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Nordic LEVEL Group (LEVEL) Fair Value & Analysis

Industrials · SE · Market cap 68.9M SEK

NL Nordic LEVEL Group LEVEL · ST
Pricekr 0.3250
Fair Valuekr 0.7200
Upside+121.5%
Quality48/100
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Mixed Growth
Loss-making · -3.2% net margin
Low debt · generates free cash flow
Trails peers (3/10)
Narrow moat 17/100
Evidence: Medium Range kr 0.4700 – kr 0.9800 Share as image

Fair value as of: Jul 12, 2026

From 11 valuation models · updated 29 days ago

Fair value updated Jul 12, 2026, revised from kr 0.7400 to kr 0.7200 (−2.7%) since Jun 25, 2026. Share price +1.6% over the past month.

Below-average quality, screening 122% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (kr 0.4700). The market is more pessimistic than our downside scenario.
  • Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (kr 0.4700 to kr 0.9800) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 3.58 kr 0.3020 Fair Value kr 0.7200 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range kr 0.3020 – kr 3.58 · fair‑value band kr 0.4700 – kr 0.9800 · the kr 0.3250 price screens below the kr 0.7200 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

Nordic LEVEL Group (LEVEL) currently trades at kr 0.3250, while our model-based Fair Value estimate is kr 0.7200, implying the stock looks roughly 121.5% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Nordic LEVEL Group generated revenue of 356M SEK at a net margin of -3.2%. Revenue declined 30.4% year over year. It earns a return on equity of -5.9%. Net debt stands at 65.9M SEK. Fundamentals as of Jul 12, 2026

Our scenario range runs from kr 0.4700 (bear case) to kr 0.9800 (bull case); at kr 0.3250, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 68% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at 122%, LEVEL screens cheaper 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 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
Highest evidence
Growth DCF kr 0.4700 kr 0.7400 kr 1.10 80
Rev-Margin DCF kr 0.4700 kr 0.8000 kr 1.24 74
EV/EBITDA kr 0.7500 kr 1.01 kr 1.27 54
All 11 models by family
DCF Models
FCF DCF kr 0.4800 kr 0.8000 kr 1.25 38
Owner Earnings kr 0.6400 kr 1.05 kr 1.64 31
5Y Revenue Exit kr 0.4700 kr 0.8100 kr 1.27 39
5Y EBITDA Exit kr 0.6000 kr 1.09 kr 1.71 41
10Y Revenue Exit kr 0.4500 kr 0.7500 kr 1.21 36
10Y EBITDA Exit kr 0.5400 kr 0.9300 kr 1.52 37
Multiples
EV/EBITDA kr 0.7500 kr 1.01 kr 1.27 54
EV/Revenue kr 0.4700 kr 0.6700 kr 0.8800 43
Asset-Based
NCAV (Graham) kr 0.4700 kr 0.6300 kr 0.9400 50
Growth DCF
Growth DCF kr 0.4700 kr 0.7400 kr 1.10 80
Rev-Margin DCF kr 0.4700 kr 0.8000 kr 1.24 74

Widest divergence: DCF Models (kr 0.8100) versus Asset-Based (kr 0.6300). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 356M SEK
Revenue growth (YoY) -30.4%
Net margin -3.2%
Return on equity -5.9%
Free cash flow 11.5M SEK FY2025
Operating margin -15.4%
More key figures
EPS (TTM) kr -0.0200
EPS growth (YoY) -11.2%
Net debt 65.9M SEK FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 50 · Market factors (momentum, volatility) 16

Profitability 41
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 71
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 1
Price trend over the last 3–12 months (market factor)
52W Momentum 3
Distance to the 52-week high (market factor)
Net Issuance 50
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

Nordic LEVEL Group AB (publ.) provides safety and security solutions primarily in Sweden. The company operates through two segments: Advisory and Technology. It offers corporate security, personal and family security, background checks and investigation, external monitoring, analyses, security training, and incident and crisis management services.

Full company description

Nordic LEVEL Group AB (publ.) provides safety and security solutions primarily in Sweden. The company operates through two segments: Advisory and Technology. It offers corporate security, personal and family security, background checks and investigation, external monitoring, analyses, security training, and incident and crisis management services. It also provides security management systems, including access control, video surveillance and intrusion, and fire alarms with advanced digital technologies; guarding, and staffing, and facility services. It serves clients in real estate, industrial, transport, retail, and events and hospitality industries, as well as personal and family security, and public sectors. The company was formerly known as Confidence International AB (publ.) and changed its name to Nordic LEVEL Group AB (publ.) in December 2021. Nordic LEVEL Group AB (publ.) was incorporated in 1987 and is headquartered in Sundbyberg, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Nordic LEVEL Group reported revenue of kr 390M in FY2025 versus kr 227M in FY2021, a compound +14.4%/yr. Reported net income was −kr 3.1M in FY2025.

Growth Quality 62/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
390M SEK
Latest YoY
+5.1%
Avg. growth/yr (3Y) 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.
+11.3%
Avg. growth/yr (5Y) 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.
+31.3%
Avg. growth/yr (21Y) 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.
+15.4%
Revenue +14.4%/yr
FY21 kr 227M
FY22 kr 283M
FY23 kr 362M
FY24 kr 371M
FY25 kr 390M
Net income
FY21 −kr 23.8M
FY22 −kr 77.4M
FY23 −kr 5.2M
FY24 −kr 6.0M
FY25 −kr 3.1M

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Cite: Fair Value Calculator (2026). "Nordic LEVEL Group Fair Value". https://www.fairvalue-calculator.com/stock/LEVEL

Peer Group

Security & Protection Services · 114 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 48 · Below median
Fair Value upside +122% · Top 25%
Return on assets -1% · Bottom 25%
Net margin (TTM) -3% · Bottom 25%
Operating margin (TTM) -15% · Bottom 25%
Revenue growth -30% · Bottom 25%
Debt / equity 0.04× · Higher than median

Valuation Multiples vs Security & Protection Services median · lower = cheaper

P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 0.6× · 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 100 · sector 19
FUTURE 0 · sector 39
PAST 0 · sector 20
HEALTH 98 · sector 99
DIVIDEND 0 · sector 49

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 Security & Protection Services stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
ASSA ABLOY AB ASSAB kr 348.40 kr 269.97 -23%
Verisure plc VSURE €10.26 €12.40 +21%
Allegion plc ALLE $137.24 $127.80 -7%
Securitas AB SECUB kr 162.10 kr 186.34 +15%
Zhejiang Dahua Technology Co 002236 ¥16.57 ¥23.58 +42%
MSA Safety Incorporated MSA $169.00 $118.51 -30%
ADT Inc ADT $7.06 $17.10 +142%
The Brink's Company BCO $104.24 $101.84 -2%
Brady Corporation BRC $90.16 $73.43 -19%
The GEO Group GEO $29.46 $32.36 +10%

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Frequently asked questions

Is Nordic LEVEL Group (LEVEL) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of kr 0.7200 versus a price of kr 0.3250, about +122% (undervalued).
What is the fair value of LEVEL?
Our model-based fair value for Nordic LEVEL Group is kr 0.7200 (as of Jul 12, 2026), built from audited fundamentals. The current price is kr 0.3250.
What is the quality score of LEVEL?
Nordic LEVEL Group has a Quality Score of 48/100. 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 revenue of Nordic LEVEL Group (LEVEL)?
Nordic LEVEL Group reported trailing-twelve-month revenue of about 356M SEK (latest available figure, as of Jul 12, 2026).
What is the net profit margin of LEVEL?
The net profit margin of Nordic LEVEL Group is about -3.2%, 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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