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Vestum AB (publ) (VESTUM) fair value: what the stock is really worth

As of Sep 18, 2026: fair value of Vestum AB (publ) SEK 9.63, price SEK 4.32, upside +122.9%, quality 50 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Industrials · SE · ISIN SE0017134125

VA Thin data Sep 24, 2026

Vestum AB (publ)

VESTUM · ST

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

Fair value kr 9.63 · Strongly undervalued (+123%)
!Quality 50/100
!Weak Growth (revenue 5y +181.2 %/yr)
!Loss-making · -9.8% net margin (TTM)
Low debt · generates free cash flow
!Trails peers (4/12)
!Narrow moat 18/100
!Insider activity 40/100
!Evidence only low, so the estimate is less certain
!The models disagree: range kr 5.38 to kr 18.70

What runs behind every stock

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

Price vs Fair Value

kr 56.70 kr 3.10 Fair Value kr 9.63 Jun 2021 Sep 2026

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 3.10 – kr 56.70 · fair‑value band kr 5.38 – kr 18.70 · the kr 4.32 price screens below the kr 9.63 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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Company profile

Vestum AB (publ) engages in the infrastructure, water, and service businesses in Sweden and internationally.

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Vestum AB (publ) engages in the infrastructure, water, and service businesses in Sweden and internationally. The company's Infrastructure segment offers specialised work on railway, water and sewage, and other infrastructure comprising railway services, courtyard renovations, foundation work, and concrete renovations, as well as product sale of moisture protection and sewage and other infrastructure. This segment also provides service and maintenance of railways and subway systems, as well as pedestrian and bicycle paths that enable transportation. The company's Water segment focuses on improving water infrastructure by offering water pumping for various infrastructure facilities, such as sewage systems and water supply to public clients; water distribution and wastewater management to property owners, and heating, ventilation, and air conditioning (HVAC) operators; and water filters, water pumps, and irrigation systems for various applications to industrial companies. This segment also engages in the product sale of water pumps, drilling equipment, water filters, and irrigation systems. The company's Services segment is involved in the installation and maintenance in areas, such as HVAC, electricity, ceiling systems, climate control, and technical insulation to private and municipal property owners. The company was formerly known as WeSC AB (publ) and changed its name to Vestum AB (publ) in June 2021. Vestum AB (publ) was incorporated in 1999 and is based in Stockholm, Sweden.

Stock analysis

Vestum AB (publ) (VESTUM) currently trades at kr 4.32, while our model-based Fair Value estimate is kr 9.63, implying the stock looks roughly 55.1% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of kr 12.99 per share, and 9 of the 11 models we run sit above the kr 4.32 price.

Bear case: the Growth DCF group reads lowest at kr 4.92, and 2 of the 11 models stay below the price. Evidence for this calculation is low.

Scenario range: kr 5.38 (bear) to kr 18.70 (bull), the price of kr 4.32 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 50/100 (solid quality), in the Industrials sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Vestum AB (publ) reported revenue of 3.8B SEK in FY2025 versus 1.0B SEK in FY2021, a compound +37.7%/yr. Reported net income was −137M SEK in FY2025.

Key figures

Market cap 5.9B SEK (≈ $596M) · P/S ratio 1.67 · EPS (TTM) kr −1.04 · Net margin −3.6% · Return on equity −10.8% · Return on assets (EBIT) 2.5% · Revenue (TTM) 3.5B SEK · Revenue growth (YoY) −41.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).

What moves the price

The share trades about 74% below its 52-week high and 39% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at 123%, VESTUM screens cheaper than that median.

Fair Value models

Bear kr 5.38 Fair Value kr 9.63 Bull kr 18.70
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. 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.
Highest evidence
FCF DCF kr 7.69 kr 12.99 kr 28.83 70
Growth DCF kr 6.96 kr 14.83 kr 27.19 70
EV/EBITDA kr 10.58 kr 15.39 kr 20.20 67
All 12 models by family
DCF Models
FCF DCF kr 7.69 kr 12.99 kr 28.83 70
Owner Earnings kr 7.43 kr 19.51 kr 41.94 66
5Y Revenue Exit kr 1.49 kr 3.80 kr 8.51 62
5Y EBITDA Exit kr 9.82 kr 20.62 kr 41.81 66
10Y Revenue Exit kr 3.53 kr 8.67 kr 10.85 62
10Y EBITDA Exit kr 9.17 kr 25.03 kr 52.68 59
Multiples
EV/EBIT n/a kr 0.2700 kr 1.30 61
EV/EBITDA kr 10.58 kr 15.39 kr 20.20 67
EV/Revenue n/a n/a kr 0.2500 50
Asset-Based
NCAV (Graham) kr 4.73 kr 6.34 kr 9.46 54
Growth DCF
Growth DCF kr 6.96 kr 14.83 kr 27.19 70
Rev-Margin DCF kr 1.95 kr 4.92 kr 11.26 62

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Quality Score breakdown

Overall quality 50/100

Of which business quality 50 · Market factors (momentum, volatility) 11

Profitability 21
Margins and returns on capital today
Quality Growth 49
Are margins and returns improving?
Cashflow 47
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 0
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 74
Share count: buybacks or dilution?

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Revenue & earnings trend

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 inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−14.5%
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.
−18.3%
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.
+181.2%
Start year 2020 (pandemic). Over 10 years: +39.9% a year
Revenue growth 18 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.
+17.3%
Profit 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.
−59.1% (2020) → 2.4% (2025)
What shareholders gained per year We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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).
+10.1%
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 +8.0% a year for the price.

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Peer GroupHow 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.Engineering & Construction · 836 stocks

Beats the industry median on 3/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 50 · Below median
Fair Value upside +192% · Top 25%
Profitability
Return on assets 1% · Below median
Net margin (TTM) −10% · Bottom 25%
Operating margin (TTM) 0% · Below median
Growth and dividend
Revenue growth −41% · Bottom 25%
Balance sheet
Debt / equity 0.46× · Above median

Valuation Multiplesvs Engineering & Construction median · lower = cheaper

P/B 0.17× · 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.
P/S (TTM) 0.17× · Cheapest 25%
P/FCF 2.6× · Pricier than median
EV/EBITDA 4.9× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 27
FUTURE (revenue growth)0 · sector 11
PAST (return on equity)0 · sector 28
HEALTH (low debt)77 · sector 94
DIVIDEND (yield)0 · sector 41

Context: sector, industry, market

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Quanta Services, Inc PWR $642.63 $163.08 −75%
Vinci SA DG €112.30 €185.62 +65%
Comfort Systems USA, Inc FIX $1,625 $1,122 −31%
Larsen & Toubro Limited LT ₹3,930 ₹1,994 −49%
Ferrovial N.V FER $56.30 $24.01 −57%
Samsung C&T Corporation 028260 367,000 KRW 256,792 KRW −30%
HOCHTIEF Aktiengesellschaft HOT €403.60 €203.87 −49%
ACS, Actividades de Construcción y Servicios, S.A ACS €95.95 €75.04 −22%
EMCOR Group EME $756.50 $521.87 −31%
MasTec, Inc MTZ $221.69 $106.05 −52%

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Cite: Fair Value Calculator (2026). "Vestum AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/VESTUM

Frequently asked questions

Is Vestum AB (publ) (VESTUM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 9.63 versus a price of kr 4.32, about +123% upside (undervalued).
What is the fair value of VESTUM?
Our model-based fair value for Vestum AB (publ) is kr 9.63 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 4.32.
What is the quality score of VESTUM?
Vestum AB (publ) has a Quality Score of 50/100. 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 Vestum AB (publ) (VESTUM)?
Our model-based price target is the fair value of kr 9.63 (as of Sep 24, 2026) from 12 valuation models. Cautious scenario kr 5.38, optimistic scenario kr 18.70. It is a calculation from audited fundamentals, not an analyst target.
What is the Vestum AB (publ) stock forecast for 2026?
Our models put fair value at kr 9.63, about +123% upside versus a price of kr 4.32 (undervalued). Cautious scenario kr 5.38, optimistic scenario kr 18.70. The calculation is refreshed regularly with new filings.
What is the revenue of Vestum AB (publ) (VESTUM)?
Vestum AB (publ) reported trailing-twelve-month revenue of about 3.5B SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into Vestum AB (publ) (VESTUM)?
For today's price to be fair in a discounted-cash-flow model, Vestum AB (publ) would have to grow free cash flow by +10.1 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +181.2 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of VESTUM use?
Our models discount Vestum AB (publ) at 13.5 %: a base by market capitalisation (small), damped by beta 2.17, 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 Vestum AB (publ) that is +10.1 % per year a year over ten years, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has Vestum AB (publ) (VESTUM) delivered so far?
Over the past 5 years revenue at Vestum AB (publ) grew +181.2 % a year. The price currently implies +10.1 % 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 Vestum AB (publ) (VESTUM) growing?
The median revenue growth in the sector is +4.7 % a year. That is the yardstick for the growth priced into Vestum AB (publ) (+10.1 % 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 Vestum AB (publ) (VESTUM)?
The free-cash-flow yield on the price is 14.13 %: that much free cash flow Vestum AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Vestum AB (publ) (VESTUM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vestum AB (publ) it is kr 9.63 per share (as of Sep 24, 2026), against a price of kr 4.32. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Vestum AB (publ) stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VESTUM trades below its calculated fair value: price kr 4.32, fair value kr 9.63, a gap of about +123% (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 VESTUM?
No. The price is what the market pays today (kr 4.32); the fair value is what the company's own numbers justify (kr 9.63). For Vestum AB (publ) the two are kr 5.31 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vestum AB (publ) worth?
The market values Vestum AB (publ) at about 5.9B SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 4.32; our models calculate a fair value of kr 9.63 per share.
What do the bullish and bearish scenarios say about VESTUM?
Our models span a range for Vestum AB (publ): cautious scenario kr 5.38, base kr 9.63, optimistic kr 18.70 per share (as of Sep 24, 2026, price kr 4.32). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Vestum AB (publ) (VESTUM)?
Balance-sheet figures for Vestum AB (publ) (as of Sep 24, 2026): return on equity −10.8%, debt of 0.46 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is VESTUM from its 52-week high?
Vestum AB (publ) trades at kr 4.32, about 74% below its 52-week high of kr 16.68 and 39% above the low of kr 3.10 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of kr 9.63 is for.
Which stocks are comparable to Vestum AB (publ)?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, 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 Vestum AB (publ) stock attractive at the current price?
The data as of Sep 24, 2026: price kr 4.32, calculated fair value kr 9.63 (+123%), Quality Score 50/100, from 12 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 VESTUM calculated?
We run Vestum AB (publ) through 12 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 9.63, 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 14.1 % above its aggregate fair value. Vestum AB (publ) currently trades 123 % 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 Vestum AB (publ) (VESTUM)?
The closing price on Sep 18, 2026 was kr 4.32. Our model-based fair value is kr 9.63, about +123% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vestum AB (publ) right now?
The price is below even our cautious bear case (kr 5.38). The market is more pessimistic than our downside scenario. The model range is unusually wide (kr 5.38 to kr 18.70). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality.

Key figures of Vestum AB (publ)

How large is the market capitalisation of Vestum AB (publ) (VESTUM)?
The market capitalisation of Vestum AB (publ) is 5.9B SEK (≈ $596M). 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 Vestum AB (publ) (VESTUM)?
The price-to-sales ratio of Vestum AB (publ) is 1.67 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Vestum AB (publ) (VESTUM)?
Earnings per share at Vestum AB (publ) are kr −1.04. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Vestum AB (publ) (VESTUM)?
The net margin of Vestum AB (publ) is −3.6% (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 Vestum AB (publ) (VESTUM)?
The return on equity (ROE) of Vestum AB (publ) is −10.8% (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 Vestum AB (publ) (VESTUM)?
On an EBIT basis the return on assets of Vestum AB (publ) is 2.5% (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.
How fast is revenue growing at Vestum AB (publ) (VESTUM)?
Revenue at Vestum AB (publ) is growing −41.4% versus a year earlier (3y avg −18.3%). 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 Vestum AB (publ) (VESTUM)?
Earnings per share at Vestum AB (publ) are growing +97.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vestum AB (publ) (VESTUM) carry?
The net debt of Vestum AB (publ) is 1.9B SEK (fiscal year 2025, ≈ 8.3 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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