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Storytel AB (STORY-B) Fair Value & Analysis

Communication Services · SE · Market cap 7.0B SEK (≈ $734M) · ISIN SE0007439443

What is Storytel AB really worth?

SA Storytel AB STORY-B · ST
Pricekr 115.10
Fair Valuekr 106.22
Upside−7.7%
Quality71/100

A solid business, currently priced close to our fair value of kr 106.22.

As of Sep 5, 2026, the fair value of Storytel AB is kr 106.22 per share against a price of kr 115.10, so the fair value sits 8% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Solidly profitable · 13.6% net margin
Low debt · generates free cash flow
Wide moat 65/100

Risks

!Mixed Growth (revenue 5y +11.5 %/yr)
!Mixed vs. peers (8/14)
!The models disagree: range kr 79.67 to kr 277.55
!Weak on valuation: 23 out of 100
!Weak on future: 14 out of 100

For context

·1.30% dividend yield
Evidence: High Range kr 79.67 – kr 277.55

Fair value as of: Sep 5, 2026

From 24 valuation models · updated today

Share price +11.1% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The model range is unusually wide (kr 79.67 to kr 277.55). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.

Price vs Fair Value (5 years)

kr 238.66 kr 21.95 Fair Value kr 106.22 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range kr 21.95 – kr 238.66 · fair‑value band kr 79.67 – kr 277.55 · the kr 115.10 price screens above the kr 106.22 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

Storytel AB (STORY-B) currently trades at kr 115.10, while our model-based Fair Value estimate is kr 106.22, implying the stock looks roughly 8.4% fairly valued today. The Quality Score stands at 71/100 (solid quality), in the Communication Services sector. Bull case: the Growth Earnings group reads highest at a median of kr 290.30 per share, and 15 of the 24 models we run sit above the kr 115.10 price. Bear case: the Asset-Based group reads lowest at kr 15.52, and 9 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Storytel AB generated revenue of 4.0B SEK at a net margin of 12.0%. Revenue grew 6.9% year over year. It earns a return on equity of 29.2%. The balance sheet holds a net cash position of 686M SEK. Fundamentals as of Sep 5, 2026

Our scenario range runs from kr 79.67 (bear case) to kr 277.55 (bull case); at kr 115.10, 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 74% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 9% fair-value upside, at −8%, STORY-B screens richer 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 3.79 per share, which is 3.6 % 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.

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
FCF DCF kr 93.43 kr 139.06 kr 281.32 74
EPV kr 50.41 kr 56.97 kr 62.63 74
Growth DCF kr 88.28 kr 160.02 kr 275.58 73
All 24 models by family
DCF Models
FCF DCF kr 93.43 kr 139.06 kr 281.32 74
Owner Earnings kr 132.88 kr 283.69 kr 588.66 69
5Y Revenue Exit kr 69.59 kr 111.21 kr 198.10 68
5Y EBITDA Exit kr 94.65 kr 161.86 kr 293.70 70
5Y P/E Exit kr 109.17 kr 237.46 kr 413.03 65
10Y Revenue Exit kr 75.69 kr 148.78 kr 193.21 64
10Y EBITDA Exit kr 95.57 kr 201.49 kr 386.07 62
10Y P/E Exit kr 105.93 kr 232.06 kr 441.01 58
Earnings-Based
Graham-Dodd kr 42.49 kr 296.31 kr 415.83 61
Lynch FV kr 153.08 kr 218.69 kr 284.30 59
PEG = 1.0 kr 153.08 kr 218.69 kr 284.30 55
EPV kr 50.41 kr 56.97 kr 62.63 74
Multiples
P/E Multiple kr 103.10 kr 137.46 kr 171.83 63
P/S Multiple kr 79.67 kr 106.22 kr 132.78 58
P/B Multiple kr 60.80 kr 81.06 kr 101.33 55
EV/EBIT kr 69.80 kr 90.10 kr 110.41 66
EV/EBITDA kr 92.30 kr 120.11 kr 147.92 67
EV/Revenue kr 55.07 kr 74.87 kr 94.67 54
Asset-Based
NCAV (Graham) kr 11.58 kr 15.52 kr 23.16 54
Growth DCF
Growth DCF kr 88.28 kr 160.02 kr 275.58 73
Rev-Margin DCF kr 75.75 kr 125.97 kr 231.26 67
Economic Profit
Residual Income kr 41.74 kr 56.91 kr 360.63 61
ROIC Compounder kr 63.80 kr 93.48 kr 129.72 69
Growth Earnings
Growth-Adj P/E kr 203.21 kr 290.30 kr 377.39 65

Widest divergence: Growth Earnings (kr 290.30) versus Asset-Based (kr 15.52). Highest evidence: FCF DCF (74).

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Key figures & financial health

P/E ratio 16.3
P/S ratio 1.95 P/E × margin
EPS (TTM) kr 7.08 price ÷ EPS = P/E 16.3
Dividend yield 1.3% payout 21.2%
Net margin 12.0% FY2025
Return on equity 29.2% TTM
More key figures
Profitability
Return on assets (EBIT) −5.3% avg 5y
Operating margin 14.4% TTM
Growth
Revenue (TTM) 4.0B SEK TTM
Revenue growth (YoY) +6.9% 3y avg +7.9%
EPS growth (YoY) +149%
Balance sheet & cash flow
Free cash flow 411M SEK FY2025
Net cash 686M SEK FY2025

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 71/100

Of which business quality 68 · Market factors (momentum, volatility) 69

Profitability 81
Margins and returns on capital today
Quality Growth 50
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 72
Balance sheet, leverage, solvency risk
Investment 96
Disciplined investing over empire-building
Low Volatility 31
Calm price path (market factor)
Momentum 80
Price trend over the last 3–12 months (market factor)
52W Momentum 94
Distance to the 52-week high (market factor)
Net Issuance 61
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.

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

Storytel AB (publ) engages in the audiobook and publishing market in Sweden, Denmark, the United States, Finland, the Netherlands, Poland, Iceland, and internationally. The company operates in two segments, Streaming and Publishing.

Full company description

Storytel AB (publ) engages in the audiobook and publishing market in Sweden, Denmark, the United States, Finland, the Netherlands, Poland, Iceland, and internationally. The company operates in two segments, Streaming and Publishing. The Streaming segment offers audiobooks and e-books streaming services under the Storytel and Mofibo brands, as well as through Audiobooks.com. The Publishing segment provides printed books, audiobooks, and e-books through Norstedts, Rabén & Sjögren, Lind & Co, People's, Gummerus, Bokfabriken, and Storyside publishing houses. Storytel AB (publ) is headquartered in Stockholm, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Storytel AB reported revenue of 4.0B SEK in FY2025 versus 2.6B SEK in FY2021, a compound +11.3%/yr. Reported net income was 483M SEK in FY2025.

Growth Quality 86/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
4.0B SEK
Latest YoY
+5.9%
Avg. revenue 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.
+7.9%
Avg. revenue 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.
+11.5%
Avg. revenue 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.
+141.4%
EBIT margin (trend) 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.
−8.3% (2020) → 9.8% (2025)
Revenue +11.3%/yr
FY21 2.6B SEK
FY22 3.2B SEK
FY23 3.5B SEK
FY24 3.8B SEK
FY25 4.0B SEK
Net income
FY21 −373M SEK
FY22 −380M SEK
FY23 −819M SEK
FY24 197M SEK
FY25 483M SEK

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Cite: Fair Value Calculator (2026). "Storytel AB Fair Value". https://www.fairvalue-calculator.com/stock/STORY-B

Peer Group

Publishing · 107 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 71 · Top 25%
Fair Value upside −8% · Below median
Return on equity (TTM) 32% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 9% · Above median
Revenue growth 3% · Above median
Dividend yield (TTM) 1.3% · Below median

Valuation Multiples vs Publishing median · lower = cheaper

P/E (TTM) 16.3× · Pricier than median
P/B 3.92× · Pricier than 75% of peers
P/S (TTM) 1.73× · Pricier than 75% of peers
P/FCF 1.8× · Cheaper than median
EV/EBITDA 8.1× · Pricier than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE23 · sector 42
FUTURE14 · sector 0
PAST100 · sector 22
HEALTH100 · sector 99
DIVIDEND26 · sector 57

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

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Frequently asked questions

Is Storytel AB (STORY-B) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of kr 106.22 versus a price of kr 115.10, about −8% upside (fairly valued).
What is the fair value of STORY-B?
Our model-based fair value for Storytel AB is kr 106.22 (as of Sep 5, 2026), built from audited fundamentals. The current price: kr 115.10.
What is the quality score of STORY-B?
Storytel AB has a Quality Score of 71/100. 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 Storytel AB (STORY-B)?
Storytel AB reported trailing-twelve-month revenue of about 4.0B SEK (latest available figure, as of Sep 5, 2026).
What is the net profit margin of STORY-B?
The net profit margin of Storytel AB is about 12.0%, meaning it keeps roughly 12.0% of revenue as net income. Based on the latest reported figures.
Does Storytel AB pay a dividend?
Storytel AB currently shows a dividend yield of about 1.30% relative to its recent price (as of Sep 5, 2026).
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