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MilDef Group (MILDEF) Fair Value & Analysis

Industrials · SE · Market cap 8.9B SEK

MG MilDef Group MILDEF · ST
Pricekr 226.80
Fair Valuekr 50.52
Upside-77.7%
Quality39/100
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Expensive Growth
Solidly profitable · 10.0% net margin
Low debt · negative free cash flow
Mixed vs. peers (7/13)
Moderate moat 56/100
Evidence: High Range kr 34.25 – kr 66.78 Share as image

Fair value as of: Jul 18, 2026

From 15 valuation models · updated 22 days ago

Share price +22.3% over the past month.

Below-average quality, and screening another 78% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 66.78). The favourable scenario is already priced in.
  • Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (kr 34.25 to kr 66.78) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 284.25 kr 34.00 Fair Value kr 50.52 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range kr 34.00 – kr 284.25 · fair‑value band kr 34.25 – kr 66.78 · the kr 226.80 price screens above the kr 50.52 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

MilDef Group (MILDEF) currently trades at kr 226.80, while our model-based Fair Value estimate is kr 50.52, implying the stock looks roughly 77.7% overvalued today. The Quality Score stands at 39/100 (below-average quality), in the Industrials 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, MilDef Group generated revenue of 2.4B SEK at a net margin of 9.1%. Revenue grew 108.5% year over year. It earns a return on equity of 14.5%. Net debt stands at 807M SEK. Fundamentals as of Jul 18, 2026

Our scenario range runs from kr 34.25 (bear case) to kr 66.78 (bull case); at kr 226.80, 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 near its 52-week high and 107% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -59% fair-value upside, at -78%, MILDEF 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
Residual Income kr 27.71 kr 30.48 kr 44.37 76
ROIC Compounder kr 29.94 kr 41.00 kr 54.89 72
Growth-Adj P/E kr 100.50 kr 143.58 kr 186.65 68
All 15 models by family
DCF Models
Owner Earnings kr 65.88 kr 153.85 kr 331.73 31
Earnings-Based
Graham-Dodd kr 21.33 kr 148.73 kr 208.72 54
Lynch FV kr 76.84 kr 109.77 kr 142.70 50
PEG = 1.0 kr 76.84 kr 109.77 kr 142.70 46
EPV kr 29.94 kr 35.68 kr 40.64 59
Multiples
P/E Multiple kr 49.40 kr 65.86 kr 82.33 63
P/S Multiple kr 39.99 kr 53.32 kr 66.64 58
P/B Multiple kr 39.99 kr 53.32 kr 66.64 55
EV/EBIT kr 50.97 kr 70.11 kr 89.25 53
EV/EBITDA kr 60.30 kr 82.55 kr 104.79 54
EV/Revenue kr 34.53 kr 52.10 kr 69.66 43
Asset-Based
NCAV (Graham) kr 16.13 kr 21.61 kr 32.26 50
Economic Profit
Residual Income kr 27.71 kr 30.48 kr 44.37 76
ROIC Compounder kr 29.94 kr 41.00 kr 54.89 72
Growth Earnings
Growth-Adj P/E kr 100.50 kr 143.58 kr 186.65 68

Widest divergence: DCF Models (kr 153.85) versus Asset-Based (kr 21.61). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 2.4B SEK
Revenue growth (YoY) +109%
Net margin 9.1%
Return on equity 14.5%
Free cash flow −31.6M SEK FY2025
P/E ratio 42.0
More key figures
Operating margin 14.5%
EPS (TTM) kr 4.65
Dividend yield 0.4%
EPS growth (YoY) +123%
Net debt 807M SEK FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 39/100

Of which business quality 39 · Market factors (momentum, volatility) 65

Profitability 46
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 27
Calm price path (market factor)
Momentum 77
Price trend over the last 3–12 months (market factor)
52W Momentum 86
Distance to the 52-week high (market factor)
Net Issuance 2
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

MilDef Group AB (publ), together with its subsidiaries, develops, manufactures, and sells rugged IT solutions in Sweden, Norway, Finland, Denmark, the United Kingdom, Germany, Switzerland, the United States, Australia, and internationally.

Full company description

MilDef Group AB (publ), together with its subsidiaries, develops, manufactures, and sells rugged IT solutions in Sweden, Norway, Finland, Denmark, the United Kingdom, Germany, Switzerland, the United States, Australia, and internationally. The company offers IT equipment, rugged computers, KVM, switches, routers, power distribution, customer projects, and accessories; laptops, tablets, and handhelds; intelligent displays; special electronics; concept products; and fiber optic and keyboards. It also provides OneCIS, a tactical C2IS platform; development services; and consulting services, such as project management and facilitating, change management and benefit realization, service design and architecture, and IT advisory and security. In addition, the company offers integration services, including systems engineering and design; ILS-management and technical support; system safety; technical documentation; project, program, and portfolio management; integration, installation, and maintenance; helpdesk, and service desk services. It sells its products to national and critical infrastructure sectors. The company was founded in 1997 and is headquartered in Helsingborg, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

MilDef Group reported revenue of kr 2.0B in FY2025 versus kr 470M in FY2021, a compound +44.5%/yr. Reported net income was kr 148M in FY2025.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.0B SEK
Latest YoY
+70.3%
Avg. growth/yr (3Y)
+40.4%
Avg. growth/yr (5Y)
+38.7%
Avg. growth/yr (7Y)
+35.5%
Revenue +44.5%/yr
FY21 kr 470M
FY22 kr 739M
FY23 kr 1.2B
FY24 kr 1.2B
FY25 kr 2.0B
Net income
FY21 −kr 700K
FY22 kr 14.2M
FY23 kr 69.0M
FY24 −kr 220M
FY25 kr 148M

MILDEF screens 78% overvalued. Compare with General Electric Company →

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

Peer Group

Aerospace & Defense · 226 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 39 · Bottom 25%
Fair Value upside −78% · Bottom 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 8% · Top 25%
Net margin (TTM) 10% · Above median
Operating margin (TTM) 13% · Above median
Revenue growth 65% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.30× · Higher than median

Valuation Multiples vs Aerospace & Defense median · lower = cheaper

P/E (TTM) 33.1× · Cheaper than median
P/B 5.86× · Pricier than median
P/S (TTM) 3.35× · Pricier than median
EV/EBITDA 19.6× · 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 0 · sector 0
FUTURE 100 · sector 46
PAST 71 · sector 38
HEALTH 85 · sector 94
DIVIDEND 0 · sector 15

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.

Weapons Defense

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

Similar stocks

10 more Aerospace & Defense stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
General Electric Company GE $381.22 $116.71 -69%
RTX Corporation RTX $195.93 $88.37 -55%
Airbus SE 1AIR €213.25 €86.20 -60%
The Boeing Company BA $217.11 $48.20 -78%
China CSSC Holdings 600150 ¥34.31 ¥21.90 -36%
HD Hyundai Heavy Industries Co 329180 466,000 KRW 272,966 KRW -41%
Hanwha Aerospace Co 012450 967,000 KRW 573,468 KRW -41%
ASELSAN Elektronik Sanayi ve Ticaret Anonim Sirketi ASELS 337.50 TRY 130.70 TRY -61%
Saab AB SAABB kr 520.40 kr 212.84 -59%
Kongsberg Gruppen ASA KOG kr 277.50 kr 106.93 -61%

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Frequently asked questions

Is MilDef Group (MILDEF) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of kr 50.52 versus a price of kr 226.80, about −78% (overvalued).
What is the fair value of MILDEF?
Our model-based fair value for MilDef Group is kr 50.52 (as of Jul 18, 2026), built from audited fundamentals. The current price is kr 226.80.
What is the quality score of MILDEF?
MilDef Group has a Quality Score of 39/100. 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 MilDef Group (MILDEF)?
MilDef Group reported trailing-twelve-month revenue of about 2.4B SEK (latest available figure, as of Jul 18, 2026).
What is the net profit margin of MILDEF?
The net profit margin of MilDef Group is about 9.1%, meaning it keeps roughly 9.1% of revenue as net income. Based on the latest reported figures.
Does MilDef Group pay a dividend?
MilDef Group currently shows a dividend yield of about 0.40% relative to its recent price (as of Jul 18, 2026).

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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