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Mangold Fondkommission AB (MANG) Fair Value & Analysis

Financial Services · SE · Market cap 815M SEK

MF Mangold Fondkommission AB MANG · ST
Pricekr 1,650
Fair Valuekr 684.53
Upside-58.5%
Quality60/100
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Weak Growth
Solidly profitable · 12.5% net margin
Low debt · generates free cash flow
Trails peers (4/13)
Narrow moat 43/100
Evidence: High Range kr 513.39 – kr 855.66 Share as image

Fair value as of: Jul 15, 2026

From 11 valuation models · updated 26 days ago

Share price −2.9% over the past month.

A solid business, but screening 59% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 855.66). The favourable scenario is already priced in.
  • Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

kr 6,711 kr 1,460 Fair Value kr 684.53 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range kr 1,460 – kr 6,711 · fair‑value band kr 513.39 – kr 855.66 · the kr 1,650 price screens above the kr 684.53 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Mangold Fondkommission AB (MANG) currently trades at kr 1,650, while our model-based Fair Value estimate is kr 684.53, implying the stock looks roughly 58.5% overvalued today. The Quality Score stands at 60/100 (solid quality), in the Financial Services 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: high).

Over the trailing twelve months, Mangold Fondkommission AB generated revenue of 219M SEK at a net margin of 12.5%. Revenue declined 9.2% year over year. It earns a return on equity of 12.6%. The balance sheet holds a net cash position of 105M SEK. Fundamentals as of Jul 15, 2026

Our scenario range runs from kr 513.39 (bear case) to kr 855.66 (bull case); at kr 1,650, the current price sits above 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 29% below its 52-week high, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 11% fair-value upside, at -59%, MANG 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 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 1,676 kr 2,386 kr 3,357 80
Residual Income kr 401.03 kr 433.16 kr 503.29 76
Rev-Margin DCF kr 1,122 kr 1,501 kr 1,971 74
All 11 models by family
DCF Models
Owner Earnings kr 994.53 kr 1,385 kr 1,946 31
5Y P/E Exit kr 1,087 kr 1,417 kr 1,763 38
10Y P/E Exit kr 1,310 kr 1,658 kr 2,086 35
Earnings-Based
Graham-Dodd kr 323.54 kr 1,273 kr 1,728 54
Lynch FV kr 314.08 kr 448.68 kr 583.28 50
Multiples
P/E Multiple kr 463.90 kr 618.54 kr 773.17 63
P/B Multiple kr 513.39 kr 684.53 kr 855.66 55
Asset-Based
NCAV (Graham) kr 244.47 kr 327.59 kr 488.95 50
Growth DCF
Growth DCF kr 1,676 kr 2,386 kr 3,357 80
Rev-Margin DCF kr 1,122 kr 1,501 kr 1,971 74
Economic Profit
Residual Income kr 401.03 kr 433.16 kr 503.29 76

Widest divergence: Growth DCF (kr 1,501) versus Asset-Based (kr 327.59). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 219M SEK
Revenue growth (YoY) -9.2%
Net margin 12.5%
Return on equity 12.6%
Free cash flow 66.3M SEK FY2025
P/E ratio 54.1
More key figures
Operating margin 0.2%
EPS (TTM) kr 31.45
EPS growth (YoY) -75.6%
Net cash 105M SEK FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 60/100

Of which business quality 60 · Market factors (momentum, volatility) 35

Profitability 30
Margins and returns on capital today
Quality Growth 67
Are margins and returns improving?
Cashflow 96
Earnings quality: real cash, not paper profit
Fin. Strength 36
Balance sheet, leverage, solvency risk
Investment 64
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 27
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 78
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

Mangold Fondkommission AB provides financial services to companies, institutions, and private individuals in Sweden. It operates in two segments, Investment Banking and Private Banking. The company offers investment banking services, such as corporate finance, market making, mission analysis, certified advisor, merger and acquisition, and issuing services.

Full company description

Mangold Fondkommission AB provides financial services to companies, institutions, and private individuals in Sweden. It operates in two segments, Investment Banking and Private Banking. The company offers investment banking services, such as corporate finance, market making, mission analysis, certified advisor, merger and acquisition, and issuing services. It also provides private banking services, including securities trading, distribution, and capital advice services. The company was incorporated in 2000 and is headquartered in Stockholm, Sweden. Mangold Fondkommission AB is a subsidiary of Mangold Ab.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Mangold Fondkommission AB reported revenue of kr 210M in FY2025 versus kr 365M in FY2021, a compound −13.0%/yr. Reported net income was kr 22.8M in FY2025, compounding −33.0%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
210M SEK
Latest YoY
+6.3%
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.
+16.8%
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.
+1.8%
Avg. growth/yr (15Y) 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.
+7.9%
Revenue −13.0%/yr
FY21 kr 365M
FY22 kr 131M
FY23 kr 182M
FY24 kr 197M
FY25 kr 210M
Net income −33.0%/yr
FY21 kr 113M
FY22 −kr 20.5M
FY23 −kr 10.4M
FY24 −kr 4.5M
FY25 kr 22.8M

MANG screens 59% overvalued. Compare with Huatai Securities Co →

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Cite: Fair Value Calculator (2026). "Mangold Fondkommission AB Fair Value". https://www.fairvalue-calculator.com/stock/MANG

Peer Group

Capital Markets · 423 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 61 · Above median
Fair Value upside −59% · Bottom 25%
Return on equity (TTM) 13% · Above median
Return on assets 2% · Above median
Net margin (TTM) 12% · Below median
Operating margin (TTM) 0% · Bottom 25%
Revenue growth -9% · Bottom 25%

Valuation Multiples vs Capital Markets median · lower = cheaper

P/E (TTM) 54.1× · Pricier than 75% of peers
P/B 3.48× · Pricier than 75% of peers
P/S (TTM) 3.71× · Pricier than median
P/FCF 1.3× · Pricier than median
EV/EBITDA 12.8× · Pricier 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 · sector 9
FUTURE 0 · sector 96
PAST 51 · sector 30
HEALTH 100 · sector 93
DIVIDEND 0 · sector 36

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

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 Capital Markets stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Huatai Securities Co HTSC $0.2700 $0.0400 -85%
Mirae Asset Securities Co 006800 38,750 KRW 31,645 KRW -18%
Meritz Financial Group 138040 117,000 KRW 87,706 KRW -25%
Korea Investment Holdings 071050 239,000 KRW 318,825 KRW +33%
NH Investment & Securities Co 005940 31,000 KRW 37,133 KRW +20%
Samsung Securities Co 016360 107,700 KRW 126,487 KRW +17%
Motilal Oswal Financial Services Limited MOTILALOFS ₹967.00 ₹299.65 -69%
Kiwoom Securities Co 039490 322,000 KRW 358,091 KRW +11%
SSI Securities Corporation SSI 24,250 VND 28,021 VND +16%
Bolsas y Mercados Argentinos S.A BYMA 313.75 ARS 120.22 ARS -62%

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Frequently asked questions

Is Mangold Fondkommission AB (MANG) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of kr 684.53 versus a price of kr 1,650, about −59% (overvalued).
What is the fair value of MANG?
Our model-based fair value for Mangold Fondkommission AB is kr 684.53 (as of Jul 15, 2026), built from audited fundamentals. The current price is kr 1,650.
What is the quality score of MANG?
Mangold Fondkommission AB has a Quality Score of 60/100. 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 Mangold Fondkommission AB (MANG)?
Mangold Fondkommission AB reported trailing-twelve-month revenue of about 219M SEK (latest available figure, as of Jul 15, 2026).
What is the net profit margin of MANG?
The net profit margin of Mangold Fondkommission AB is about 12.5%, meaning it keeps roughly 12.5% of revenue as net income. 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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