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Troax Group AB (TROAX) Fair Value & Analysis

Industrials · SE · Market cap 7.9B SEK (≈ $824M) · ISIN SE0012729366

TG Troax Group AB TROAX · ST
Pricekr 147.80
Fair Valuekr 69.94
Upside-52.7%
Quality47/100
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Strengths

Moderate debt · generates free cash flow

Risks

!Trades 111% ABOVE our fair value of kr 69.94
!Weak Growth (revenue 5y +10.3 %/yr)
!Thin margins · 3.7% net margin
!Trails peers (4/14)
Weak Growth (revenue 5y +10.3 %/yr)
Thin margins · 3.7% net margin
Moderate debt · generates free cash flow
0.16% dividend yield
Trails peers (4/14)
Narrow moat 37/100
Evidence: High Range kr 46.45 – kr 87.43 Share as image

Fair value as of: Aug 13, 2026

From 26 valuation models · updated 17 days ago

Fair value updated Aug 13, 2026, revised from kr 53.14 to kr 69.94 (+31.6%) since Jul 16, 2026. Share price +8.8% over the past month.

Below-average quality, and trading another 111% above our fair value.

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What matters now

  • The price sits above even our optimistic bull case (kr 87.43). The favourable scenario is already priced in.
  • Solid but not exceptional quality (47/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (kr 46.45 to kr 87.43) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 423.00 kr 89.83 Fair Value kr 69.94 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range kr 89.83 – kr 423.00 · fair‑value band kr 46.45 – kr 87.43 · the kr 147.80 price screens above the kr 69.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Troax Group AB (TROAX) currently trades at kr 147.80, while our model-based Fair Value estimate is kr 69.94, implying the stock looks roughly 52.7% overvalued today. The Quality Score stands at 47/100 (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, Troax Group AB generated revenue of 266M SEK at a net margin of 3.7%. Revenue grew 5.1% year over year. It earns a return on equity of 5.4%. Net debt stands at 103M SEK. Fundamentals as of Aug 13, 2026

Our scenario range runs from kr 46.45 (bear case) to kr 87.43 (bull case); at kr 147.80, 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 about 8% below its 52-week high and 71% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -58% fair-value upside, at -53%, TROAX 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 1.02 SEK per share, which is 1.5 % 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 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 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 best evidence kr 47.67 kr 84.21 kr 139.81 78
Growth DCF kr 48.11 kr 83.44 kr 136.50 76
Residual Income kr 26.86 kr 28.62 kr 31.04 76
All 26 models by family
DCF Models
FCF DCF best evidence kr 47.67 kr 84.21 kr 139.81 78
Owner Earnings kr 6.83 kr 19.15 kr 37.98 71
5Y Revenue Exit kr 32.25 kr 57.79 kr 90.49 71
5Y EBITDA Exit kr 60.11 kr 111.51 kr 172.83 73
5Y P/E Exit kr 30.93 kr 55.37 kr 81.24 70
10Y Revenue Exit kr 36.11 kr 60.88 kr 94.67 65
10Y EBITDA Exit kr 54.93 kr 97.97 kr 157.75 67
10Y P/E Exit kr 36.55 kr 59.22 kr 87.63 63
Earnings-Based
Graham-Dodd kr 17.17 kr 61.32 kr 82.67 64
Lynch FV kr 14.42 kr 20.59 kr 26.75 61
PEG = 1.0 kr 14.42 kr 20.59 kr 26.75 57
EPV kr 17.72 kr 22.79 kr 27.08 74
Dividend Discount
Gordon GGM kr 32.91 kr 65.50 kr 99.18 67
DDM Multi-Stage kr 32.91 kr 56.58 kr 69.13 67
Multiples
P/E Multiple kr 39.85 kr 53.17 kr 66.38 63
P/S Multiple kr 32.25 kr 43.04 kr 53.72 58
P/B Multiple kr 32.25 kr 43.04 kr 53.72 55
EV/EBIT kr 41.06 kr 59.33 kr 77.72 65
EV/EBITDA kr 76.18 kr 106.23 kr 136.17 67
EV/Revenue kr 25.32 kr 42.16 kr 58.89 52
Asset-Based
NCAV (Graham) kr 16.29 kr 21.80 kr 32.47 54
Growth DCF
Growth DCF kr 48.11 kr 83.44 kr 136.50 76
Rev-Margin DCF kr 32.25 kr 58.12 kr 89.06 71
Economic Profit
Residual Income kr 26.86 kr 28.62 kr 31.04 76
ROIC Compounder kr 17.72 kr 22.79 kr 27.08 72
Growth Earnings
Growth-Adj P/E kr 27.74 kr 39.52 kr 51.41 67

Widest divergence: DCF Models (kr 59.22) versus Earnings-Based (kr 20.59). Highest evidence: FCF DCF (78).

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Key figures & financial health

P/E ratio 84.5
P/S ratio 4.35 P/E × margin
EPS (TTM) kr 1.75 price ÷ EPS = P/E 84.5
Dividend yield 0.2% payout 13.7%
Net margin 5.1% FY2025
Return on equity 5.4% TTM
More key figures
Profitability
Return on assets (EBIT) 14.0% avg 5y
Operating margin 5.6% TTM
Growth
Revenue (TTM) 266M SEK TTM
Revenue growth (YoY) +5.1% 3y avg -2.0%
EPS growth (YoY) -66.0%
Balance sheet & cash flow
Free cash flow 29.9M SEK FY2025
Net debt 103M SEK FY2025 · ≈ 3.5 yrs of FCF

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 47/100

Of which business quality 49 · Market factors (momentum, volatility) 59

Profitability 37
Margins and returns on capital today
Quality Growth 14
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 56
Balance sheet, leverage, solvency risk
Investment 57
Disciplined investing over empire-building
Low Volatility 30
Calm price path (market factor)
Momentum 76
Price trend over the last 3–12 months (market factor)
52W Momentum 62
Distance to the 52-week high (market factor)
Net Issuance 80
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

Troax Group AB (publ), through its subsidiaries, produces and sells mesh panels in the Nordic region, the United Kingdom, North America, Europe, and internationally.

Full company description

Troax Group AB (publ), through its subsidiaries, produces and sells mesh panels in the Nordic region, the United Kingdom, North America, Europe, and internationally. The company offers machine guarding systems, including fixings, posts, panels, accessories, barrier protection, locks and switches, doors, quickguard aluminum, blueguard stainless steel, and belt conveyor guarding products, as well as smart fix, rapid fix, and strong fix systems; warehouse partitioning products, such as partition walls, anti-collapse systems, data centers, shelves, mezzanine, cage storages, single and double locker systems, and art storages; and warehouse partitioning system accessories that include raising and end raising foot UR/UX, corner bracket, cut profiles UR/UX, smart splice, tubes, extension bracket, power door, door closer partitioning, espagnolette, bracket double post, horizontal top panels, and secure fasteners. It also provides lock options comprising padlocks, cylinder locks electric strike, electromagnetic locks, panic bars, knobs and handles, Abloy EL460, and safe escape locks; Troax Classic mesh partitions; Troax Medium mesh partition systems; Troax Safe storage systems; vehicle and bicycle storage systems; and property protection accessories, including chipboard shelf, store room numbering, door system holder numberplate, door system kit silence, spare parts securing plates, door reinforcement, and door closers. In addition, the company offers active safety solutions that include pedestrian alert, visual alert, and narrow aisle systems; forklift safety systems comprising collision avoidance, low-speed area, blind spot, and crossing guard systems; traffic control and pedestrian crossing systems; and docking safety solutions, such as truck docking and visual alert systems. Troax Group AB (publ) was founded in 1955 and is headquartered in Hillerstorp, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Troax Group AB reported revenue of €267M in FY2025 versus €252M in FY2021, a compound +1.5%/yr. Reported net income was €13.8M in FY2025, compounding −23.3%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
267M SEK
Latest YoY
−4.0%
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.
−2.0%
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.
+10.3%
Avg. revenue growth/yr (14Y) 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.
+11.1%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
−10.6% (-10.8 + 0.2)
Revenue +1.5%/yr
FY21 €252M
FY22 €284M
FY23 €264M
FY24 €279M
FY25 €267M
Net income −23.3%/yr
FY21 €39.8M
FY22 €36.8M
FY23 €35.7M
FY24 €31.3M
FY25 €13.8M
Character of growth · EPS growth decomposed (2014-2025) +8.3 % p.a.
Revenue per share +11.0 %

of which total revenue +11.2 % · buybacks/dilution −0.2 %

EBIT margin −3.5 %
Tax rate −0.2 %
Residual (interest, one-offs) +1.3 %

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).

TROAX screens 111% overvalued. Compare with Carpenter Technology Corporation →

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Cite: Fair Value Calculator (2026). "Troax Group AB Fair Value". https://www.fairvalue-calculator.com/stock/TROAX

Peer Group

Metal Fabrication · 255 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 47 · Below median
Fair Value upside −53% · Below median
Return on equity (TTM) 5% · Above median
Return on assets 5% · Above median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 6% · Above median
Revenue growth 5% · Below median
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 0.65× · Higher than 75% of peers

Valuation Multiples vs Metal Fabrication median · lower = cheaper

P/E (TTM) 84.5× · Pricier than 75% of peers
P/B 4.66× · Pricier than 75% of peers
P/S (TTM) 3.10× · Pricier than 75% of peers
P/FCF 27.6× · Pricier than 75% of peers
EV/EBITDA 22.3× · Pricier 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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE26 · sector 38
PAST21 · sector 20
HEALTH67 · sector 95
DIVIDEND3 · sector 26

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

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 Metal Fabrication stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Carpenter Technology Corporation CRS $490.58 $101.35 -79%
ATI Inc ATI $210.76 $35.74 -83%
Mueller Industries, Inc MLI $64.08 $59.33 -7%
Aurubis AG NDA €178.90 €223.43 +25%
China International Marine Containers (Group) Co 000039 ¥8.87 ¥3.39 -62%
Commercial Metals Company CMC $68.16 $13.01 -81%
JL Mag Rare-Earth Co 300748 ¥27.08 ¥8.34 -69%
Viohalco S.A VIO €17.90 €14.98 -16%
ESAB Corporation ESAB $86.05 $52.40 -39%
Ningbo Zhenyu Technology Co 300953 ¥104.36 ¥44.23 -58%

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Frequently asked questions

Is Troax Group AB (TROAX) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of kr 69.94 versus a price of kr 147.80, about −53% (overvalued).
What is the fair value of TROAX?
Our model-based fair value for Troax Group AB is kr 69.94 (as of Aug 13, 2026), built from audited fundamentals. The current price: kr 147.80.
What is the quality score of TROAX?
Troax Group AB has a Quality Score of 47/100. 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 Troax Group AB (TROAX)?
Troax Group AB reported trailing-twelve-month revenue of about 266M SEK (latest available figure, as of Aug 13, 2026).
What is the net profit margin of TROAX?
The net profit margin of Troax Group AB is about 3.7%, meaning it keeps roughly 3.7% of revenue as net income. Based on the latest reported figures.
Does Troax Group AB pay a dividend?
Troax Group AB currently shows a dividend yield of about 0.16% relative to its recent price (as of Aug 13, 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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