Qleanair Holding AB (QAIR) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Qleanair Holding AB SEK 39.07, price SEK 19.60, upside +99.3%, quality 63 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 13.05 – kr 70.98 · fair‑value band kr 27.31 – kr 49.27 · the kr 19.60 price screens below the kr 39.07 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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QleanAir AB (publ) provides air cleaning solutions for indoor environments in Sweden and internationally. It offers freestanding air cleaners for professional environments; freestanding smoking cabins for protection against secondhand smoke; and freestanding room-within-a-room turnkey cleanroom solutions under the QleanAir and QleanSpace names.
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QleanAir AB (publ) provides air cleaning solutions for indoor environments in Sweden and internationally. It offers freestanding air cleaners for professional environments; freestanding smoking cabins for protection against secondhand smoke; and freestanding room-within-a-room turnkey cleanroom solutions under the QleanAir and QleanSpace names. The company's solutions are used in warehouses and logistics centers, schools, offices, high security facilities and institutions, transport and airports, hotels, casinos, and restaurants, as well as food, manufacturing, assembly, healthcare, drug preparation, pharmaceutical, manufacturing, BioTech, MedTech, and life science industries. The company was formerly known as QleanAir Holding AB (publ) and changed its name to QleanAir AB (publ) in July 2021. QleanAir AB (publ) was founded in 1988 and is headquartered in Solna, Sweden.
Stock analysis
Qleanair Holding AB (QAIR) currently trades at kr 19.60, while our model-based Fair Value estimate is kr 39.07, implying the stock looks roughly 49.8% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 47.90 per share, and 20 of the 22 models we run sit above the kr 19.60 price.
Bear case: the Asset-Based group reads lowest at kr 9.68, and 2 of the 22 models stay below the price. Evidence for this calculation is medium.
Scenario range: kr 27.31 (bear) to kr 49.27 (bull), the price of kr 19.60 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 63/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Qleanair Holding AB reported revenue of 455M SEK in FY2025 versus 451M SEK in FY2021, a compound +0.2%/yr. Reported net income was 27.9M SEK in FY2025, compounding −17.2%/yr from FY2021.
Key figures
Market cap 308M SEK (≈ $31.0M) · P/E ratio 10.1 · P/S ratio 0.62 · EPS (TTM) kr 1.94 · Net margin 6.1% · Return on equity 13.8% · Return on assets (EBIT) 7.4% · Operating margin 6.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 32% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −28% fair-value upside, at 99%, QAIR screens cheaper than that median.
Fair Value models
Bear kr 27.31Fair Value kr 39.07Bull kr 49.27
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 2025 figures (about 9 months old). Earnings retained since then (kr 1.42 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.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+1.0%
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.
+0.0%
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.
−1.6%
Start year 2020 (pandemic)
Revenue growth 9 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.
+4.0%
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’19
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What shareholders gained per year (last 5 years) ⓘ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.
−15.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−15.8%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−16% vs 24%, slowing
Profit margin 2020 to 2025 ⓘ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.19% → 9%
Start year 2020 (pandemic)
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).
−13.5%
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 −15.2% a year for the price.
Price, fair value, quality and upside side by side.
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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.Pollution & Treatment Controls · 94 stocks
P/B1.43× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
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). "Qleanair Holding AB Fair Value". https://www.fairvalue-calculator.com/stock/QAIR
Frequently asked questions
Is Qleanair Holding AB (QAIR) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 39.07 versus a price of kr 19.60, about +99% upside (undervalued).
What is the fair value of QAIR?
Our model-based fair value for Qleanair Holding AB is kr 39.07 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 19.60.
What is the quality score of QAIR?
Qleanair Holding AB has a Quality Score of 63/100. 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 Qleanair Holding AB (QAIR)?
Our model-based price target is the fair value of kr 39.07 (as of Sep 24, 2026) from 22 valuation models. Cautious scenario kr 27.31, optimistic scenario kr 49.27. It is a calculation from audited fundamentals, not an analyst target.
What is the Qleanair Holding AB stock forecast for 2026?
Our models put fair value at kr 39.07, about +99% upside versus a price of kr 19.60 (undervalued). Cautious scenario kr 27.31, optimistic scenario kr 49.27. The calculation is refreshed regularly with new filings.
What is the revenue of Qleanair Holding AB (QAIR)?
Qleanair Holding AB reported trailing-twelve-month revenue of about 452M SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into Qleanair Holding AB (QAIR)?
For today's price to be fair in a discounted-cash-flow model, Qleanair Holding AB would have to grow free cash flow by -13.5 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of QAIR use?
Our models discount Qleanair Holding AB at 8.7 %: a base by market capitalisation (nano), damped by beta 0.65, 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 Qleanair Holding AB that is -13.5 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Qleanair Holding AB (QAIR) delivered so far?
Over the past 5 years revenue at Qleanair Holding AB grew -1.6 % a year. The price currently implies -13.5 % 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 Qleanair Holding AB (QAIR) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Qleanair Holding AB (-13.5 % 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 Qleanair Holding AB (QAIR)?
The free-cash-flow yield on the price is 22.01 %: that much free cash flow Qleanair Holding AB produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Qleanair Holding AB (QAIR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Qleanair Holding AB it is kr 39.07 per share (as of Sep 24, 2026), against a price of kr 19.60. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Qleanair Holding AB stock overvalued or undervalued in 2026?
As of Sep 24, 2026, QAIR trades below its calculated fair value: price kr 19.60, fair value kr 39.07, a gap of about +99% (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 QAIR?
No. The price is what the market pays today (kr 19.60); the fair value is what the company's own numbers justify (kr 39.07). For Qleanair Holding AB the two are kr 19.47 per share apart. That gap is exactly why we show both numbers side by side.
How much is Qleanair Holding AB worth?
The market values Qleanair Holding AB at about 308M SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 19.60; our models calculate a fair value of kr 39.07 per share.
What do the bullish and bearish scenarios say about QAIR?
Our models span a range for Qleanair Holding AB: cautious scenario kr 27.31, base kr 39.07, optimistic kr 49.27 per share (as of Sep 24, 2026, price kr 19.60). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of QAIR?
Qleanair Holding AB trades at a price-to-earnings ratio of 10.1 (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 39.07 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 10.4 (reported for FY2025: 11.0). Other multiples: P/B 1.4, P/S 0.7, EV/EBITDA 6.0.
How solid is the balance sheet of Qleanair Holding AB (QAIR)?
Balance-sheet figures for Qleanair Holding AB (as of Sep 24, 2026): return on equity 13.8%, debt of 0.32 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is QAIR from its 52-week high?
Qleanair Holding AB trades at kr 19.60, about 32% below its 52-week high of kr 28.90 and 10% above the low of kr 17.80 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 39.07 is for.
Which stocks are comparable to Qleanair Holding AB?
From the same area (Industrials) we also value Veralto Corporation, Zurn Elkay Water Solutions Corporation, Canmax Technologies Co, CECO Environmental Corp, 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 Qleanair Holding AB stock attractive at the current price?
The data as of Sep 24, 2026: price kr 19.60, calculated fair value kr 39.07 (+99%), Quality Score 63/100, from 22 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 QAIR calculated?
We run Qleanair Holding AB through 22 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 39.07, 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. Qleanair Holding AB currently trades 99 % 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 Qleanair Holding AB (QAIR)?
The closing price on Sep 24, 2026 was kr 19.60. Our model-based fair value is kr 39.07, about +99% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Qleanair Holding AB right now?
The price is below even our cautious bear case (kr 27.31). The market is more pessimistic than our downside scenario. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (kr 27.31 to kr 49.27) leaves room in how you read the outcome.
Key figures of Qleanair Holding AB
How large is the market capitalisation of Qleanair Holding AB (QAIR)?
The market capitalisation of Qleanair Holding AB is 308M SEK (≈ $31.0M). 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 Qleanair Holding AB (QAIR)?
The price-to-sales ratio of Qleanair Holding AB is 0.62 (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 Qleanair Holding AB (QAIR)?
Earnings per share at Qleanair Holding AB are kr 1.94 (price ÷ EPS = P/E 10.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Qleanair Holding AB (QAIR)?
The net margin of Qleanair Holding AB is 6.1% (fiscal year 2025). 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 Qleanair Holding AB (QAIR)?
The return on equity (ROE) of Qleanair Holding AB is 13.8% (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 Qleanair Holding AB (QAIR)?
On an EBIT basis the return on assets of Qleanair Holding AB is 7.4% (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 Qleanair Holding AB (QAIR)?
The operating margin of Qleanair Holding AB is 6.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Qleanair Holding AB (QAIR)?
Revenue at Qleanair Holding AB is growing −2.3% versus a year earlier (3y avg 0.0%). 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 Qleanair Holding AB (QAIR)?
Earnings per share at Qleanair Holding AB are growing +33.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Qleanair Holding AB (QAIR) carry?
The net debt of Qleanair Holding AB is 119M SEK (fiscal year 2025, ≈ 1.8 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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