SE · ISIN SE0016075451

FV First Venture Sweden AB Series B logo Thin data Oct 3, 2026

First Venture Sweden AB Series B

FIRST-B · ST

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

The stock costs 38% less than our calculation considers fair.

Fair value kr 2.10 · Strongly undervalued (+60.3%)
Quality 52/100
Mixed Growth (revenue 5y +311.8 %/yr in SEK)
Negative free cash flow
Trails peers (2/6)
Narrow moat 12/100
Thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

kr 8.62 kr 1.25 Fair Value kr 2.10 Jul 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.

How to read this chart

60‑month range kr 1.25 – kr 8.62 · fair‑value band kr 1.57 – kr 2.62 · the kr 1.31 price screens below the kr 2.10 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.

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Company profile

First Venture Sweden AB (publ) is a private equity and venture capital firm specializes in middle market, turnaround, seed/startup, early venture, mid venture, late venture, bridge financing and growth capital investments.

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The firm focuses on the technology, health, and sustainability businesses in Sweden. The firm prefers to invest between $0.1 million to $5 million in equity per transaction having maximum enterprise value upto $50 million. It prefer to take minority stake.

First Venture Sweden AB (publ) was founded in 2006 and is based in Stockholm, Sweden.

Stock analysis

First Venture Sweden AB Series B (FIRST-B) currently trades at kr 1.31, while our model-based Fair Value estimate is kr 2.10, implying the stock looks roughly 37.6% undervalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at low.

Scenario range: kr 1.57 (bear) to kr 2.62 (bull), the price of kr 1.31 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 52/100 (solid quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

First Venture Sweden AB Series B reported revenue of −2.6M SEK in FY2025 versus −1.8M SEK in FY2021. Reported net income was −34.8M SEK in FY2025.

Key figures

Market cap 69.2M SEK (≈ $7.0M) Micro · EPS (TTM) kr −0.6300 · Return on equity −23.4% · Return on assets (EBIT) −5.8% · Revenue (TTM) 19.0K SEK · Free cash flow −14.8M SEK · Net cash 8.0M SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (medium confidence).

What moves the price

The share trades about 37% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −12% fair-value upside, at 60%, FIRST-B screens cheaper than that median.

Fair Value models

Bear kr 1.57 Fair Value kr 2.10 Bull kr 2.62
Price kr 1.31 · Upside +60.3%
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. 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.
Best data coverage
P/B Multiple kr 1.85 kr 2.47 kr 3.08 55
NCAV (Graham) kr 0.2200 kr 0.3400 kr 0.4200 52
All 2 models by family
Multiples
P/B Multiple kr 1.85 kr 2.47 kr 3.08 55
Asset-Based
NCAV (Graham) kr 0.2200 kr 0.3400 kr 0.4200 52

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 52/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 20
How much profit the company makes from its sales and capital
Quality Growth 38
Are margins and returns getting better?
Cashflow 75
Do the profits arrive as real cash?
Financial strength 79
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 47
How calm the share price moves, does not count
Momentum 27
Price trend of the last 3 to 12 months, does not count
Near the 52-week high 4
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6,832.2%
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.
+311.8%
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.
−3,191.8% (2019) → −38.2% (2024)
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

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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.Asset Management · 662 stocks

Beats the industry median on 2/5 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 52 · Below median
Fair Value upside +60.3% · Above median
Profitability
Return on assets −23.1% · Bottom 25%
Operating margin (12 months) 0.0% · Bottom 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.46× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 62
FUTURE (revenue growth)0 · sector 39
PAST (return on equity)0 · sector 25
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)0 · sector 81

Context: sector, industry, market

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 Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Raymond James Financial, Inc RJF $158.38 $316.76 +100% vs FIRST-B
Exor N.V EXO €69.15 €138.30 +100% vs FIRST-B
Apollo Global Management, Inc APO $113.39 $197.23 +74% vs FIRST-B
Ameriprise Financial, Inc AMP $500.80 $595.40 +19% vs FIRST-B
Ares Management Corporation ARES $117.22 $103.68 −12% vs FIRST-B
State Street Corporation STT $174.93 $139.37 −20% vs FIRST-B
Northern Trust Corporation NTRS $168.21 $123.42 −27% vs FIRST-B
Blackstone Inc BX $106.21 $52.29 −51% vs FIRST-B
Brookfield Corporation BN $37.09 $13.45 −64% vs FIRST-B
KKR & Co KKR $91.51 $29.26 −68% vs FIRST-B

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First Venture Sweden AB Series B · Fair Value
kr 2.10 +38%Fair Value
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Cite: Fair Value Calculator (2026). "First Venture Sweden AB Series B Fair Value". https://www.fairvalue-calculator.com/stock/FIRST-B

Frequently asked questions

Is First Venture Sweden AB Series B (FIRST-B) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of kr 2.10 versus a price of kr 1.31, about +60% upside (undervalued).
What is the fair value of FIRST-B?
Our model-based fair value for First Venture Sweden AB Series B is kr 2.10 (as of Oct 3, 2026), built from audited fundamentals. The current price: kr 1.31.
What is the quality score of FIRST-B?
First Venture Sweden AB Series B has a Quality Score of 52/100. 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 First Venture Sweden AB Series B (FIRST-B)?
Our model-based price target is the fair value of kr 2.10 (as of Oct 3, 2026) from 2 valuation models. Cautious scenario kr 1.57, optimistic scenario kr 2.62. It is a calculation from audited fundamentals, not an analyst target.
What is the First Venture Sweden AB Series B stock forecast for 2026?
Our models put fair value at kr 2.10, about +60% upside versus a price of kr 1.31 (undervalued). Cautious scenario kr 1.57, optimistic scenario kr 2.62. The calculation is refreshed regularly with new filings.
What is the revenue of First Venture Sweden AB Series B (FIRST-B)?
First Venture Sweden AB Series B reported trailing-twelve-month revenue of about 19.0K SEK (latest available figure, as of Oct 3, 2026).
What is the intrinsic value of First Venture Sweden AB Series B (FIRST-B)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Venture Sweden AB Series B it is kr 2.10 per share (as of Oct 3, 2026), against a price of kr 1.31. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is First Venture Sweden AB Series B stock overvalued or undervalued in 2026?
As of Oct 3, 2026, FIRST-B trades below its calculated fair value: price kr 1.31, fair value kr 2.10, a gap of about +60% (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 FIRST-B?
No. The price is what the market pays today (kr 1.31); the fair value is what the company's own numbers justify (kr 2.10). For First Venture Sweden AB Series B the two are kr 0.7900 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Venture Sweden AB Series B worth?
The market values First Venture Sweden AB Series B at about 69.2M SEK (market capitalisation, as of Oct 3, 2026). Per share that is kr 1.31; our models calculate a fair value of kr 2.10 per share.
What do the bullish and bearish scenarios say about FIRST-B?
Our models span a range for First Venture Sweden AB Series B: cautious scenario kr 1.57, base kr 2.10, optimistic kr 2.62 per share (as of Oct 3, 2026, price kr 1.31). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of First Venture Sweden AB Series B (FIRST-B)?
Balance-sheet figures for First Venture Sweden AB Series B (as of Oct 3, 2026): return on equity −23.4%. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is FIRST-B from its 52-week high?
First Venture Sweden AB Series B trades at kr 1.31, about 37% below its 52-week high of kr 2.08 and 5% above the low of kr 1.25 (as of Oct 19, 2026). Distance from the high says nothing about value: that is what the fair value of kr 2.10 is for.
Which stocks are comparable to First Venture Sweden AB Series B?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, 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 First Venture Sweden AB Series B stock attractive at the current price?
The data as of Oct 3, 2026: price kr 1.31, calculated fair value kr 2.10 (+60%), Quality Score 52/100, from 2 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 FIRST-B calculated?
We run First Venture Sweden AB Series B through 2 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 2.10, 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 13.9 % above its aggregate fair value. First Venture Sweden AB Series B currently trades 38 % 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 First Venture Sweden AB Series B (FIRST-B)?
The closing price on Oct 19, 2026 was kr 1.31. Our model-based fair value is kr 2.10, about +60% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with First Venture Sweden AB Series B right now?
The price is below even our cautious bear case (kr 1.57). 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 (52/100) at a price below fair value, the discount is the argument here, not the business quality. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of First Venture Sweden AB Series B

How large is the market capitalisation of First Venture Sweden AB Series B (FIRST-B)?
The market capitalisation of First Venture Sweden AB Series B is 69.2M SEK (≈ $7.0M). 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 are the earnings per share of First Venture Sweden AB Series B (FIRST-B)?
Earnings per share at First Venture Sweden AB Series B are kr −0.6300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of First Venture Sweden AB Series B (FIRST-B)?
The return on equity (ROE) of First Venture Sweden AB Series B is −23.4% (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 First Venture Sweden AB Series B (FIRST-B)?
On an EBIT basis the return on assets of First Venture Sweden AB Series B is −5.8% (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.
How much free cash flow does First Venture Sweden AB Series B (FIRST-B) generate?
The free cash flow of First Venture Sweden AB Series B is −14.8M SEK (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does First Venture Sweden AB Series B (FIRST-B) hold?
First Venture Sweden AB Series B holds more cash than debt, 8.0M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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