CTEK Valuation

Q: What is the Fair Price of CTEK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

CTEK (SEK16.12) is trading below our estimate of [[fair value]] (SEK82.86)

Is CTEK undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CTEK when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CTEK (SEK16.12) is trading below our estimate of fair value (SEK82.86)

Significantly Below Fair Value: CTEK is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CTEK?

Key metric: As CTEK is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CTEK. This is calculated by dividing CTEK's market cap by their current revenue.
What is CTEK's PS Ratio?
PS Ratio	1.3x
Sales	SEK 875.00m
Market Cap	SEK 1.13b

CTEK key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.6x
Enterprise Value/EBITDA	4.2x
PEG Ratio	2.4x

Price to Sales Ratio vs Peers

How does CTEK's PS Ratio compare to its peers?

The above table shows the PS ratio for CTEK vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	2.3x
GARO Garo Aktiebolag	0.8x	6.2%	SEK 980.0m
PSCAND Permascand Top Holding	2.2x	14.8%	SEK 1.0b
INISS B Inission	0.3x	3.6%	SEK 713.5m
PCELL PowerCell Sweden	5.9x	20.7%	SEK 1.9b
CTEK CTEK	1.3x	10.9%	SEK 1.1b

Price-To-Sales vs Peers: CTEK is good value based on its Price-To-Sales Ratio (1.3x) compared to the peer average (2.3x).

Price to Sales Ratio vs Industry

How does CTEK's PS Ratio compare vs other companies in the SE Electrical Industry?

5 Companies	Price / Sales	Estimated Growth	Market Cap
SOLT SolTech Energy Sweden	0.1x	n/a	US$26.17m
NIUTEC Niutech Group	0.2x	2.8%	US$6.21m
TOPR TopRight Nordic	0.2x	n/a	US$1.42m
GOGRID SDB Smart Wires Technology	0.02x	90.3%	US$717.25k

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: CTEK is good value based on its Price-To-Sales Ratio (1.3x) compared to the Swedish Electrical industry average (1.4x).

Price to Sales Ratio vs Fair Ratio

What is CTEK's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CTEK PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.3x
Fair PS Ratio	1.6x

Price-To-Sales vs Fair Ratio: CTEK is good value based on its Price-To-Sales Ratio (1.3x) compared to the estimated Fair Price-To-Sales Ratio (1.6x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CTEK forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	SEK 16.12	SEK 24.00 +48.9%	15.6%	SEK 28.00	SEK 19.00	n/a	3
Nov ’25	SEK 17.12	SEK 22.10 +29.1%	11.1%	SEK 25.00	SEK 19.00	n/a	3
Oct ’25	SEK 18.00	SEK 22.10 +22.8%	11.1%	SEK 25.00	SEK 19.00	n/a	3
Sep ’25	SEK 20.05	SEK 23.65 +18.0%	5.7%	SEK 25.00	SEK 22.30	n/a	2

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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