MilDef Group AB (publ)

OM:MILDEF Stock Report

Market Cap: SEK 6.1b

MilDef Group Valuation

Is MILDEF 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 MILDEF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SEK 221.89
Fair Value
41.3% undervalued intrinsic discount
4
Number of Analysts

Below Fair Value: MILDEF (SEK130.2) is trading below our estimate of fair value (SEK221.89)

Significantly Below Fair Value: MILDEF is trading below fair 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 unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for MILDEF. This is calculated by dividing MILDEF's market cap by their current revenue.
What is MILDEF's PS Ratio?
PS Ratio3.6x
SalesSEK 1.68b
Market CapSEK 6.13b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for MILDEF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average6.4x
IVSO Invisio
7.3x18.42%SEK 12.0b
GOMX GomSpace Group
8x28.59%SEK 2.6b
CTT CTT Systems
8x25.20%SEK 2.3b
W5 W5 Solutions
2.1x22.13%SEK 873.6m
MILDEF MilDef Group
3.6x29.20%SEK 6.1b

Price-To-Sales vs Peers: MILDEF is good value based on its Price-To-Sales Ratio (3.6x) compared to the peer average (6.4x).

Price to Sales Ratio vs Industry

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

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
MILDEF 3.6xIndustry Avg. 2.2xNo. of Companies12PS01.63.24.86.48+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: MILDEF is expensive based on its Price-To-Sales Ratio (3.6x) compared to the European Aerospace & Defense industry average (2.2x).

Price to Sales Ratio vs Fair Ratio

What is MILDEF'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.

MILDEF PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.6x
Fair PS Ratio4.1x

Price-To-Sales vs Fair Ratio: MILDEF is good value based on its Price-To-Sales Ratio (3.6x) compared to the estimated Fair Price-To-Sales Ratio (4.1x).

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 130.20
SEK 245.50
+88.56%
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 125.00n/a4
Apr ’26SEK 221.00
SEK 170.83
-22.70%
22.11%SEK 217.50SEK 125.00n/a3
Mar ’26SEK 183.00
SEK 147.50
-19.40%
12.46%SEK 170.00SEK 125.00n/a3
Feb ’26SEK 129.80
SEK 135.50
+4.39%
6.05%SEK 145.00SEK 125.00n/a3
Jan ’26SEK 124.80
SEK 130.50
+4.57%
3.61%SEK 136.50SEK 125.00n/a3
Dec ’25SEK 118.00
SEK 127.50
+8.05%
1.96%SEK 130.00SEK 125.00n/a2
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 245.5
Fair Value
47.0% undervalued intrinsic discount
4
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/11/29 06:13
End of Day Share Price 2025/11/28 00:00
Earnings2025/09/30
Annual Earnings2024/12/31

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 3 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Daniel LindkvistDanske Bank
Hugo LisjoDNB Carnegie Commissioned Research
Tom GuinchardPareto Securities