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AB Traction (TRAC-B) Fair Value & Analysis

Financial Services · SE · Market cap 3.5B SEK (≈ $362M) · ISIN SE0000391716

What is AB Traction really worth?

AT AB Traction TRAC-B · ST
Pricekr 263.00
Fair Valuekr 281.84
Upside+7.2%
Quality64/100

A solid business, currently priced close to our fair value of kr 281.84.

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Strengths

Highly profitable · 65.2% net margin
generates free cash flow

Risks

!Weak Growth (revenue YoY −69.7 %/yr)
!Mixed vs. peers (7/14)
!Moderate moat 57/100
!Weak on past: 3 out of 100

For context

·3.16% dividend yield
Evidence: High Range kr 211.38 – kr 352.30

Fair value as of: Aug 14, 2026

From 2 valuation models · updated 22 days ago

Fair value updated Aug 14, 2026, revised from kr 255.33 to kr 281.84 (+10.4%) since Jul 13, 2026. Share price +7.8% over the past month.

What runs behind every stock

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

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Price vs Fair Value (5 years)

kr 284.15 kr 168.31 Fair Value kr 281.84 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 14, 2026.

How to read this chart

60‑month range kr 168.31 – kr 284.15 · fair‑value band kr 211.38 – kr 352.30 · the kr 263.00 price screens below the kr 281.84 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

AB Traction (TRAC-B) currently trades at kr 263.00, while our model-based Fair Value estimate is kr 281.84, implying the stock looks roughly 6.7% fairly valued today. The Quality Score stands at 64/100 (solid quality), in the Financial Services sector. How firm this estimate is: it rests on 22 models at a data quality of 95/100, which puts the evidence level at high.

Over the trailing twelve months, AB Traction generated revenue of 50.3M SEK at a net margin of 65.2%. Revenue grew 26.9% year over year. It earns a return on equity of 0.8%. The balance sheet holds a net cash position of 753M SEK. Fundamentals as of Aug 14, 2026

Our scenario range runs from kr 211.38 (bear case) to kr 352.30 (bull case); at kr 263.00, 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 about 1% below its 52-week high and 21% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 7%, TRAC-B screens cheaper than that median.

Fair Value models

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
P/B Multiple best evidence kr 211.49 kr 281.99 kr 352.49 55
NCAV (Graham) kr 165.88 kr 222.27 kr 331.75 51
All 2 models by family
Multiples
P/B Multiple best evidence kr 211.49 kr 281.99 kr 352.49 55
Asset-Based
NCAV (Graham) kr 165.88 kr 222.27 kr 331.75 51

Widest divergence: Multiples (kr 281.99) versus Asset-Based (kr 222.27). Highest evidence: P/B Multiple (55).

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Key figures & financial health

P/E ratio 106.3 as of Jun 8, 2026
EPS (TTM) kr 2.21 price ÷ EPS = P/E 106.3
Dividend yield 3.2%
Net margin 131% FY2025
Return on equity 0.8% TTM
Return on assets (EBIT) 8.9% avg 5y
More key figures
Profitability
Operating margin 105% TTM
Growth
Revenue (TTM) 50.3M SEK TTM
Revenue growth (YoY) +26.9%
EPS growth (YoY) +27.4%
Balance sheet & cash flow
Free cash flow 131M SEK FY2025
Net cash 753M SEK FY2025

Figures from reported company fundamentals · as of Aug 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 63 · Market factors (momentum, volatility) 68

Profitability 35
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 78
Earnings quality: real cash, not paper profit
Fin. Strength 73
Balance sheet, leverage, solvency risk
Investment 85
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 68
Distance to the 52-week high (market factor)
Net Issuance 82
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

AB Traction is a private equity firm specializing in distressed, middle market, later stage, mature, bridge, recapitalization, buyouts and PIPES investments. It invests in public and private companies. In private companies, the firm invests in turnaround projects, reconstructions, management buy-outs, and buy-ins.

Full company description

AB Traction is a private equity firm specializing in distressed, middle market, later stage, mature, bridge, recapitalization, buyouts and PIPES investments. It invests in public and private companies. In private companies, the firm invests in turnaround projects, reconstructions, management buy-outs, and buy-ins. In public companies, it underwrites new share issues in companies. It does not focus on any specific industry and invests across all sectors. The firm typically invests in Sweden. The firm exits its investments through sale of equity. The firm makes balance sheet investments. AB Traction was founded in 1974 and is based in Stockholm, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

AB Traction reported revenue of 149M SEK in FY2025 versus 1.4B SEK in FY2021, a compound −42.4%/yr. Reported net income was 195M SEK in FY2025, compounding −38.3%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
149M SEK
Latest YoY
−69.7%
Avg. revenue growth/yr (24Y) 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.
−4.1%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−22.8% · in SEK
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−26.0%
Dividend yield3.2%
Trend 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.5Y −26.0% vs 10Y 1.2%, flattening
Operating margin (EBIT) 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.97.2% (2019) → 131.8% (2025) · rising
Worst earnings drop198% (2008) (loss year, drop beyond 100%) · in SEK
Revenue −42.4%/yr
FY21 1.4B SEK
FY22 −362M SEK
FY23 284M SEK
FY24 490M SEK
FY25 149M SEK
Net income −38.3%/yr
FY21 1.3B SEK
FY22 −378M SEK
FY23 270M SEK
FY24 477M SEK
FY25 195M SEK
Character of growth · EPS growth decomposed (2014-2025) +3.4 % p.a.
Revenue per share +2.4 %

of which total revenue +2.4 % · buybacks/dilution +0.0 %

EBIT margin +0.8 %
Tax rate +0.2 %
Residual (interest, one-offs) +0.0 %

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).

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

Peer Group

Asset Management · 695 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 64 · Above median
Fair Value upside +7% · Above median
Return on equity (TTM) 1% · Below median
Return on assets 0% · Below median
Net margin (TTM) 65% · Top 25%
Operating margin (TTM) 105% · Top 25%
Revenue growth 27% · Above median
Dividend yield (TTM) 3.2% · Below median

Valuation Multiples vs Asset Management median · lower = cheaper

P/E (TTM) 106.3× · Pricier than 75% of peers
P/B 0.80× · Cheaper than median
P/S (TTM) 68.80× · Pricier than 75% of peers
P/FCF 2.8× · Cheaper than median
EV/EBITDA 13.8× · Pricier than median
PEG 2.20× · 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
VALUE43 · sector 40
FUTURE100 · sector 15
PAST3 · sector 24
HEALTH0 · sector 95
DIVIDEND63 · sector 81

Insider activity: 35/100

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

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $142.39 $52.88 −63%
Investor AB INVEB kr 417.20 kr 824.66 +98%
Brookfield Corporation BN C$55.74 C$10.67 −81%
KKR & Co KKR $108.68 $19.97 −82%
Apollo Global Management, Inc APO $135.04 $101.04 −25%
State Street Corporation STT $193.33 $138.33 −28%
Ameriprise Financial, Inc AMP $559.32 $515.24 −8%
Ares Management Corporation ARES $143.10 $30.88 −78%
Northern Trust Corporation NTRS $186.79 $122.02 −35%
Raymond James Financial, Inc RJF $181.10 $142.42 −21%

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Frequently asked questions

Is AB Traction (TRAC-B) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of kr 281.84 versus a price of kr 263.00, about +7% upside (fairly valued).
What is the fair value of TRAC-B?
Our model-based fair value for AB Traction is kr 281.84 (as of Aug 14, 2026), built from audited fundamentals. The current price: kr 263.00.
What is the quality score of TRAC-B?
AB Traction has a Quality Score of 64/100. 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 AB Traction (TRAC-B)?
AB Traction reported trailing-twelve-month revenue of about 50.3M SEK (latest available figure, as of Aug 14, 2026).
What is the net profit margin of TRAC-B?
The net profit margin of AB Traction is about 65.2%, meaning it keeps roughly 65.2% of revenue as net income. Based on the latest reported figures.
Does AB Traction pay a dividend?
AB Traction currently shows a dividend yield of about 3.16% relative to its recent price (as of Aug 14, 2026).
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