Paradox Interactive AB (publ)

OM:PDX Stock Report

Market Cap: SEK 13.1b

Paradox Interactive Management

Management criteria checks 4/4

We currently do not have sufficient information about the CEO.

Key information

Fredrik Wester

Chief executive officer

SEK 4.0k

Total compensation

CEO salary percentage50.00%
CEO tenure4.8yrs
CEO ownershipn/a
Management average tenure4.6yrs
Board average tenure5.6yrs

Recent management updates

Recent updates

Analysis Article • Jun 20

Paradox Interactive (OM:PDX) Stock Could Be 18.6% Undervalued After Stellaris Nomads Release

Paradox Interactive (OM:PDX) has released Nomads, a new Stellaris expansion, together with the free 4.4 “Pegasus” update. The release introduces fresh gameplay systems that could influence player engagement and future revenue trends. See our latest analysis for Paradox Interactive. At a share price of SEK125.7, Paradox Interactive has seen the share price fall around 6% over the past month but rise about 8% over 90 days, while the 1 year total shareholder return is down roughly 29%. This...
Narrative Update • Jun 11

PDX: Higher Margin Assumptions And Expanding Content Pipeline Will Support Future Earnings Upside

Analysts have raised their price targets for Paradox Interactive to SEK 154.40, citing slightly lower discount rate assumptions, a marginally higher revenue growth outlook, and firmer profit margin expectations, while P/E assumptions remain broadly unchanged. What's in the News Announced Age of Wonders 4: Secrets of the Archmages DLC, scheduled for release on June 16, 2026 on PC, PlayStation 5, and Xbox Series X|S, adding new story realms, magical tomes, a new Owlkin form, and additional world map content.
Narrative Update • May 28

PDX: Rising Dividend And Upgrades Will Support Stronger Future Upside Conviction

Analysts have adjusted their fair value estimate for Paradox Interactive from SEK 180 to SEK 170. This change reflects more conservative revenue growth assumptions, higher projected profit margins, and a slightly lower future P/E multiple.
Narrative Update • May 11

PDX: Higher Margin Assumptions And Franchise Portfolio Will Support Future Earnings Upside

Analysts have nudged their price target on Paradox Interactive slightly higher to SEK154.40 from SEK153.50, citing updated assumptions around discount rates, long term profit margins, and future P/E levels. Analyst Commentary Recent research points to a more supportive stance on Paradox Interactive, with analysts using updated discount rates, margin assumptions, and future P/E levels to fine tune their views on the stock.
Analysis Article • May 04

Paradox Interactive AB (publ) Beat Analyst Estimates: See What The Consensus Is Forecasting For This Year

Paradox Interactive AB (publ) ( STO:PDX ) just released its latest quarterly results and things are looking bullish...
Narrative Update • Apr 21

PDX: Franchise Portfolio And Dividend Policy Will Support Future Earnings Upside

The analyst price target for Paradox Interactive has moved from SEK157.0 to SEK153.5 as analysts factor in slightly softer revenue growth and profit margin assumptions, along with a modestly higher discount rate, partially offset by a marginally higher future P/E following more cautious recent research on the shares. Analyst Commentary Bullish Takeaways Bullish analysts point to a still supportive valuation backdrop, where a slightly higher future P/E assumption suggests room for the shares to trade on a richer earnings multiple if execution on upcoming titles and expansions is solid.
Analysis Article • Apr 16

Investors Can Find Comfort In Paradox Interactive's (STO:PDX) Earnings Quality

Soft earnings didn't appear to concern Paradox Interactive AB (publ)'s ( STO:PDX ) shareholders over the last week. Our...
Narrative Update • Apr 07

PDX: Existing Game Portfolio And Cost Discipline Will Support Future Earnings Upside

Analysts have reduced their SEK 211.67 price target on Paradox Interactive to SEK 157.00, citing updated assumptions for growth, profitability and valuation that reflect a more cautious stance. Analyst Commentary Bullish Takeaways Bullish analysts still see scope for execution on Paradox Interactive's existing game portfolio to support the revised SEK 157.00 target, even with more conservative growth assumptions.
Narrative Update • Mar 24

PDX: Higher Dividend Will Support Cautious Sentiment And Fair Value Conviction

Narrative Update Overview Analysts now see Paradox Interactive's fair value holding at SEK180.00 per share. This reflects slightly adjusted assumptions on discount rate, revenue growth, profit margin, and future P/E after a more cautious research update and a downgrade in sentiment on the shares.
Narrative Update • Mar 10

PDX: Higher Dividend And Pipeline Execution Will Define Future Risk Reward Balance

Analysts have adjusted their price target on Paradox Interactive to SEK132.50, reflecting slightly revised assumptions for the discount rate, revenue growth and profit margin in light of more cautious recent research commentary. Analyst Commentary Recent research has taken a more cautious tone on Paradox Interactive, with bearish analysts revisiting their valuation assumptions and risk assessments.
Narrative Update • Feb 23

PDX: Dividend Increase And Execution Risks Will Shape Long Term Earnings Power

Narrative Update on Paradox Interactive Analysts have reduced their price target on Paradox Interactive from SEK 205.00 to SEK 132.50, citing updated expectations for lower revenue growth, slightly softer profit margins, a marginally higher discount rate, and a reduced future P/E assumption. Analyst Commentary Recent research updates reflect a more cautious tone on Paradox Interactive, with some bearish analysts revisiting their assumptions on growth, profitability, and what they are willing to pay for the shares.
Narrative Update • Feb 09

PDX: Cautious Research Will Be Offset By Dividend And Ongoing Content Pipeline

Narrative Update Analysts have reduced their fair value estimate for Paradox Interactive from SEK 205 to about SEK 180, reflecting updated views on future revenue growth, profit margins, discount rate assumptions, and a slightly lower expected future P/E multiple following more cautious research commentary. Analyst Commentary Recent research reflects a more cautious tone around Paradox Interactive, with at least one broker taking a bearish stance and lowering its view on the shares.
Analysis Article • Feb 02

Earnings Miss: Paradox Interactive AB (publ) Missed EPS By 35% And Analysts Are Revising Their Forecasts

Paradox Interactive AB (publ) ( STO:PDX ) just released its latest annual report and things are not looking great...
Narrative Update • Jan 26

PDX: Cautious Research Will Be Offset By Ongoing Content Expansion Pipeline

Analysts have trimmed their price target on Paradox Interactive from SEK225 to SEK205, reflecting updated assumptions for slightly lower revenue growth and profit margins, partially balanced by a modestly lower discount rate and a slightly higher future P/E multiple. Recent Street research has generally been more cautious on the shares.
Analysis Article • Jan 21

Here's What Paradox Interactive's (STO:PDX) Strong Returns On Capital Mean

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. In a perfect...
Narrative Update • Jan 11

PDX: Expanding Release Pipeline Will Support Stronger Long Term Earnings Power

Analysts have reduced their fair value estimate for Paradox Interactive from SEK 210 to about SEK 205, reflecting updated assumptions that combine higher projected revenue growth with slightly lower profit margins and a modestly reduced future P/E multiple. What's in the News Release of Victoria 3: Iberian Twilight immersion pack, adding new historical content and mechanics for Spain, Portugal, Morocco, Cuba, the Philippines and other related nations in the Victoria 3 grand strategy series (Product announcement).
Narrative Update • Dec 25

PDX: Expanding Game Portfolio Will Support Stronger Long-Term Earnings Power

Analysts have raised their price target on Paradox Interactive from SEK 150 to SEK 210, citing expectations for slightly stronger long term revenue growth, modestly higher profit margins, and a richer future earnings multiple, despite a largely unchanged risk profile. What's in the News Release of Victoria 3: Iberian Twilight immersion pack, adding new historical content for Spain, Portugal and related nations, with fresh mechanics around post imperial crises and Iberian unification, priced at about $9.99.
Narrative Update • Dec 11

PDX: Expanding Game Portfolio Will Drive Long Term Earnings Upside

Analysts have nudged their price target for Paradox Interactive higher from SEK 201.67 to SEK 211.67, citing slightly stronger expectations for long term revenue growth, improved profitability, and a marginally higher justified earnings multiple. What's in the News Europa Universalis V, a major reworking of Paradox Interactive's flagship historical grand strategy series, has launched with new population, trade, and societal systems.
Narrative Update • Nov 27

PDX: Higher Profit Margins And Game Launch Momentum Will Drive Future Upside

Analysts have slightly raised their price target for Paradox Interactive, now valuing the company at SEK 201.67 per share. They cite improvements in profit margin outlook and a lower discount rate as key drivers behind the adjustment.
Narrative Update • Nov 13

PDX: Revenue Acceleration And Game Launches Will Drive Future Upside

Analysts Raise Price Target for Paradox Interactive Analysts have increased their price target for Paradox Interactive from SEK 191.25 to SEK 201.67. This change is based on updated forecasts for higher revenue growth and minor adjustments to valuation assumptions.
Analysis Article • Oct 28

Paradox Interactive AB (publ) Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

Paradox Interactive AB (publ) ( STO:PDX ) shareholders are probably feeling a little disappointed, since its shares...
Analysis Article • Aug 15

Paradox Interactive's (STO:PDX) Earnings Seem To Be Promising

Paradox Interactive AB (publ)'s ( STO:PDX ) solid earnings announcement recently didn't do much to the stock price. Our...
Analysis Article • Aug 10

Paradox Interactive AB (publ) Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

OM:PDX 1 Year Share Price vs Fair Value Explore Paradox Interactive's Fair Values from the Community and select yours...
Analysis Article • Jul 25

Subdued Growth No Barrier To Paradox Interactive AB (publ)'s (STO:PDX) Price

With a price-to-earnings (or "P/E") ratio of 31.6x Paradox Interactive AB (publ) ( STO:PDX ) may be sending bearish...
Analysis Article • May 20

Many Would Be Envious Of Paradox Interactive's (STO:PDX) Excellent Returns On Capital

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two...
Analysis Article • Apr 27

Paradox Interactive AB (publ) Just Missed EPS By 6.6%: Here's What Analysts Think Will Happen Next

Paradox Interactive AB (publ) ( STO:PDX ) missed earnings with its latest quarterly results, disappointing...

CEO Compensation Analysis

How has Fredrik Wester's remuneration changed compared to Paradox Interactive's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

SEK 88m

Dec 31 2025SEK 4kSEK 2k

SEK 125m

Sep 30 2025n/an/a

SEK 638m

Jun 30 2025n/an/a

SEK 664m

Mar 31 2025n/an/a

SEK 581m

Dec 31 2024n/an/a

SEK 585m

Sep 30 2024n/an/a

SEK 372m

Jun 30 2024n/an/a

SEK 322m

Mar 31 2024n/an/a

SEK 534m

Dec 31 2023n/an/a

SEK 531m

Sep 30 2023n/an/a

SEK 627m

Jun 30 2023n/an/a

SEK 733m

Mar 31 2023n/an/a

SEK 664m

Dec 31 2022SEK 6kSEK 6k

SEK 709m

Sep 30 2022n/an/a

SEK 630m

Jun 30 2022n/an/a

SEK 421m

Mar 31 2022n/an/a

SEK 340m

Dec 31 2021SEK 24kSEK 8k

SEK 248m

Compensation vs Market: Fredrik's total compensation ($USD415.76) is below average for companies of similar size in the Swedish market ($USD1.17M).

Compensation vs Earnings: Fredrik's compensation has been consistent with company performance over the past year.

CEO

Fredrik Wester (52 yo)

4.8yrs
Tenure
SEK 4,000
Compensation

Mr. Fredrik Wester is the Chief Executive Officer of Paradox Interactive AB (publ) since September 01, 2021. He had been the Chairman of the Board at Paradox Interactive AB (publ) since August 1, 2018 unti...

Leadership Team

NamePositionTenureCompensationOwnership
Fredrik Wester
Founder4.8yrsSEK 4.00kno data
Alexander Bricca
Chief Financial Officer8.3yrsno data0.0067%
SEK 879.4k
Mattias Lilja
Chief of Staff & Deputy CEO11.4yrsno data0.0018%
SEK 231.6k
Henrik Fåhraeus
Chief Creative Officer4.4yrsno datano data
Mattias Rengstedt
Chief Business Officer2.4yrsno data0.017%
SEK 2.3m
Paula Thelin
EVP of Culture & Brand1.4yrsno datano data
4.6yrs
Average Tenure
51yo
Average Age

Experienced Management: PDX's management team is considered experienced (4.6 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Fredrik Wester
Founder16.4yrsSEK 4.00kno data
Hakan Sjunnesson
Independent Chairman of the Board16.4yrsSEK 950.00k2.93%
SEK 383.0m
Mathias Hermansson
Independent Director7.1yrsSEK 531.00k0.011%
SEK 1.5m
Linda Hoglund
Independent Director6.1yrsSEK 456.00kno data
Andras Vajlok
Independent Director5.1yrsSEK 500.00k0.12%
SEK 16.1m
Lars Jörnow
Directorless than a yearno datano data
Kaisa Salakka
Directorless than a yearno datano data
Gustav Palmqvist
Representative Director1.1yrsno data0.0019%
SEK 248.6k
5.6yrs
Average Tenure
52.5yo
Average Age

Experienced Board: PDX's board of directors are considered experienced (5.6 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/22 23:14
End of Day Share Price 2026/06/22 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

Paradox Interactive AB (publ) is covered by 10 analysts. 6 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Edward JamesBerenberg
Mikael LaséenCarnegie Investment Bank AB