MilDef Group AB (publ)

OM:MILDEF Stock Report

Market Cap: SEK 8.8b

MilDef Group Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow Value

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

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: MILDEF (SEK185.95) is trading below our estimate of future cash flow value (SEK237.04)

Significantly Below Future Cash Flow Value: MILDEF is trading below future cash flow value by more than 20%.

Key Valuation Metric

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

Key metric: As MILDEF is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MILDEF. This is calculated by dividing MILDEF's market cap by their current earnings.
What is MILDEF's PE Ratio?
PE Ratio40x
EarningsSEK 218.90m
Market CapSEK 8.76b

Price to Earnings Ratio vs Peers

How does MILDEF's PE Ratio compare to its peers?

The above table shows the PE ratio for MILDEF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average42.5x
IVSO Invisio
57.9x33.72%SEK 12.9b
CTT CTT Systems
42.4x47.08%SEK 1.8b
W5 W5 Solutions
51.2x46.83%SEK 865.7m
AVT B AVTECH Sweden
18.5x27.38%SEK 316.3m
MILDEF MilDef Group
40x29.42%SEK 8.8b

Price-To-Earnings vs Peers: MILDEF is good value based on its Price-To-Earnings Ratio (40x) compared to the peer average (42.5x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

How does MILDEF's PE Ratio compare vs other companies in the European Aerospace & Defense Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MILDEF 40.0xIndustry Avg. 30.5xNo. of Companies11PE020406080100+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MILDEF is expensive based on its Price-To-Earnings Ratio (40x) compared to the European Aerospace & Defense industry average (30.5x).

Price to Earnings Ratio vs Fair Ratio

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

MILDEF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio40x
Fair PE Ratio43.4x

Price-To-Earnings vs Fair Ratio: MILDEF is good value based on its Price-To-Earnings Ratio (40x) compared to the estimated Fair Price-To-Earnings Ratio (43.4x).

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 MILDEF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 185.95
SEK 220.40
+18.53%
7.38%SEK 250.00SEK 202.00n/a5
May ’27SEK 173.10
SEK 220.40
+27.33%
7.38%SEK 250.00SEK 202.00n/a5
Apr ’27SEK 139.10
SEK 206.00
+48.09%
8.92%SEK 240.00SEK 190.00n/a5
Mar ’27SEK 130.60
SEK 208.00
+59.26%
10.64%SEK 250.00SEK 190.00n/a5
Feb ’27SEK 130.90
SEK 210.00
+60.43%
9.92%SEK 250.00SEK 190.00n/a5
Jan ’27SEK 119.80
SEK 245.50
+104.92%
11.10%SEK 275.00SEK 202.00n/a4
Dec ’26SEK 128.20
SEK 245.50
+91.50%
11.10%SEK 275.00SEK 202.00n/a4
Nov ’26SEK 157.60
SEK 260.00
+64.97%
4.71%SEK 275.00SEK 245.00n/a3
Oct ’26SEK 199.30
SEK 260.00
+30.46%
4.71%SEK 275.00SEK 245.00n/a3
Sep ’26SEK 154.40
SEK 267.50
+73.25%
2.80%SEK 275.00SEK 260.00n/a2
Aug ’26SEK 169.40
SEK 258.00
+52.30%
5.72%SEK 275.00SEK 239.00n/a3
Jul ’26SEK 184.00
SEK 261.67
+42.21%
5.48%SEK 280.00SEK 245.00n/a3
Jun ’26SEK 262.00
SEK 265.00
+1.15%
9.37%SEK 285.00SEK 230.00n/a3
May ’26SEK 259.00
SEK 230.00
-11.20%
27.97%SEK 285.00SEK 125.00SEK 173.104
Apr ’26SEK 221.00
SEK 170.83
-22.70%
22.11%SEK 217.50SEK 125.00SEK 139.103
Mar ’26SEK 183.00
SEK 147.50
-19.40%
12.46%SEK 170.00SEK 125.00SEK 130.603
Feb ’26SEK 129.80
SEK 135.50
+4.39%
6.05%SEK 145.00SEK 125.00SEK 130.903
Jan ’26SEK 124.80
SEK 130.50
+4.57%
3.61%SEK 136.50SEK 125.00SEK 119.803
Dec ’25SEK 118.00
SEK 127.50
+8.05%
1.96%SEK 130.00SEK 125.00SEK 128.202
Nov ’25SEK 93.90
SEK 99.75
+6.23%
6.27%SEK 106.00SEK 93.50SEK 157.602
Oct ’25SEK 83.30
SEK 92.50
+11.04%
1.62%SEK 94.00SEK 91.00SEK 199.302
Sep ’25SEK 82.20
SEK 90.50
+10.10%
0.55%SEK 91.00SEK 90.00SEK 154.402
Aug ’25SEK 71.60
SEK 90.50
+26.40%
0.55%SEK 91.00SEK 90.00SEK 169.402
Jul ’25SEK 68.50
SEK 89.00
+29.93%
2.25%SEK 91.00SEK 87.00SEK 184.002
Jun ’25SEK 69.40
SEK 88.00
+26.80%
3.41%SEK 91.00SEK 85.00SEK 262.002
May ’25SEK 62.70
SEK 88.00
+40.35%
3.41%SEK 91.00SEK 85.00SEK 259.002
SEK 220.4
Fair Value
15.6% undervalued intrinsic discount
5
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/31 10:07
End of Day Share Price 2026/05/29 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

MilDef Group AB (publ) is covered by 4 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mads Brinkmann AndersenBerenberg
Daniel LindkvistDanske Bank
Hugo LisjoDNB Carnegie Commissioned Research