New Risk • May 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.6% Last year net profit margin: 5.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.6% net profit margin). Market cap is less than US$100m (kr712.9m market cap, or US$77.2m). Major Estimate Revision • May 05
Consensus revenue estimates increase by 24% The consensus outlook for revenues in fiscal year 2026 has improved. 2026 revenue forecast increased from kr851.7m to kr1.05b. EPS estimate increased from kr1.88 to kr4.01 per share. Net income forecast to grow 105% next year vs 26% growth forecast for IT industry in Sweden. Consensus price target of kr55.00 unchanged from last update. Share price rose 3.1% to kr36.60 over the past week. Upcoming Dividend • Apr 30
Upcoming dividend of kr1.00 per share Eligible shareholders must have bought the stock before 07 May 2026. Payment date: 13 May 2026. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Swedish dividend payers (4.2%). In line with average of industry peers (3.0%). Major Estimate Revision • Apr 07
Consensus revenue estimates fall by 18% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from kr1.04b to kr851.7m. EPS estimate fell from kr3.31 to kr1.88 per share. Net income forecast to shrink 4.0% next year vs 34% growth forecast for IT industry in Sweden . Consensus price target up from kr52.00 to kr55.00. Share price rose 18% to kr34.90 over the past week. Major Estimate Revision • Feb 18
Consensus EPS estimates fall by 20% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from kr1.09b to kr1.04b. EPS estimate also fell from kr4.14 per share to kr3.31 per share. Net income forecast to grow 69% next year vs 40% growth forecast for IT industry in Sweden. Consensus price target down from kr55.00 to kr52.00. Share price fell 10% to kr32.70 over the past week. Reported Earnings • Feb 15
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: kr1.99 (down from kr2.82 in FY 2024). Revenue: kr951.2m (up 2.2% from FY 2024). Net income: kr37.7m (down 26% from FY 2024). Profit margin: 4.0% (down from 5.4% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 15%. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the IT industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 2% per year. Buy Or Sell Opportunity • Feb 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.2% to kr32.90. The fair value is estimated to be kr41.39, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 5.3% per annum. Earnings are also forecast to grow by 17% per annum over the same time period. Declared Dividend • Feb 13
Dividend reduced to kr1.00 Dividend of kr1.00 is 29% lower than last year. Ex-date: 7th May 2026 Payment date: 13th May 2026 Dividend yield will be 3.0%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by both earnings (57% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has decreased over the past 46 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 61% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 12
CombinedX AB (publ) announces Annual dividend, payable on May 13, 2026 CombinedX AB (publ) announced Annual dividend of SEK 1.0000 per share payable on May 13, 2026, ex-date on May 07, 2026 and record date on May 08, 2026. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Christian Hellman was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 27
CombinedX AB (publ), Annual General Meeting, May 06, 2026 CombinedX AB (publ), Annual General Meeting, May 06, 2026. Recent Insider Transactions • Nov 15
Insider recently sold kr2.1m worth of stock On the 13th of November, Bjorn Magnusson sold around 62k shares on-market at roughly kr33.71 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr2.2m more than they bought in the last 12 months. Major Estimate Revision • Oct 31
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from kr2.61 to kr2.33 per share. Revenue forecast steady at kr951.0m. Net income forecast to grow 53% next year vs 23% growth forecast for IT industry in Sweden. Consensus price target of kr55.00 unchanged from last update. Share price fell 3.1% to kr34.90 over the past week. Recent Insider Transactions • Oct 30
Insider recently sold kr174k worth of stock On the 27th of October, Bjorn Magnusson sold around 5k shares on-market at roughly kr34.80 per share. This transaction amounted to 1.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of kr138k more than they bought in the last 12 months. Reported Earnings • Oct 26
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: kr0.21 (up from kr0.20 in 3Q 2024). Revenue: kr200.9m (up 2.3% from 3Q 2024). Net income: kr4.00m (up 8.1% from 3Q 2024). Profit margin: 2.0% (up from 1.9% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) also missed analyst estimates by 13%. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the IT industry in Sweden. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Price Target Changed • Jul 18
Price target decreased by 8.3% to kr55.00 Down from kr60.00, the current price target is provided by 1 analyst. New target price is 47% above last closing price of kr37.30. Stock is down 14% over the past year. The company is forecast to post earnings per share of kr2.61 for next year compared to kr2.82 last year. Reported Earnings • Jul 18
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: kr0.31 (down from kr0.56 in 2Q 2024). Revenue: kr235.8m (down 6.2% from 2Q 2024). Net income: kr5.80m (down 43% from 2Q 2024). Profit margin: 2.5% (down from 4.1% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 7.0%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 6.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the IT industry in Sweden. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jun 11
Chief Executive Officer of Elvenite recently sold kr132k worth of stock On the 5th of June, Mattias Dyberg sold around 3k shares on-market at roughly kr42.42 per share. This transaction amounted to 2.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr247k more than they sold in the last 12 months. Announcement • May 13
CombinedX AB (publ) (OM:CX) entered into an agreement to acquire Align Consulting AS. CombinedX AB (publ) (OM:CX) entered into an agreement to acquire Align Consulting AS on May 12, 2025. As part of consideration, NOK 113.75 million, divided into one-third shares and two-thirds cash. The number of newly issued shares in CombinedX is 1,016,034 1 , which corresponds to a dilution of 5.3%. The shares received are subject to the sellers' lock-up until the end of 2027, which contains customary exceptions. In addition, the sellers may receive an annual additional purchase price of a maximum of NOK 18.75 million/year based on profit growth in 2025, 2026 and 2027, a total maximum of NOK 56.25 million. The sellers have committed to reinvest 20% of the additional purchase price paid in shares in CombinedX, however, a maximum of 2 million NOK per year, with a lock-up, which contains customary exceptions, until the end of 2027. The sellers consist of the founders of, and employees of, Align, all of whom are operational key personnel within Align, which ensures continuity and commitment to the continued operations. The acquisition is expected to contribute to an increase in CombinedX’s EBITA margin and earnings per share. CombinedX intends to raise SEK 35 million in new acquisition credits and finance the remaining cash from its own cash. The number of shares is calculated based on a volume-weighted average price 15 trading days prior to the day of signing the LOI on April 9, 2025, corresponding to 36.54 SEK/share, with deduction for the decided dividend of 1.40 SEK/share, and the average price of NOK/SEK during the same period, corresponding to 1.05 NOK/SEK.
The expected completion of the transaction in May, 2025. Reported Earnings • May 07
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: kr0.95 (down from kr1.02 in 1Q 2024). Revenue: kr240.0m (up 6.8% from 1Q 2024). Net income: kr17.3m (flat on 1Q 2024). Profit margin: 7.2% (down from 7.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.8%. Earnings per share (EPS) exceeded analyst estimates by 19%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the IT industry in Sweden. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • May 01
Upcoming dividend of kr1.40 per share Eligible shareholders must have bought the stock before 08 May 2025. Payment date: 14 May 2025. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 3.8%. Lower than top quartile of Swedish dividend payers (4.0%). Higher than average of industry peers (2.3%). Declared Dividend • Apr 06
Dividend reduced to kr1.40 Dividend of kr1.40 is 30% lower than last year. Ex-date: 9th May 2025 Payment date: 15th May 2025 Dividend yield will be 3.9%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is well covered by both earnings (50% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Feb 17
Price target increased by 7.4% to kr58.00 Up from kr54.00, the current price target is provided by 1 analyst. New target price is 58% above last closing price of kr36.80. Stock is down 11% over the past year. The company is forecast to post earnings per share of kr3.50 for next year compared to kr2.82 last year. Reported Earnings • Feb 15
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: kr2.82 (down from kr4.15 in FY 2023). Revenue: kr930.8m (up 22% from FY 2023). Net income: kr50.6m (down 29% from FY 2023). Profit margin: 5.4% (down from 9.3% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 7.6%. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the IT industry in Sweden. Announcement • Feb 14
CombinedX AB (publ), Annual General Meeting, May 07, 2025 CombinedX AB (publ), Annual General Meeting, May 07, 2025. Recent Insider Transactions • Nov 22
Head of X-Sales recently bought kr159k worth of stock On the 20th of November, Rikard Bostrom bought around 5k shares on-market at roughly kr31.80 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.1m more in shares than they have sold in the last 12 months. Major Estimate Revision • Nov 01
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr968.5m to kr930.5m. EPS estimate also fell from kr3.36 per share to kr2.62 per share. Net income forecast to grow 17% next year vs 15% growth forecast for IT industry in Sweden. Consensus price target down from kr58.00 to kr54.00. Share price fell 2.3% to kr33.40 over the past week. Reported Earnings • Oct 25
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: kr0.20 (down from kr0.84 in 3Q 2023). Revenue: kr196.8m (up 28% from 3Q 2023). Net income: kr3.70m (down 74% from 3Q 2023). Profit margin: 1.9% (down from 9.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.9%. Earnings per share (EPS) also missed analyst estimates by 60%. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the IT industry in Sweden. Price Target Changed • Oct 15
Price target decreased by 11% to kr58.00 Down from kr65.00, the current price target is provided by 1 analyst. New target price is 57% above last closing price of kr37.00. Stock is up 28% over the past year. The company is forecast to post earnings per share of kr3.36 for next year compared to kr4.15 last year. Recent Insider Transactions • Aug 08
Head of X-Sales recently bought kr200k worth of stock On the 5th of August, Rikard Bostrom bought around 5k shares on-market at roughly kr40.00 per share. This transaction amounted to 19% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr480k. Insiders have collectively bought kr1.5m more in shares than they have sold in the last 12 months. Price Target Changed • Jul 23
Price target decreased by 11% to kr58.00 Down from kr65.00, the current price target is provided by 1 analyst. New target price is 38% above last closing price of kr41.90. Stock is up 35% over the past year. The company is forecast to post earnings per share of kr3.07 for next year compared to kr4.15 last year. Reported Earnings • Jul 22
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: EPS: kr0.56 (down from kr1.01 in 2Q 2023). Revenue: kr251.9m (up 31% from 2Q 2023). Net income: kr10.2m (down 41% from 2Q 2023). Profit margin: 4.0% (down from 9.0% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.5%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 7.9% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the IT industry in Sweden. Recent Insider Transactions • May 31
Head of X-Sales recently bought kr480k worth of stock On the 28th of May, Rikard Bostrom bought around 10k shares on-market at roughly kr48.00 per share. This transaction amounted to 63% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.0m more in shares than they have sold in the last 12 months. Reported Earnings • May 08
First quarter 2024 earnings: EPS in line with expectations, revenues disappoint First quarter 2024 results: EPS: kr1.02 (down from kr1.05 in 1Q 2023). Revenue: kr225.4m (up 7.7% from 1Q 2023). Net income: kr17.4m (down 2.8% from 1Q 2023). Profit margin: 7.7% (down from 8.6% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the IT industry in Sweden. Upcoming Dividend • May 01
Upcoming dividend of kr2.00 per share Eligible shareholders must have bought the stock before 08 May 2024. Payment date: 15 May 2024. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Swedish dividend payers (4.3%). Higher than average of industry peers (2.1%). New Risk • Apr 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.4% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (6.4% increase in shares outstanding). Market cap is less than US$100m (kr986.3m market cap, or US$93.5m). Recent Insider Transactions • Feb 27
Independent Chairman of the Board recently sold kr10m worth of stock On the 23rd of February, Niklas Hellberg sold around 250k shares on-market at roughly kr41.50 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Niklas' only on-market trade for the last 12 months. Major Estimate Revision • Feb 23
Consensus revenue estimates increase by 16% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from kr821.5m to kr950.6m. EPS estimate increased from kr3.88 to kr3.96 per share. Net income forecast to grow 0.7% next year vs 21% growth forecast for IT industry in Sweden. Consensus price target of kr61.00 unchanged from last update. Share price rose 7.0% to kr44.30 over the past week. Price Target Changed • Feb 09
Price target increased by 7.0% to kr61.00 Up from kr57.00, the current price target is provided by 1 analyst. New target price is 46% above last closing price of kr41.90. Stock is up 23% over the past year. The company is forecast to post earnings per share of kr3.88 for next year compared to kr4.15 last year. Reported Earnings • Feb 08
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: kr4.15 (up from kr2.13 in FY 2022). Revenue: kr767.3m (up 18% from FY 2022). Net income: kr70.9m (up 101% from FY 2022). Profit margin: 9.2% (up from 5.4% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is forecast to grow 5.2% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the IT industry in Sweden. Reported Earnings • Oct 29
Third quarter 2023 earnings: EPS exceeds analyst expectations Third quarter 2023 results: EPS: kr0.84 (up from kr0.43 in 3Q 2022). Revenue: kr154.0m (down 6.2% from 3Q 2022). Net income: kr14.4m (up 99% from 3Q 2022). Profit margin: 9.4% (up from 4.4% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 43%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the IT industry in Sweden. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr34.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the IT industry in Sweden. Negligible returns to shareholders over past year. Recent Insider Transactions • Sep 14
Head of X-Sales recently bought kr299k worth of stock On the 11th of September, Rikard Bostrom bought around 10k shares on-market at roughly kr31.10 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.4m more in shares than they have sold in the last 12 months. Upcoming Dividend • Apr 28
Upcoming dividend of kr1.05 per share at 2.9% yield Eligible shareholders must have bought the stock before 05 May 2023. Payment date: 11 May 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Swedish dividend payers (5.0%). Higher than average of industry peers (2.1%). Announcement • Jan 12
CombinedX AB (publ) (OM:CX) acquired Absfront AB for SEK 38.5 million. CombinedX AB (publ) (OM:CX) acquired Absfront AB for SEK 38.5 million on January 10, 2023. The purchase price SEK 26 million to be paid in cash, SEK 5 million in new shares. To carry out set-off issue of 175,118 shares towards sellers of absfront. Of maximum purchase price, SEK 7.5 million is earn-out, deal to positively affect co's revenue, ebitda-margin in 2023.CombinedX AB (publ) (OM:CX) completed the acquisition of Absfront AB for SEK 38.5 million on January 10, 2023. Recent Insider Transactions • Dec 23
President & CEO recently bought kr57k worth of stock On the 20th of December, Joergen Qwist bought around 2k shares on-market at roughly kr28.22 per share. This transaction amounted to 7.1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Joergen has been a buyer over the last 12 months, purchasing a net total of kr574k worth in shares. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Director Niklas Flyborg was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
