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Freja eID Group AB (FREJA) fair value: what the stock is really worth

We calculate from audited financials what Freja eID Group AB is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Technology · SE · ISIN SE0015950308

FE Some data Sep 13, 2026

Freja eID Group AB

FREJA · ST

Weakest SetupStrongly overvalued and low quality.

!Fair value kr 3.36 · Strongly overvalued (−82%)
!Quality 47/100
!Mixed Growth (revenue 5y +18.5 %/yr)
!Loss-making · -24.1% net margin (TTM)
✓Low debt · generates free cash flow
!Trails peers (3/11)
!Narrow moat 12/100
!Evidence only medium, so the estimate is less certain
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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 24.95 kr 3.45 Fair Value kr 3.36 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 13, 2026.

How to read this chart

60‑month range kr 3.45 – kr 24.95 · fair‑value band kr 2.24 – kr 5.00 · the kr 18.20 price screens above the kr 3.36 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 13, 2026.

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Company profile

Freja eID Group AB (publ) develops products and services for digital identification in Sweden and internationally. The company operates in two segments, Freja elD and Fulfillment.

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Freja eID Group AB (publ) develops products and services for digital identification in Sweden and internationally. The company operates in two segments, Freja elD and Fulfillment. It offers Freja eID, a digital wallet that contains, among other things, a government-approved ID, a mobile ID card for physical identification and mobile payment features and data sharing with consent. The company also provides private eID platforms that consist of online and physical identification, electronic signatures, onboarding, and user engagement; and CheckID overview, life cycle management, card, and shared devices. In addition, it offers fulfilment services that consist of secure services, mainly related to the entire life cycle of secure log-in equipment for internet banks, such as security tokens, logistics, inventory, order management, packaging, production and distribution via multiple carriers, including registered mail, returns, and secure, and sustainable electronics waste handling services; and PIN code management. The company was formerly known as Verisec AB (publ) and changed its name to Freja eID Group AB (publ) in November 2020. Freja eID Group AB (publ) was incorporated in 2000 and is headquartered in Upplands Väsby, Sweden.

Stock analysis

Freja eID Group AB (FREJA) currently trades at kr 18.20, while our model-based Fair Value estimate is kr 3.36, implying the stock looks roughly 442.0% overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of kr 4.13 per share, and 0 of the 10 models we run sit above the kr 18.20 price.

Bear case: the Asset-Based group reads lowest at kr 0.5200, and 10 of the 10 models stay below the price. Evidence for this calculation is medium.

Scenario range: kr 2.24 (bear) to kr 5.00 (bull), the price of kr 18.20 sits above 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 47/100 (below-average quality), in the Technology sector.

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

Freja eID Group AB reported revenue of 51.1M SEK in FY2025 versus 20.6M SEK in FY2021, a compound +25.4%/yr. Reported net income was −15.3M SEK in FY2025.

Key figures

Market cap 643M SEK (≈ $66.3M) · P/S ratio 10.1 · EPS (TTM) kr −0.5600 · Dividend yield 0.6% · Net margin −30.0% · Return on equity −203% · Return on assets (EBIT) −42.8% · Operating margin −12.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 8% below its 52-week high and 65% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Technology peers we cover trades at −22% fair-value upside, at −82%, FREJA screens richer than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (kr 0.5200 to kr 4.40). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear kr 2.24 Fair Value kr 3.36 Bull kr 5.00
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. 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.
Highest evidence
FCF DCF kr 2.90 kr 4.40 kr 6.64 80
Growth DCF kr 2.87 kr 4.21 kr 6.10 78
5Y EBITDA Exit kr 1.69 kr 2.15 kr 2.66 77
All 10 models by family
DCF Models
FCF DCF kr 2.90 kr 4.40 kr 6.64 80
5Y Revenue Exit kr 2.67 kr 4.15 kr 6.10 72
5Y EBITDA Exit kr 1.69 kr 2.15 kr 2.66 77
10Y Revenue Exit kr 2.67 kr 4.01 kr 5.97 66
10Y EBITDA Exit kr 2.13 kr 2.68 kr 3.39 70
Multiples
EV/EBITDA kr 1.00 kr 1.18 kr 1.36 67
EV/Revenue kr 2.60 kr 3.52 kr 4.43 54
Asset-Based
NCAV (Graham) kr 0.3900 kr 0.5200 kr 0.7700 54
Growth DCF
Growth DCF kr 2.87 kr 4.21 kr 6.10 78
Rev-Margin DCF kr 2.67 kr 4.13 kr 5.97 72

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Quality Score breakdown

Overall quality 47/100

Of which business quality 50 · Market factors (momentum, volatility) 65

Profitability 10
Margins and returns on capital today
Quality Growth 66
Are margins and returns improving?
Cashflow 71
Earnings quality: real cash, not paper profit
Fin. Strength 71
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 38
Calm price path (market factor)
Momentum 77
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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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. 67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+16.4%
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.
+20.2%
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.
+18.5%
Revenue growth 13 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.
+1.8%
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.
−202.0% (2020) → −28.0% (2025)
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

Growth Forecast

A lot of optimism in the price
The price assumes more 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).
+42.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.

FREJA screens 442% overvalued. Compare with Microsoft Corporation →

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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.Software - Infrastructure · 379 stocks

Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 47 · Below median
Profitability
Return on assets −14% · Bottom 25%
Net margin (TTM) −24% · Bottom 25%
Operating margin (TTM) −12% · Bottom 25%
Growth and dividend
Revenue growth 20% · Above median
Dividend yield (TTM) 0.6% · Bottom 25%
Balance sheet
Debt / equity 0.06× · Above median

Valuation Multiplesvs Software - Infrastructure median · lower = cheaper

P/B 3.05× · Pricier than median
P/S (TTM) 1.06× · Cheaper than median
P/FCF 10.0× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 11
FUTURE (revenue growth)100 · sector 48
PAST (return on equity)0 · sector 15
HEALTH (low debt)97 · sector 98
DIVIDEND (yield)0 · sector 33

VALUE 0: the price sits above our fair-value range.

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

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Fortinet, Inc FTNT $156.07 $164.92 +6%
Synopsys, Inc SNPS $397.38 $177.06 −55%
Block, Inc XYZ A$109.44 A$141.48 +29%
CoreWeave, Inc CRWV $88.99 $71.79 −19%
Twilio Inc TWLO $227.35 $59.44 −74%

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Freja eID Group AB · Fair Value
kr 3.36 −442%Fair Value
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Cite: Fair Value Calculator (2026). "Freja eID Group AB Fair Value". https://www.fairvalue-calculator.com/stock/FREJA

Frequently asked questions

Is Freja eID Group AB (FREJA) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of kr 3.36 versus a price of kr 18.20, about −82% upside (overvalued).
What is the fair value of FREJA?
Our model-based fair value for Freja eID Group AB is kr 3.36 (as of Sep 13, 2026), built from audited fundamentals. The current price: kr 18.20.
What is the quality score of FREJA?
Freja eID Group AB has a Quality Score of 47/100. 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 Freja eID Group AB (FREJA)?
Our model-based price target is the fair value of kr 3.36 (as of Sep 13, 2026) from 10 valuation models. Cautious scenario kr 2.24, optimistic scenario kr 5.00. It is a calculation from audited fundamentals, not an analyst target.
What is the Freja eID Group AB stock forecast for 2026?
Our models put fair value at kr 3.36, about −82% upside versus a price of kr 18.20 (overvalued). Cautious scenario kr 2.24, optimistic scenario kr 5.00. The calculation is refreshed regularly with new filings.
What is the revenue of Freja eID Group AB (FREJA)?
Freja eID Group AB reported trailing-twelve-month revenue of about 63.4M SEK (latest available figure, as of Sep 13, 2026).
Does Freja eID Group AB pay a dividend?
Freja eID Group AB currently shows a dividend yield of about 0.62% relative to its recent price (as of Sep 13, 2026).
What growth is priced into Freja eID Group AB (FREJA)?
For today's price to be fair in a discounted-cash-flow model, Freja eID Group AB would have to grow free cash flow by +42.3 % per year for five years (discount rate 12.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +18.5 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of FREJA use?
Our models discount Freja eID Group AB at 12.8 %: a base by market capitalisation (micro), damped by beta 1.08, 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 Freja eID Group AB that is +42.3 % per year a year over ten years, using the same discount rate (12.8 %) and the same formula as our fair value.
How much growth has Freja eID Group AB (FREJA) delivered so far?
Over the past 5 years revenue at Freja eID Group AB grew +18.5 % a year. The price currently implies +42.3 % 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 Freja eID Group AB (FREJA) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Freja eID Group AB (+42.3 % 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 Freja eID Group AB (FREJA)?
The free-cash-flow yield on the price is 1.43 %: that much free cash flow Freja eID Group AB produces per unit of market value. When it exceeds the discount rate of our models (12.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Freja eID Group AB (FREJA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Freja eID Group AB it is kr 3.36 per share (as of Sep 13, 2026), against a price of kr 18.20. It is the blended result of 10 valuation models (cash flow, earnings, asset, dividend).
Is Freja eID Group AB stock overvalued or undervalued in 2026?
As of Sep 13, 2026, FREJA trades above its calculated fair value: price kr 18.20, fair value kr 3.36, a gap of about −82% (overvalued). 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 FREJA?
No. The price is what the market pays today (kr 18.20); the fair value is what the company's own numbers justify (kr 3.36). For Freja eID Group AB the two are kr 14.84 per share apart. That gap is exactly why we show both numbers side by side.
How much is Freja eID Group AB worth?
The market values Freja eID Group AB at about 643M SEK (market capitalisation, as of Sep 13, 2026). Per share that is kr 18.20; our models calculate a fair value of kr 3.36 per share.
What do the bullish and bearish scenarios say about FREJA?
Our models span a range for Freja eID Group AB: cautious scenario kr 2.24, base kr 3.36, optimistic kr 5.00 per share (as of Sep 13, 2026, price kr 18.20). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Freja eID Group AB (FREJA)?
Balance-sheet figures for Freja eID Group AB (as of Sep 13, 2026): return on equity −203.0%, debt of 0.06 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is FREJA from its 52-week high?
Freja eID Group AB trades at kr 18.20, about 8% below its 52-week high of kr 19.85 and 65% above the low of kr 11.00 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of kr 3.36 is for.
Which stocks are comparable to Freja eID Group AB?
From the same area (Technology) we also value Microsoft Corporation, Oracle Corporation, Palantir Technologies Inc, Palo Alto Networks, 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 Freja eID Group AB stock attractive at the current price?
The data as of Sep 13, 2026: price kr 18.20, calculated fair value kr 3.36 (−82%), Quality Score 47/100, from 10 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 FREJA calculated?
We run Freja eID Group AB through 10 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 3.36, 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 15.8 % above its aggregate fair value. Freja eID Group AB itself currently trades above fair value. 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 should I pay attention to with Freja eID Group AB right now?
The price sits above even our optimistic bull case (kr 5.00). The favourable scenario is already priced in. Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (kr 2.24 to kr 5.00) leaves room in how you read the outcome.

Key figures of Freja eID Group AB

How large is the market capitalisation of Freja eID Group AB (FREJA)?
The market capitalisation of Freja eID Group AB is 643M SEK (≈ $66.3M). 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 Freja eID Group AB (FREJA)?
The price-to-sales ratio of Freja eID Group AB is 10.1 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Freja eID Group AB (FREJA)?
Earnings per share at Freja eID Group AB are kr −0.5600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Freja eID Group AB (FREJA)?
The dividend yield of Freja eID Group AB is 0.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Freja eID Group AB (FREJA)?
The net margin of Freja eID Group AB is −30.0% (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 Freja eID Group AB (FREJA)?
The return on equity (ROE) of Freja eID Group AB is −203% (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 Freja eID Group AB (FREJA)?
On an EBIT basis the return on assets of Freja eID Group AB is −42.8% (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.
What is the operating margin of Freja eID Group AB (FREJA)?
The operating margin of Freja eID Group AB is −12.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Freja eID Group AB (FREJA)?
Revenue at Freja eID Group AB is growing +20.4% versus a year earlier (3y avg +20.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much net cash does Freja eID Group AB (FREJA) hold?
Freja eID Group AB holds more cash than debt, 4.0M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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