Invoicery Group AB (FRILAN) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Invoicery Group AB SEK 10.07, price SEK 6.90, upside +45.9%, quality 58 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
45‑month range kr 2.79 – kr 7.45 · fair‑value band kr 4.80 – kr 21.80 · the kr 6.90 price screens below the kr 10.07 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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Invoicery Group AB (publ) engages in self-employment and work management business in Sweden, Norway, Finland, Denmark and France. The company also offers temporary hiring service to corporate customers; and creates tools for independent work. It operates under Frilans Finans, Invoicery, and Invoicery Business brands.
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Invoicery Group AB (publ) engages in self-employment and work management business in Sweden, Norway, Finland, Denmark and France. The company also offers temporary hiring service to corporate customers; and creates tools for independent work. It operates under Frilans Finans, Invoicery, and Invoicery Business brands. Invoicery Group AB (publ) was incorporated in 2014 and is based in Uppsala, Sweden.
Stock analysis
Invoicery Group AB (FRILAN) currently trades at kr 6.90, while our model-based Fair Value estimate is kr 10.07, implying the stock looks roughly 31.5% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 18.09 per share, and 6 of the 11 models we run sit above the kr 6.90 price.
Bear case: the Asset-Based group reads lowest at kr 1.46, and 5 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 4.80 (bear) to kr 21.80 (bull), the price of kr 6.90 sits inside 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 58/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Invoicery Group AB reported revenue of 1.9B SEK in FY2025 versus 1.7B SEK in FY2022, a compound +4.7%/yr. Reported net income was 14.3M SEK in FY2025, compounding +24.0%/yr from FY2022.
Key figures
Market cap 200M SEK (≈ $20.2M) · P/E ratio 10.6 · P/S ratio 0.08 · EPS (TTM) kr 0.6500 · Dividend yield 5.1% · Net margin 0.8% · Return on equity 31.2% · Return on assets (EBIT) 3.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 61% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −53% fair-value upside, at 46%, FRILAN screens cheaper than that median.
Fair Value models
Bear kr 4.80Fair Value kr 10.07Bull kr 21.80
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 12 months old). Earnings retained since then (kr 0.2959 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.68/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+6.5%
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.
+4.7%
’22
’23
’24
’25
What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−23.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−28.8%
Dividend (yield on the price)5.1%
Profit margin 2022 to 2025 ⓘ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.1% → 1%
Growth Forecast
Little optimism in the price
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).
less than -40 %
Yearly growth needed for the next five years to justify today's 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.Shell Companies · 82 stocks
Beats the industry median on 11/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Top 25%
Fair Value upside+46% · Top 25%
Profitability
Return on equity (TTM)31% · Top 25%
Return on assets5% · Top 25%
Net margin (TTM)1% · Above median
Operating margin (TTM)1% · Top 25%
Growth and dividend
Revenue growth2% · Top 25%
Valuation Multiplesvs Shell Companies median · lower = cheaper
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). "Invoicery Group AB Fair Value". https://www.fairvalue-calculator.com/stock/FRILAN
Frequently asked questions
Is Invoicery Group AB (FRILAN) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 10.07 versus a price of kr 6.90, about +46% upside (undervalued).
What is the fair value of FRILAN?
Our model-based fair value for Invoicery Group AB is kr 10.07 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 6.90.
What is the quality score of FRILAN?
Invoicery Group AB has a Quality Score of 58/100. 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 Invoicery Group AB (FRILAN)?
Our model-based price target is the fair value of kr 10.07 (as of Sep 24, 2026) from 11 valuation models. Cautious scenario kr 4.80, optimistic scenario kr 21.80. It is a calculation from audited fundamentals, not an analyst target.
What is the Invoicery Group AB stock forecast for 2026?
Our models put fair value at kr 10.07, about +46% upside versus a price of kr 6.90 (undervalued). Cautious scenario kr 4.80, optimistic scenario kr 21.80. The calculation is refreshed regularly with new filings.
What is the revenue of Invoicery Group AB (FRILAN)?
Invoicery Group AB reported trailing-twelve-month revenue of about 1.9B SEK (latest available figure, as of Sep 24, 2026).
Does Invoicery Group AB pay a dividend?
Invoicery Group AB currently shows a dividend yield of about 5.07% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Invoicery Group AB (FRILAN)?
For today's price to be fair in a discounted-cash-flow model, Invoicery Group AB would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 3 years revenue grew +4.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of FRILAN use?
Our models discount Invoicery Group AB at 8.6 %: a base by market capitalisation (nano), damped by beta 0.62, 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 Invoicery Group AB that is less than minus 40 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has Invoicery Group AB (FRILAN) delivered so far?
Over the past 3 years revenue at Invoicery Group AB grew +4.7 % a year. The price currently implies less than minus 40 % 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 Invoicery Group AB (FRILAN) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into Invoicery Group AB (less than minus 40 % 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 Invoicery Group AB (FRILAN)?
The free-cash-flow yield on the price is 23.48 %: that much free cash flow Invoicery Group AB produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Invoicery Group AB (FRILAN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Invoicery Group AB it is kr 10.07 per share (as of Sep 24, 2026), against a price of kr 6.90. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Invoicery Group AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FRILAN trades below its calculated fair value: price kr 6.90, fair value kr 10.07, a gap of about +46% (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 FRILAN?
No. The price is what the market pays today (kr 6.90); the fair value is what the company's own numbers justify (kr 10.07). For Invoicery Group AB the two are kr 3.17 per share apart. That gap is exactly why we show both numbers side by side.
How much is Invoicery Group AB worth?
The market values Invoicery Group AB at about 200M SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 6.90; our models calculate a fair value of kr 10.07 per share.
What do the bullish and bearish scenarios say about FRILAN?
Our models span a range for Invoicery Group AB: cautious scenario kr 4.80, base kr 10.07, optimistic kr 21.80 per share (as of Sep 24, 2026, price kr 6.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FRILAN?
Invoicery Group AB trades at a price-to-earnings ratio of 10.6 (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 10.07 is built from several models across several years. Other multiples: P/B 3.2, P/S 0.1, EV/EBITDA 2.5.
How solid is the balance sheet of Invoicery Group AB (FRILAN)?
Balance-sheet figures for Invoicery Group AB (as of Sep 24, 2026): return on equity 31.2%. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is FRILAN from its 52-week high?
Invoicery Group AB trades at kr 6.90, about 7% below its 52-week high of kr 7.45 and 61% above the low of kr 4.27 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 10.07 is for.
Which stocks are comparable to Invoicery Group AB?
From the same area (Financial Services) we also value Lionheart III Corp, AA Mission Acquisition Corp, Berto Acquisition Corp, Metals Acquisition Corp, 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 Invoicery Group AB stock attractive at the current price?
The data as of Sep 24, 2026: price kr 6.90, calculated fair value kr 10.07 (+46%), Quality Score 58/100, from 11 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 FRILAN calculated?
We run Invoicery Group AB through 11 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 10.07, 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 14.0 % above its aggregate fair value. Invoicery Group AB currently trades 46 % 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 Invoicery Group AB (FRILAN)?
The closing price on Sep 24, 2026 was kr 6.90. Our model-based fair value is kr 10.07, about +46% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Invoicery Group AB right now?
The model range is unusually wide (kr 4.80 to kr 21.80). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 (58/100) 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 Invoicery Group AB
How large is the market capitalisation of Invoicery Group AB (FRILAN)?
The market capitalisation of Invoicery Group AB is 200M SEK (≈ $20.2M). 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 Invoicery Group AB (FRILAN)?
The price-to-sales ratio of Invoicery Group AB is 0.08 (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 Invoicery Group AB (FRILAN)?
Earnings per share at Invoicery Group AB are kr 0.6500 (price ÷ EPS = P/E 10.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Invoicery Group AB (FRILAN)?
The dividend yield of Invoicery Group AB is 5.1% (payout 53.8%). 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 Invoicery Group AB (FRILAN)?
The net margin of Invoicery Group AB is 0.8% (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 Invoicery Group AB (FRILAN)?
The return on equity (ROE) of Invoicery Group AB is 31.2% (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 Invoicery Group AB (FRILAN)?
On an EBIT basis the return on assets of Invoicery Group AB is 3.1% (avg 4y). 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 Invoicery Group AB (FRILAN)?
The operating margin of Invoicery Group AB is 1.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Invoicery Group AB (FRILAN)?
Revenue at Invoicery Group AB is growing +1.9% versus a year earlier (3y avg +4.7%). 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 Invoicery Group AB (FRILAN)?
Earnings per share at Invoicery Group AB are growing +81.3% versus a year earlier. How much earnings per share grew versus a year earlier.
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