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.
- Fair value above price? Yes
- Good quality? Yes
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Vestum AB (publ)
VESTUM · STCheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.
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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 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
All 12 models by family
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Set up alert →Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 11
Revenue & earnings trend
Growth Forecast
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Compare Vestum AB (publ) with another stock
Price, fair value, quality and upside side by side.
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.Engineering & Construction · 836 stocks
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Industrials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Industrials
- Valuation of the Sweden market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
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|---|---|---|---|
| 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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Key figures of Vestum AB (publ)
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