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Waystream Holding (WAYS) Fair Value & Analysis

Technology · SE · Market cap 333M SEK

WH Waystream Holding WAYS · ST
Pricekr 38.90
Fair Valuekr 25.83
Upside-33.6%
Quality64/100
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Expensive Growth
Thin margins · 1.1% net margin
Low debt · generates free cash flow
Trails peers (5/13)
Narrow moat 28/100
Evidence: High Range kr 19.37 – kr 32.29 Share as image

Fair value as of: Jul 15, 2026

From 23 valuation models · updated 26 days ago

Fair value updated Jul 15, 2026, revised from kr 27.28 to kr 25.83 (−5.3%) since Jun 24, 2026. Share price +1.3% over the past month.

A solid business, but screening 34% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (kr 32.29). The favourable scenario is already priced in.
  • Solid but not exceptional quality (64/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

kr 96.19 kr 13.86 Fair Value kr 25.83 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range kr 13.86 – kr 96.19 · fair‑value band kr 19.37 – kr 32.29 · the kr 38.90 price screens above the kr 25.83 fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Waystream Holding (WAYS) currently trades at kr 38.90, while our model-based Fair Value estimate is kr 25.83, implying the stock looks roughly 33.6% overvalued today. The Quality Score stands at 64/100 (solid quality), in the Technology 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, Waystream Holding generated revenue of 146M SEK at a net margin of 4.2%. Revenue declined 14.1% year over year. It earns a return on equity of 8.9%. The balance sheet holds a net cash position of 21.3M SEK. Fundamentals as of Jul 15, 2026

Our scenario range runs from kr 19.37 (bear case) to kr 32.29 (bull case); at kr 38.90, 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 13% below its 52-week high and 26% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at -61% fair-value upside, at -34%, WAYS screens cheaper than that median.

Fair Value models

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
Growth DCF kr 47.29 kr 74.21 kr 112.99 80
Residual Income kr 7.68 kr 9.13 kr 17.79 76
Rev-Margin DCF kr 27.38 kr 39.49 kr 55.29 74
All 23 models by family
DCF Models
FCF DCF kr 48.04 kr 78.80 kr 126.06 38
5Y Revenue Exit kr 27.38 kr 39.12 kr 53.90 39
5Y EBITDA Exit kr 33.55 kr 51.87 kr 74.09 41
5Y P/E Exit kr 30.44 kr 45.44 kr 61.97 38
10Y Revenue Exit kr 34.48 kr 47.74 kr 66.11 36
10Y EBITDA Exit kr 38.61 kr 56.29 kr 81.59 37
10Y P/E Exit kr 36.72 kr 51.97 kr 72.30 35
Earnings-Based
Graham-Dodd kr 7.98 kr 37.45 kr 51.47 54
Lynch FV kr 9.91 kr 14.16 kr 18.41 50
PEG = 1.0 kr 9.91 kr 14.16 kr 18.41 46
EPV kr 13.83 kr 15.39 kr 16.69 59
Multiples
P/E Multiple kr 19.37 kr 25.83 kr 32.29 63
P/S Multiple kr 14.05 kr 18.73 kr 23.41 58
P/B Multiple kr 14.97 kr 19.96 kr 24.95 55
EV/EBIT kr 26.69 kr 34.77 kr 42.86 53
EV/EBITDA kr 27.22 kr 35.49 kr 43.75 54
EV/Revenue kr 15.54 kr 21.16 kr 26.78 43
Asset-Based
NCAV (Graham) kr 4.19 kr 5.61 kr 8.38 50
Growth DCF
Growth DCF kr 47.29 kr 74.21 kr 112.99 80
Rev-Margin DCF kr 27.38 kr 39.49 kr 55.29 74
Economic Profit
Residual Income kr 7.68 kr 9.13 kr 17.79 76
ROIC Compounder kr 15.10 kr 18.54 kr 22.66 72
Growth Earnings
Growth-Adj P/E kr 16.11 kr 23.02 kr 29.93 68

Widest divergence: DCF Models (kr 51.87) versus Asset-Based (kr 5.61). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 146M SEK
Revenue growth (YoY) -14.1%
Net margin 4.2%
Return on equity 8.9%
Free cash flow 37.6M SEK FY2025
P/E ratio 54.4
More key figures
Operating margin 0.5%
EPS (TTM) kr 0.7500
EPS growth (YoY) +207%
Net cash 21.3M SEK FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 67 · Market factors (momentum, volatility) 46

Profitability 46
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 73
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 58
Disciplined investing over empire-building
Low Volatility 68
Calm price path (market factor)
Momentum 34
Price trend over the last 3–12 months (market factor)
52W Momentum 43
Distance to the 52-week high (market factor)
Net Issuance 81
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.

About the company

Waystream Holding AB (publ) engages in the provision of routers and switches that are used in the fiber markets and peripherals in Sweden.

Full company description

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.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Waystream Holding reported revenue of kr 137M in FY2025 versus kr 91.6M in FY2021, a compound +10.6%/yr. Reported net income was kr 10.3M in FY2025, compounding −8.6%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
137M SEK
Latest YoY
+18.9%
Avg. 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.
−0.8%
Avg. 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.
+9.6%
Avg. growth/yr (12Y) 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.
+9.7%
Revenue +10.6%/yr
FY21 kr 91.6M
FY22 kr 140M
FY23 kr 100M
FY24 kr 115M
FY25 kr 137M
Net income −8.6%/yr
FY21 kr 14.8M
FY22 kr 20.6M
FY23 −kr 4.8M
FY24 −kr 11.8M
FY25 kr 10.3M

WAYS screens 34% overvalued. Compare with Cisco Systems, Inc →

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Cite: Fair Value Calculator (2026). "Waystream Holding Fair Value". https://www.fairvalue-calculator.com/stock/WAYS

Peer Group

Communication Equipment · 286 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 64 · Above median
Fair Value upside −34% · Above median
Return on equity (TTM) 2% · Below median
Return on assets 2% · Above median
Net margin (TTM) 1% · Below median
Operating margin (TTM) -2% · Below median
Revenue growth 6% · Below median

Valuation Multiples vs Communication Equipment median · lower = cheaper

P/E (TTM) 181.0× · Pricier than 75% of peers
P/B 4.54× · Pricier than 75% of peers
P/S (TTM) 2.24× · Pricier than median
P/FCF 0.9× · Cheaper than median
EV/EBITDA 23.2× · 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.

VALUE 0 · sector 0
FUTURE 30 · sector 30
PAST 8 · sector 15
HEALTH 100 · sector 98
DIVIDEND 0 · sector 25

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

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Communication Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Cisco Systems, Inc CSCO $119.25 $43.05 -64%
Zhongji Innolight Co 300308 ¥1,094 ¥171.09 -84%
Foxconn Industrial Internet Co 601138 ¥56.50 ¥28.65 -49%
Eoptolink Technology Inc 300502 ¥482.88 ¥155.05 -68%
Nokia Oyj NOK $11.25 $2.67 -76%
Motorola Solutions, Inc MSI $413.31 $190.43 -54%
Suzhou TFC Optical Communication Co 300394 ¥244.13 ¥32.04 -87%
Telefonaktiebolaget LM Ericsson (publ), ERIC $11.72 $15.96 +36%
Accton Technology Corporation 2345 2,090 TWD 846.28 TWD -60%
ZTE Corporation 000063 ¥40.00 ¥15.75 -61%

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Frequently asked questions

Is Waystream Holding (WAYS) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of kr 25.83 versus a price of kr 38.90, about −34% (overvalued).
What is the fair value of WAYS?
Our model-based fair value for Waystream Holding is kr 25.83 (as of Jul 15, 2026), built from audited fundamentals. The current price is kr 38.90.
What is the quality score of WAYS?
Waystream Holding 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 revenue of Waystream Holding (WAYS)?
Waystream Holding reported trailing-twelve-month revenue of about 146M SEK (latest available figure, as of Jul 15, 2026).
What is the net profit margin of WAYS?
The net profit margin of Waystream Holding is about 4.2%, meaning it keeps roughly 4.2% of revenue as net income. Based on the latest reported figures.

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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