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Gullberg & Jansson AB (GJAB) Fair Value & Analysis

Consumer Cyclical · SE · Market cap 114M SEK

GJ Gullberg & Jansson AB GJAB · ST
Pricekr 13.00
Fair Valuekr 3.21
Upside-75.3%
Quality54/100
Weak Growth
Loss-making · -3.7% net margin
Low debt · generates free cash flow
Trails peers (4/11)
Narrow moat 2/100
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Evidence: Medium Range kr 2.17 – kr 4.02 Share as image

Fair value as of: Aug 2, 2026

From 12 valuation models · updated today

Share price −1.5% over the past month.

A solid business, but the price sits 75% above our fair value.

What matters now

  • The price sits above even our optimistic bull case (kr 4.02). The favourable scenario is already priced in.
  • Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (kr 2.17 to kr 4.02) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 97.76 kr 11.15 Fair Value kr 3.21 May 2021 Jul 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 2, 2026.

How to read this chart

60‑month range kr 11.15 – kr 97.76 · fair‑value band kr 2.17 – kr 4.02 · the kr 13.00 price screens above the kr 3.21 fair value. Dashed = 300-day average. As of Aug 2, 2026.

Which stocks are undervalued right now? Check free Discover now →

Analysis

Gullberg & Jansson AB (GJAB) currently trades at kr 13.00, while our model-based Fair Value estimate is kr 3.21, implying the stock looks roughly 75.3% overvalued today. We read business quality at 54/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Gullberg & Jansson AB generated revenue of 261M SEK at a net margin of -3.7%. Revenue declined 20.5% year over year. It earns a return on equity of -8.7%. Net debt stands at 2.0M SEK. Fundamentals as of Aug 2, 2026

Our scenario range runs from kr 2.17 (bear case) to kr 4.02 (bull case); at kr 13.00, the current price sits above that range. The share trades about 18% below its 52-week high and 21% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at 4% fair-value upside, at -75%, GJAB screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.

Model BearBaseBull Evidence
Highest evidence
Growth DCF kr 8.28 kr 10.02 kr 12.62 80
Rev-Margin DCF kr 8.69 kr 12.28 kr 16.70 74
Gordon GGM kr 4.45 kr 4.75 kr 5.20 70
All 12 models by family
DCF Models
FCF DCF kr 8.09 kr 9.95 kr 12.95 38
5Y Revenue Exit kr 8.69 kr 12.08 kr 17.00 39
5Y EBITDA Exit kr 4.84 kr 5.43 kr 6.22 41
10Y Revenue Exit kr 8.19 kr 10.39 kr 12.73 36
10Y EBITDA Exit kr 6.37 kr 6.88 kr 7.33 37
Dividend Discount
Gordon GGM kr 4.45 kr 4.75 kr 5.20 70
DDM Multi-Stage kr 4.45 kr 5.15 kr 6.02 61
Multiples
EV/EBITDA kr 2.05 kr 2.42 kr 2.80 54
EV/Revenue kr 9.95 kr 13.82 kr 17.69 43
Asset-Based
NCAV (Graham) kr 2.39 kr 3.21 kr 4.79 50
Growth DCF
Growth DCF kr 8.28 kr 10.02 kr 12.62 80
Rev-Margin DCF kr 8.69 kr 12.28 kr 16.70 74

Widest divergence: Growth DCF (kr 10.02) versus Multiples (kr 2.42). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 261M SEK
Revenue growth (YoY) -20.5%
Net margin -3.7%
Return on equity -8.7%
Free cash flow 24.1M SEK FY2025
Operating margin -19.4%
More key figures
EPS (TTM) kr -1.09
Net debt 2.0M SEK FY2024

Figures from reported company fundamentals · as of Aug 2, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 54/100

Of which business quality 65 · Market factors (momentum, volatility) 42

Profitability 30
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 62
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 53
Calm price path (market factor)
Momentum 38
Price trend over the last 3–12 months (market factor)
52W Momentum 38
Distance to the 52-week high (market factor)
Net Issuance 82
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.

About the company

Gullberg & Jansson AB (publ) develops, produces, and markets products for use in the green space, swimming pool, and relaxation and wellness industries in the Nordic markets. The company provides pool heat pump, cover, roof, stairs, liners, robots, fiber glass, and thermal.

Full company description

Gullberg & Jansson AB (publ) develops, produces, and markets products for use in the green space, swimming pool, and relaxation and wellness industries in the Nordic markets. The company provides pool heat pump, cover, roof, stairs, liners, robots, fiber glass, and thermal. It also provides water purification, pool and spa chemistry, and pool package services. In addition, it offers pool snacks. The company sells its products to retailers and end consumers. Gullberg & Jansson AB (publ) was founded in 2002 and is headquartered in Helsingborg, Sweden.

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

Revenue & earnings trend

FY2022 – FY2025 · reported fiscal years

Gullberg & Jansson AB reported revenue of kr 271M in FY2025 versus kr 382M in FY2022, a compound −10.8%/yr. Reported net income was −kr 7.3M in FY2025.

Growth Quality 29/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
271M SEK
Latest YoY
+10.9%
Avg. growth/yr (3Y)
−10.8%
Revenue −10.8%/yr
FY22 kr 382M
FY23 kr 259M
FY24 kr 244M
FY25 kr 271M
Net income
FY22 kr 28.8M
FY23 −kr 16.8M
FY24 −kr 8.9M
FY25 −kr 7.3M

GJAB sits 75% above fair value. Compare with ANTA Sports Products Limited →

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Cite: Fair Value Calculator (2026). "Gullberg & Jansson AB Fair Value". https://www.fairvalue-calculator.com/stock/GJAB

Peer Group

Leisure · 199 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 54 · Above median
Fair Value upside −75% · Bottom 25%
Return on assets -2% · Bottom 25%
Net margin (TTM) -4% · Below median
Operating margin (TTM) -19% · Bottom 25%
Revenue growth -21% · Bottom 25%
Debt / equity 0.14× · Higher than median

Valuation Multiples vs Leisure median · lower = cheaper

P/B 0.10× · Cheaper than 75% of peers
P/S (TTM) 0.05× · Cheaper than 75% of peers
P/FCF 0.5× · Cheaper than median

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.

VALUE 0 / 14
FUTURE 0 / 18
PAST 0 / 18
HEALTH 93 / 94
DIVIDEND 0 / 51

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Leisure stocks, each showing price versus our Fair Value estimate (as of Aug 2, 2026).

Stock Price Fair Value vs Fair Value
ANTA Sports Products Limited 2020 HK$74.15 HK$119.29 +61%
Pop Mart International Group 9992 HK$153.40 HK$237.11 +55%
Amer Sports, Inc AS $36.44 $16.16 -56%
Hasbro, Inc HAS $81.55 $83.38 +2%
Life Time Group LTH $42.15 $16.15 -62%
Acushnet Holdings GOLF $114.78 $37.79 -67%
Li Ning Company 2331 HK$14.80 HK$29.26 +98%
Ninebot Limited 689009 ¥37.82 ¥39.17 +4%
Asmodee Group ASMDEEB kr 145.70 kr 41.90 -71%
Smartfit Escola de Ginástica e Dança S.A SMFT3 R$20.97 R$22.90 +9%

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Frequently asked questions

Is Gullberg & Jansson AB (GJAB) overvalued or undervalued?
As of Aug 2, 2026, our model estimates a fair value of kr 3.21 versus a price of kr 13.00, about −75% (overvalued).
What is the fair value of GJAB?
Our model-based fair value for Gullberg & Jansson AB is kr 3.21 (as of Aug 2, 2026), built from audited fundamentals. The current price is kr 13.00.
What is the quality score of GJAB?
Gullberg & Jansson AB has a Quality Score of 54/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Gullberg & Jansson AB (GJAB)?
Gullberg & Jansson AB reported trailing-twelve-month revenue of about 261M SEK (latest available figure, as of Aug 2, 2026).
What is the net profit margin of GJAB?
The net profit margin of Gullberg & Jansson AB is about -3.7%, meaning it is currently running at a net loss. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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