Waystream Holding AB (publ) (WAYS) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Waystream Holding AB (publ) SEK 44.55, price SEK 41.50, upside +7.4%, quality 64 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Waystream Holding AB (publ) engages in the provision of routers and switches that are used in the fiber markets and peripherals in Sweden.
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Waystream Holding AB (publ) engages in the provision of routers and switches that are used in the fiber markets and peripherals in Sweden. The company offers ASR 8000, MS 8000, and MS 7000, products for fiber and broadband networks; optical accessories to be used with routers and switches, including SFP modules accessories; fiber-to-the-home networking and fiber-to-the-building switches. It also provides technical support, training, and professional services. In addition, the company offers point-to-point technology, and ZeroTouch automation solutions. The company was formerly known as Waystream Group AB. Waystream Holding AB (publ) was founded in 2001 and is headquartered in Kista, Sweden.
Stock analysis
Waystream Holding AB (publ) (WAYS) currently trades at kr 41.50, while our model-based Fair Value estimate is kr 44.55, implying the stock looks roughly 6.8% fairly valued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of kr 61.98 per share, and 11 of the 23 models we run sit above the kr 41.50 price.
Bear case: the Asset-Based group reads lowest at kr 5.61, and 12 of the 23 models stay below the price. Evidence for this calculation is high.
Scenario range: kr 33.41 (bear) to kr 55.67 (bull), the price of kr 41.50 sits inside 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 64/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Waystream Holding AB (publ) reported revenue of 137M SEK in FY2025 versus 91.6M SEK in FY2021, a compound +10.6%/yr. Reported net income was 10.3M SEK in FY2025, compounding −8.6%/yr from FY2021.
Key figures
Market cap 335M SEK (≈ $33.8M) · P/E ratio 197.6 · P/S ratio 14.9 · EPS (TTM) kr 0.2100 · Net margin 7.5% · Return on equity 2.1% · Return on assets (EBIT) 8.1% · Operating margin −1.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 30% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −62% fair-value upside, at 7%, WAYS screens cheaper than that median.
Fair Value models
Bear kr 33.41Fair Value kr 44.55Bull kr 55.67
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (kr 0.1542 per share) are deliberately not added.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.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+18.9%
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.
−0.8%
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.
+9.6%
Start year 2020 (pandemic). Over 10 years: +9.2% a year
Revenue growth 12 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.
+9.7%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−2.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.5%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘ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.−3% vs 12%, slowing
Profit margin 2020 to 2025 ⓘ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.18% → 12%
Start year 2020 (pandemic)
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).
−7.6%
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 −9.4% a year for the price.
Compare Waystream Holding AB (publ) with another stock
Price, fair value, quality and upside side by side.
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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.Communication Equipment · 316 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside+10% · Top 25%
Profitability
Return on equity (TTM)2% · Below median
Return on assets2% · Above median
Net margin (TTM)1% · Below median
Operating margin (TTM)−2% · Below median
Growth and dividend
Revenue growth6% · Below median
Valuation Multiplesvs Communication Equipment median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Waystream Holding AB (publ) Fair Value". https://www.fairvalue-calculator.com/stock/WAYS
Frequently asked questions
Is Waystream Holding AB (publ) (WAYS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 44.55 versus a price of kr 41.50, about +7% upside (fairly valued).
What is the fair value of WAYS?
Our model-based fair value for Waystream Holding AB (publ) is kr 44.55 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 41.50.
What is the quality score of WAYS?
Waystream Holding AB (publ) 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 price target for Waystream Holding AB (publ) (WAYS)?
Our model-based price target is the fair value of kr 44.55 (as of Sep 24, 2026) from 23 valuation models. Cautious scenario kr 33.41, optimistic scenario kr 55.67. It is a calculation from audited fundamentals, not an analyst target.
What is the Waystream Holding AB (publ) stock forecast for 2026?
Our models put fair value at kr 44.55, about +7% upside versus a price of kr 41.50 (fairly valued). Cautious scenario kr 33.41, optimistic scenario kr 55.67. The calculation is refreshed regularly with new filings.
What is the revenue of Waystream Holding AB (publ) (WAYS)?
Waystream Holding AB (publ) reported trailing-twelve-month revenue of about 149M SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into Waystream Holding AB (publ) (WAYS)?
For today's price to be fair in a discounted-cash-flow model, Waystream Holding AB (publ) would have to grow free cash flow by -7.6 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.7 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of WAYS use?
Our models discount Waystream Holding AB (publ) at 9.1 %: a base by market capitalisation (nano), damped by beta 0.83, 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 Waystream Holding AB (publ) that is -7.6 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Waystream Holding AB (publ) (WAYS) delivered so far?
Over the past 5 years revenue at Waystream Holding AB (publ) grew +9.7 % a year. The price currently implies -7.6 % 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 Waystream Holding AB (publ) (WAYS) growing?
The median revenue growth in the sector is +2.6 % a year. That is the yardstick for the growth priced into Waystream Holding AB (publ) (-7.6 % 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 Waystream Holding AB (publ) (WAYS)?
The free-cash-flow yield on the price is 11.23 %: that much free cash flow Waystream Holding AB (publ) produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Waystream Holding AB (publ) (WAYS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Waystream Holding AB (publ) it is kr 44.55 per share (as of Sep 24, 2026), against a price of kr 41.50. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Waystream Holding AB (publ) stock overvalued or undervalued in 2026?
As of Sep 24, 2026, WAYS trades below its calculated fair value: price kr 41.50, fair value kr 44.55, a gap of about +7% (fairly valued). 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 WAYS?
No. The price is what the market pays today (kr 41.50); the fair value is what the company's own numbers justify (kr 44.55). For Waystream Holding AB (publ) the two are kr 3.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is Waystream Holding AB (publ) worth?
The market values Waystream Holding AB (publ) at about 335M SEK (market capitalisation, as of Sep 24, 2026). Per share that is kr 41.50; our models calculate a fair value of kr 44.55 per share.
What do the bullish and bearish scenarios say about WAYS?
Our models span a range for Waystream Holding AB (publ): cautious scenario kr 33.41, base kr 44.55, optimistic kr 55.67 per share (as of Sep 24, 2026, price kr 41.50). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WAYS?
Waystream Holding AB (publ) trades at a price-to-earnings ratio of 197.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 44.55 is built from several models across several years. Other multiples: P/B 4.5, P/S 2.2, EV/EBITDA 22.8.
How solid is the balance sheet of Waystream Holding AB (publ) (WAYS)?
Balance-sheet figures for Waystream Holding AB (publ) (as of Sep 24, 2026): return on equity 2.1%. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is WAYS from its 52-week high?
Waystream Holding AB (publ) trades at kr 41.50, about 6% below its 52-week high of kr 44.20 and 30% above the low of kr 31.90 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of kr 44.55 is for.
Which stocks are comparable to Waystream Holding AB (publ)?
From the same area (Technology) we also value Cisco Systems, Inc, Zhongji Innolight Co, Foxconn Industrial Internet Co, Eoptolink Technology 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 Waystream Holding AB (publ) stock attractive at the current price?
The data as of Sep 24, 2026: price kr 41.50, calculated fair value kr 44.55 (+7%), Quality Score 64/100, from 23 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 WAYS calculated?
We run Waystream Holding AB (publ) through 23 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 44.55, 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 13.0 % above its aggregate fair value. Waystream Holding AB (publ) currently trades 7 % 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 Waystream Holding AB (publ) (WAYS)?
The closing price on Sep 24, 2026 was kr 41.50. Our model-based fair value is kr 44.55, about +7% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Waystream Holding AB (publ) right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Waystream Holding AB (publ)
How large is the market capitalisation of Waystream Holding AB (publ) (WAYS)?
The market capitalisation of Waystream Holding AB (publ) is 335M SEK (≈ $33.8M). 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 Waystream Holding AB (publ) (WAYS)?
The price-to-sales ratio of Waystream Holding AB (publ) is 14.9 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Waystream Holding AB (publ) (WAYS)?
Earnings per share at Waystream Holding AB (publ) are kr 0.2100 (price ÷ EPS = P/E 197.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Waystream Holding AB (publ) (WAYS)?
The net margin of Waystream Holding AB (publ) is 7.5% (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 Waystream Holding AB (publ) (WAYS)?
The return on equity (ROE) of Waystream Holding AB (publ) is 2.1% (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 Waystream Holding AB (publ) (WAYS)?
On an EBIT basis the return on assets of Waystream Holding AB (publ) is 8.1% (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.
What is the operating margin of Waystream Holding AB (publ) (WAYS)?
The operating margin of Waystream Holding AB (publ) is −1.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Waystream Holding AB (publ) (WAYS)?
Revenue at Waystream Holding AB (publ) is growing +5.9% versus a year earlier (3y avg −0.8%). 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 Waystream Holding AB (publ) (WAYS)?
Earnings per share at Waystream Holding AB (publ) are growing +207% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Waystream Holding AB (publ) (WAYS) hold?
Waystream Holding AB (publ) holds more cash than debt, 21.3M SEK net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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