Kentima Holding publ AB (KENH) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Kentima Holding publ AB SEK 5.46, price SEK 2.76, upside +97.8%, quality 72 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
60‑month range kr 1.37 – kr 6.00 · fair‑value band kr 4.07 – kr 7.10 · the kr 2.76 price screens below the kr 5.46 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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Kentima Holding AB (publ) develops, manufactures, and sells products for the automation and security sector in Sweden. The company offers WideQuick HMI/SCADA software for creating graphical monitoring systems.
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Kentima Holding AB (publ) develops, manufactures, and sells products for the automation and security sector in Sweden. The company offers WideQuick HMI/SCADA software for creating graphical monitoring systems. It also provides Ethiris Network Video Recorder (NVR), Network Video Client (NVC), and Network Video Panel (NVP) for video surveillance; NVRN rack solutions; and PSIM software that facilitates integration and communication, as well as presents information in a common user interface. In addition, the company offers building automation systems under WideQuick Building Management System; industrial computers comprising OE panel PCs and box PCs for various industrial applications; industrial touch monitors; and WideQuick HMI panels and boxes, as well as security as a service consisting of Ethiris alarm central services Safe4 and SOS alarm, and Ethiris access services. The company sells its products primarily through distributors and resellers. Kentima Holding AB (publ) was incorporated in 2000 and is based in Staffanstorp, Sweden.
Stock analysis
Kentima Holding publ AB (KENH) currently trades at kr 2.76, while our model-based Fair Value estimate is kr 5.46, implying the stock looks roughly 49.5% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 6.08 per share, and 18 of the 24 models we run sit above the kr 2.76 price.
Bear case: the Asset-Based group reads lowest at kr 0.8800, and 6 of the 24 models stay below the price. Evidence for this calculation is low.
Scenario range: kr 4.07 (bear) to kr 7.10 (bull), the price of kr 2.76 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 72/100 (solid quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Kentima Holding publ AB reported revenue of 73.0M SEK in FY2026 versus 59.8M SEK in FY2022, a compound +5.1%/yr. Reported net income was 6.3M SEK in FY2026, compounding +20.0%/yr from FY2022.
Key figures
Market cap 80.5M SEK (≈ $8.1M) · P/E ratio 15.4 · P/S ratio 1.34 · EPS (TTM) kr 0.1700 · Net margin 8.7% · Return on equity 14.8% · Return on assets (EBIT) 5.8% · Operating margin 1.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −6% fair-value upside, at 98%, KENH screens cheaper than that median.
Fair Value models
Bear kr 4.07Fair Value kr 5.46Bull kr 7.10
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 2026 figures (about 3 months old). Earnings retained since then (kr 0.0405 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.80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+34.6%
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.
+4.8%
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.
+7.4%
Start year 2021 (pandemic). Over 10 years: +8.2% a year
Revenue growth 15 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.
+4.2%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘ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 5 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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+26.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+26.9%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘ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% → 9%
2026 sits 333% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Revenue per share shrinking 7.6%/yr over ~11Y (margin trend unclear) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less 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).
−7.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about −9.1% a year for the price.
Compare Kentima Holding publ AB with another stock
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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 - Application · 721 stocks
Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside+98% · Top 25%
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets7% · Top 25%
Net margin (TTM)6% · Above median
Operating margin (TTM)2% · Below median
Growth and dividend
Revenue growth5% · Below median
Valuation Multiplesvs Software - Application 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). "Kentima Holding publ AB Fair Value". https://www.fairvalue-calculator.com/stock/KENH
Frequently asked questions
Is Kentima Holding publ AB (KENH) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 5.46 versus a price of kr 2.76, about +98% upside (undervalued).
What is the fair value of KENH?
Our model-based fair value for Kentima Holding publ AB is kr 5.46 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 2.76.
What is the quality score of KENH?
Kentima Holding publ AB has a Quality Score of 72/100. 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 Kentima Holding publ AB (KENH)?
Our model-based price target is the fair value of kr 5.46 (as of Sep 24, 2026) from 24 valuation models. Cautious scenario kr 4.07, optimistic scenario kr 7.10. It is a calculation from audited fundamentals, not an analyst target.
What is the Kentima Holding publ AB stock forecast for 2026?
Our models put fair value at kr 5.46, about +98% upside versus a price of kr 2.76 (undervalued). Cautious scenario kr 4.07, optimistic scenario kr 7.10. The calculation is refreshed regularly with new filings.
What is the revenue of Kentima Holding publ AB (KENH)?
Kentima Holding publ AB reported trailing-twelve-month revenue of about 79.8M SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into Kentima Holding publ AB (KENH)?
For today's price to be fair in a discounted-cash-flow model, Kentima Holding publ AB would have to grow free cash flow by -7.3 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of KENH use?
Our models discount Kentima Holding publ AB at 8.3 %: a base by market capitalisation (nano), damped by beta 0.20, 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 Kentima Holding publ AB that is -7.3 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has Kentima Holding publ AB (KENH) delivered so far?
Over the past 5 years revenue at Kentima Holding publ AB grew +7.4 % a year. The price currently implies -7.3 % 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 Kentima Holding publ AB (KENH) growing?
The median revenue growth in the sector is +8.2 % a year. That is the yardstick for the growth priced into Kentima Holding publ AB (-7.3 % 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 Kentima Holding publ AB (KENH)?
The free-cash-flow yield on the price is 11.10 %: that much free cash flow Kentima Holding publ AB produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Kentima Holding publ AB (KENH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Kentima Holding publ AB it is kr 5.46 per share (as of Sep 24, 2026), against a price of kr 2.76. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Kentima Holding publ AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, KENH trades below its calculated fair value: price kr 2.76, fair value kr 5.46, a gap of about +98% (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 KENH?
No. The price is what the market pays today (kr 2.76); the fair value is what the company's own numbers justify (kr 5.46). For Kentima Holding publ AB the two are kr 2.70 per share apart. That gap is exactly why we show both numbers side by side.
How much is Kentima Holding publ AB worth?
The market values Kentima Holding publ AB at about 80.5M SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 2.76; our models calculate a fair value of kr 5.46 per share.
What do the bullish and bearish scenarios say about KENH?
Our models span a range for Kentima Holding publ AB: cautious scenario kr 4.07, base kr 5.46, optimistic kr 7.10 per share (as of Sep 24, 2026, price kr 2.76). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KENH?
Kentima Holding publ AB trades at a price-to-earnings ratio of 15.4 (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 5.46 is built from several models across several years. Other multiples: P/B 2.2, P/S 1.0, EV/EBITDA 12.4.
How solid is the balance sheet of Kentima Holding publ AB (KENH)?
Balance-sheet figures for Kentima Holding publ AB (as of Sep 24, 2026): return on equity 14.8%. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is KENH from its 52-week high?
Kentima Holding publ AB trades at kr 2.76, about 20% below its 52-week high of kr 3.44 and 23% above the low of kr 2.24 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of kr 5.46 is for.
Which stocks are comparable to Kentima Holding publ AB?
From the same area (Technology) we also value SAP SE, Salesforce, Inc, Shopify Inc, ServiceNow, 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 Kentima Holding publ AB stock attractive at the current price?
The data as of Sep 24, 2026: price kr 2.76, calculated fair value kr 5.46 (+98%), Quality Score 72/100, from 24 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 KENH calculated?
We run Kentima Holding publ AB through 24 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 5.46, 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. Kentima Holding publ AB currently trades 98 % 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 Kentima Holding publ AB (KENH)?
The closing price on Sep 23, 2026 was kr 2.76. Our model-based fair value is kr 5.46, about +98% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Kentima Holding publ AB right now?
The rarer combination: high quality (72/100) AND below fair value. That earns a closer look rather than a quick verdict. The price is below even our cautious bear case (kr 4.07). 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.
Key figures of Kentima Holding publ AB
How large is the market capitalisation of Kentima Holding publ AB (KENH)?
The market capitalisation of Kentima Holding publ AB is 80.5M SEK (≈ $8.1M). 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 Kentima Holding publ AB (KENH)?
The price-to-sales ratio of Kentima Holding publ AB is 1.34 (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 Kentima Holding publ AB (KENH)?
Earnings per share at Kentima Holding publ AB are kr 0.1700 (price ÷ EPS = P/E 15.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Kentima Holding publ AB (KENH)?
The net margin of Kentima Holding publ AB is 8.7% (fiscal year 2026). 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 Kentima Holding publ AB (KENH)?
The return on equity (ROE) of Kentima Holding publ AB is 14.8% (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 Kentima Holding publ AB (KENH)?
On an EBIT basis the return on assets of Kentima Holding publ AB 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.
What is the operating margin of Kentima Holding publ AB (KENH)?
The operating margin of Kentima Holding publ AB is 1.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Kentima Holding publ AB (KENH)?
Revenue at Kentima Holding publ AB is growing +4.6% versus a year earlier (3y avg +4.8%). 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 Kentima Holding publ AB (KENH)?
Earnings per share at Kentima Holding publ AB are growing −90.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Kentima Holding publ AB (KENH) carry?
The net debt of Kentima Holding publ AB is 3.6M SEK (fiscal year 2026, ≈ 0.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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