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Data-driven stock valuation

Vetted Assets AB (VETT) fair value: what the stock is really worth

We calculate from audited financials what Vetted Assets AB is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.

  1. Compare price with fair valuebelow fair value = cheap, above = expensive
  2. Check the quality50 and up solid, 75 and up strong
  3. Watch it or check another stockalert when fair value or trend changes

Consumer Cyclical · SE · Market cap 242M SEK (≈ $25.3M)

At a glance

VA Vetted Assets AB VETT · ST
Pricekr 5.35
Fair Valuekr 12.92
Upside+141.5%
Quality38/100

Below-average quality, trading 59% below our fair value of kr 12.92.

As of Aug 14, 2026, the fair value of Vetted Assets AB is kr 12.92 per share against a price of kr 5.35, so the fair value sits 142% above the price. A model estimate from reported figures, not an analyst target.

!Weak Growth (revenue 5y +93.8 %/yr)
!Loss-making · -14.4% net margin
!Low debt · negative free cash flow
!Mixed vs. peers (5/11)
!Narrow moat 12/100
!Evidence only low, so the estimate is less certain
!The models disagree: range kr 6.62 to kr 23.90
Evidence: Low Range kr 6.62 to kr 23.90

Fair value as of: Aug 14, 2026

From 2 valuation models · updated 27 days ago

Share price +20.2% over the past month.

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What runs behind every stock

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

What matters now

  • The large discount to fair value meets weak quality (38/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (kr 6.62). The market is more pessimistic than our downside scenario.
  • The model range is unusually wide (kr 6.62 to kr 23.90). 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.

Price vs Fair Value (5 years)

kr 4,010 kr 0.6350 Fair Value kr 12.92 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 0.6350 – kr 4,010 · fair‑value band kr 6.62 – kr 23.90 · the kr 5.35 price screens below the kr 12.92 fair value. Dashed = 300-day average. As of Aug 14, 2026.

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Analysis

Vetted Assets AB (VETT) currently trades at kr 5.35, while our model-based Fair Value estimate is kr 12.92, implying the stock looks roughly 58.6% undervalued today. The Quality Score stands at 38/100 (below-average quality), in the Consumer Cyclical sector. How firm this estimate is: it rests on 2 models at a data quality of 90/100, which puts the evidence level at low.

Over the trailing twelve months, Vetted Assets AB generated revenue of 118M SEK at a net margin of −14.4%. Revenue declined 26.3% year over year. It earns a return on equity of −19.5%. The balance sheet holds a net cash position of 6.9M SEK. Fundamentals as of Aug 14, 2026

Scenario range: kr 6.62 (bear) to kr 23.90 (bull), the price of kr 5.35 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 5% below its 52-week high, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −51% fair-value upside, at 142%, VETT screens cheaper than that median.

Fair Value models

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

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
Owner Earnings best evidence kr 12.33 kr 24.10 kr 44.64 68
NCAV (Graham) kr 0.8200 kr 1.11 kr 1.65 54
All 2 models by family
DCF Models
Owner Earnings best evidence kr 12.33 kr 24.10 kr 44.64 68
Asset-Based
NCAV (Graham) kr 0.8200 kr 1.11 kr 1.65 54

Widest divergence: DCF Models (kr 24.10) versus Asset-Based (kr 1.11). Highest evidence: Owner Earnings (68).

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Key figures & financial health

P/S ratio 2.06 TTM
EPS (TTM) kr −0.6000
Net margin −2.1% FY2025
Return on equity −19.5% TTM
Return on assets (EBIT) −60.4% avg 5y
Operating margin −43.1% TTM
More key figures
Growth
Revenue (TTM) 118M SEK TTM
Revenue growth (YoY) −26.3% 3y avg −18.4%
Balance sheet & cash flow
Free cash flow −16.7M SEK FY2025
Net cash 6.9M SEK FY2025

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

Quality Score breakdown

Overall quality 38/100

Of which business quality 40 · Market factors (momentum, volatility) 84

Profitability 17
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 97
Distance to the 52-week high (market factor)
Net Issuance 0
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

Vetted Assets AB builds and develops brands in digital commerce in Sweden. The company offers a home furnishing e-tailer that sells Scandinavian design furniture under the Folkhemmet brand name. It also sells cosmetics and beauty products, which include eyebrow tints, gels, brushes, and other products under the Browgame brand name.

Full company description

Vetted Assets AB builds and develops brands in digital commerce in Sweden. The company offers a home furnishing e-tailer that sells Scandinavian design furniture under the Folkhemmet brand name. It also sells cosmetics and beauty products, which include eyebrow tints, gels, brushes, and other products under the Browgame brand name. In addition, the company offers digital services consisting of digital growth experts and software providers who daily help companies become successful in digital sales and streamline their online marketing through e-commerce platforms and integration of business systems, etc., under the Awelin, Heep, and Lybe brand names. The company was formerly known as Refine Group AB (publ) and changed its name to Vetted Assets AB in May 2026. The company was incorporated in 2015 and is based in Stockholm, Sweden.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vetted Assets AB reported revenue of 127M SEK in FY2025 versus 12.1M SEK in FY2021, a compound +79.7%/yr. Reported net income was −2.7M SEK in FY2025.

Growth Quality 38/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
127M SEK
Latest YoY
−48.3%
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.
−18.4%
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.
+93.8%
Avg. revenue growth/yr (6Y) 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.
+225.1%
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.
−392.6% (2020) → −59.8% (2025)
Value creation/yr 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
Revenue +79.7%/yr
FY21 12.1M SEK
FY22 233M SEK
FY23 262M SEK
FY24 245M SEK
FY25 127M SEK
Net income
FY21 −29.6M SEK
FY22 −17.0M SEK
FY23 −313M SEK
FY24 −164M SEK
FY25 −2.7M SEK

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Cite: Fair Value Calculator (2026). "Vetted Assets AB Fair Value". https://www.fairvalue-calculator.com/stock/VETT

Peer Group

Internet Retail · 105 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.

Valuation
Quality Score 40 · Bottom 25%
Profitability
Return on assets −6% · Bottom 25%
Net margin (TTM) −14% · Bottom 25%
Operating margin (TTM) −43% · Bottom 25%
Growth and dividend
Revenue growth −26% · Bottom 25%

Valuation Multiples vs Internet Retail median · lower = cheaper

P/B 0.26× · Cheapest 25%
P/S (TTM) 0.22× · Cheaper than median
EV/EBITDA 1.6× · Cheapest 25%

Context: sector, industry, market

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
VALUE100 · sector 35
FUTURE0 · sector 52
PAST0 · sector 10
HEALTH100 · sector 94
DIVIDEND0 · sector 37

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 Internet Retail stocks, each showing price versus our Fair Value estimate (as of Aug 14, 2026).

Stock Price Fair Value vs Fair Value
Amazon.com, Inc AMZN $258.51 $127.67 −51%
Alibaba Group 89988 HK$97.45 HK$48.38 −50%
PDD Holdings PDD $82.21 $225.78 +175%
MercadoLibre, Inc MELI $1,978 $798.98 −60%
DoorDash, Inc DASH $222.00 $38.64 −83%
Sea Limited SE $112.09 $52.70 −53%
JD.com, Inc 89618 ¥95.45 ¥73.98 −22%
eBay Inc EBAY $104.59 $60.13 −43%
Coupang, Inc CPNG $16.32 $2.79 −83%
Delivery Hero SE DHER €36.47 €12.71 −65%

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Frequently asked questions

Is Vetted Assets AB (VETT) overvalued or undervalued?
As of Aug 14, 2026, our model estimates a fair value of kr 12.92 versus a price of kr 5.35, about +142% upside (undervalued).
What is the fair value of VETT?
Our model-based fair value for Vetted Assets AB is kr 12.92 (as of Aug 14, 2026), built from audited fundamentals. The current price: kr 5.35.
What is the quality score of VETT?
Vetted Assets AB has a Quality Score of 38/100. 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 Vetted Assets AB (VETT)?
Our model-based price target is the fair value of kr 12.92 (as of Aug 14, 2026) from 2 valuation models. Cautious scenario kr 6.62, optimistic scenario kr 23.90. It is a calculation from audited fundamentals, not an analyst target.
What is the Vetted Assets AB stock forecast for 2026?
Our models put fair value at kr 12.92, about +142% upside versus a price of kr 5.35 (undervalued). Cautious scenario kr 6.62, optimistic scenario kr 23.90. The calculation is refreshed regularly with new filings.
What is the revenue of Vetted Assets AB (VETT)?
Vetted Assets AB reported trailing-twelve-month revenue of about 118M SEK (latest available figure, as of Aug 14, 2026).
What is the net profit margin of VETT?
The net profit margin of Vetted Assets AB is about −14.4%, meaning it is currently running at a net loss. Based on the latest reported figures.
What is the intrinsic value of Vetted Assets AB (VETT)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vetted Assets AB it is kr 12.92 per share (as of Aug 14, 2026), against a price of kr 5.35. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Vetted Assets AB stock overvalued or undervalued in 2026?
As of Aug 14, 2026, VETT trades below its calculated fair value: price kr 5.35, fair value kr 12.92, a gap of about +142% (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 VETT?
No. The price is what the market pays today (kr 5.35); the fair value is what the company's own numbers justify (kr 12.92). For Vetted Assets AB the two are kr 7.57 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vetted Assets AB worth?
The market values Vetted Assets AB at about 242M SEK (market capitalisation, as of Aug 14, 2026). Per share that is kr 5.35; our models calculate a fair value of kr 12.92 per share.
What do the bullish and bearish scenarios say about VETT?
Our models span a range for Vetted Assets AB: cautious scenario kr 6.62, base kr 12.92, optimistic kr 23.90 per share (as of Aug 14, 2026, price kr 5.35). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Vetted Assets AB (VETT)?
Balance-sheet figures for Vetted Assets AB (as of Aug 14, 2026): return on equity −19.5%. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is VETT from its 52-week high?
Vetted Assets AB trades at kr 5.35, about 5% below its 52-week high of kr 5.65 and 970% above the low of kr 0.5000 (as of Aug 14, 2026). Distance from the high says nothing about value: that is what the fair value of kr 12.92 is for.
Which stocks are comparable to Vetted Assets AB?
From the same area (Consumer Cyclical) we also value Amazon.com, Inc, Alibaba Group, PDD Holdings, MercadoLibre, Inc, 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 Vetted Assets AB stock attractive at the current price?
The data as of Aug 14, 2026: price kr 5.35, calculated fair value kr 12.92 (+142%), Quality Score 38/100, from 2 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 VETT calculated?
We run Vetted Assets AB through 2 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 12.92, with the spread shown as a cautious and an optimistic scenario.
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