Micro Systemation AB (MSAB-B) Fair Value & Analysis
Technology · SE · Market cap 1.5B SEK (≈ $159M) · ISIN SE0000526626
What is Micro Systemation AB really worth?
A strong business, but trading 20% above our fair value of kr 78.86.
Strengths
Risks
For context
Fair value as of: Aug 27, 2026
From 24 valuation models · updated 9 days ago
Share price +6.0% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 78/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits in the upper half of our model range, so the margin of safety is thin.
- The data supports the verdict: every model runs on fully documented inputs.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.
How to read this chart
60‑month range kr 30.34 – kr 96.20 · fair‑value band kr 57.79 – kr 98.58 · the kr 95.00 price screens above the kr 78.86 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.
Analysis
Micro Systemation AB (MSAB-B) currently trades at kr 95.00, while our model-based Fair Value estimate is kr 78.86, implying the stock looks roughly 20.5% overvalued today. The Quality Score stands at 78/100 (high quality), in the Technology sector. Bull case: the DCF Models group reads highest at a median of kr 71.55 per share, and 3 of the 24 models we run sit above the kr 95.00 price. Bear case: the Economic Profit group reads lowest at kr 23.65, and 21 of the 24 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Micro Systemation AB generated revenue of 469M SEK at a net margin of 9.8%. Revenue grew 7.5% year over year. It earns a return on equity of 33.8%. The balance sheet holds a net cash position of 143M SEK. Fundamentals as of Aug 27, 2026
Our scenario range runs from kr 57.79 (bear case) to kr 98.58 (bull case); at kr 95.00, the current price sits within 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 100% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −38% fair-value upside, at −17%, MSAB-B screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 0.6591 per share, which is 0.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 24 models by family
Widest divergence: DCF Models (kr 71.55) versus Asset-Based (kr 5.76). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 78 · Market factors (momentum, volatility) 81
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Micro Systemation AB (publ), together with its subsidiaries, provides forensic technology for mobile device examination and analysis in Sweden and internationally.
Full company description
Micro Systemation AB (publ), together with its subsidiaries, provides forensic technology for mobile device examination and analysis in Sweden and internationally. The company offers XRY software products that include XRY logical, a software solution that enables investigators to access and recover live and file system data from the device on the crime scene; XRY Physical, a software solution, which is used for the physical recovery of data from mobile devices; XRY Pro, a full toolkit for extraction and decryption of secure devices; XRY Cloud to recover data beyond the mobile devices; XRY Pro Express for extractions; XRY Kiosk for whom data recovery and analysis; XRY Tablet, which is designed for frontline operational users for whom data recovery and analysis; XRY Express, which delivers a simplified and locked down workflow for easy mobile device extractions. It also provides XAMN Viewer, an analysis tool to open, view, analyze, and/or report on mobile device data; XAMN Pro, a tool that helps the user find and analyze data; XEC Director, which is used to manage forensic mobile operations; UNIFY Collaborate which meets the demands of growing digital investigations, enhancing efficiency, and security; and XEC Export, a tool designed for batch export services. In addition, the company offers UNIFY Collaborate, which allows multiple investigators to work on the same case simultaneously; mobile forensics platforms for computers and touchscreen interfaces, as well as implementation, training, and support services. Its products are used by law enforcement, corrections, border control, military, and eDiscovery sectors. Micro Systemation AB (publ) was incorporated in 1984 and is headquartered in Stockholm, Sweden.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Micro Systemation AB reported revenue of 462M SEK in FY2025 versus 333M SEK in FY2021, a compound +8.5%/yr. Reported net income was 49.2M SEK in FY2025, compounding +9.0%/yr from FY2021.
of which total revenue +7.8 % · buybacks/dilution −0.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
MSAB-B screens 20% overvalued. Compare with SAP SE →
Peer Group
Software - Application · 691 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.
Valuation Multiples vs Software - Application median · lower = cheaper
Strength profile in five axes (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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Software - Application stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SAP SE SAP | €191.32 | €169.59 | −11% |
| Shopify Inc SHOP | C$209.78 | C$28.76 | −86% |
| Uber Technologies, Inc UBER | $78.82 | $43.66 | −45% |
| Salesforce, Inc CRM | $252.05 | $249.28 | −1% |
| ServiceNow, Inc NOW | $138.43 | $43.73 | −68% |
| Cadence Design Systems, Inc CDNS | $340.39 | $112.57 | −67% |
| Snowflake Inc SNOW | $329.11 | $42.27 | −87% |
| Adobe Inc ADBE | $289.15 | $454.04 | +57% |
| Automatic Data Processing, Inc ADP | $284.68 | $177.51 | −38% |
| Intuit Inc INTU | $348.00 | $363.46 | +4% |
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