Press the button and be introduced to a new random company!

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

Clavister

Clavister

Send subscription Close

Clavister develops and sells cybersecurity solutions for physical and virtual environments. Its product portfolio is designed to meet the specific needs of customers in three main categories: public administrations, service providers and defence contractors. Sales are primarily made under the company’s own brand, but also through OEMs, i.e. the software being added to the customers’ own brands. Clavister has a long list of clients including Nokia, IWG, Telco Systems and BAE Systems.

Clavister is dependent on the trust of its customers. If the company’s technology does not keep up with current attack methods or meet its customers’ expectations, it could lose significant parts of its business. Clavister competes with large multinational corporations, which entails an inherent risk that customers may chose a more well-known vendor over Clavister.

Financials

SEKm 2025 2026e 2027e
Sales 219,23 310,36 397,26
Sales growth (%) 14,4 41,6 28
EBITDA 35 96 159
EBITDA margin (%) 16,1 31 39,9
EBIT adj. -4 57 115
EBIT adj. margin (%) -1,8 18,3 28,9
Pretax profit -25 45 107
EPS 0,01 0,12 0,28
EPS growth (%) N/A N/A N/A
EPS adj. 0,01 0,13 0,28
DPS N/A N/A N/A
Dividend per share 0 0 N/A
EV/EBITDA (x) 43,6 16,7 9,5
EV/EBIT adj. (x) -384,3 28,2 13,1
P/E (x) N/A 36,31 15,28
P/E adj. (x) N/A 32,9 14,9
EV/sales (x) 7 5,15 3,78
FCF yield (%) -0,4 2,8 7,8
Le. adj. FCF yld. (%) -0,7 2,7 7,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -0,1 -0,3 -0,8
Le. adj. ND/EBITDA (x) -0,4 -0,5 -0,9
SEKm 2025 2026e 2027e
Sales 219,23 310,36 397,26
COGS -51 -55 -64
Gross profit 168 255 334
Other operating items -133 -159 -175
EBITDA 35 96 159
Depreciation and amortisation -44 -44 -47
of which leasing depreciation N/A N/A N/A
Depreciation on leased assets -3 -4 -4
EBITA -8,89 52,04 111,84
EO Items N/A N/A N/A
Operating EO items -5 -5 -3
Impairment and PPA amortisation N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT -8,89 52,04 111,84
Net financial items -16 -7 -5
Pretax profit -25 45 107
Tax 30 0 0
Net profit 5 45 107
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 5 45 107
EPS 0,01 0,12 0,28
EPS adj. 0,01 0,13 0,28
Total extraordinary items after tax 1 -5 -3
Leasing payments -3 -4 -4
Tax rate (%) 121,4 0 0
Gross margin (%) 76,8 82,2 84
EBITDA margin (%) 16,1 31 39,9
EBITA margin (%) -4,1 16,8 28,2
EBIT margin (%) -4,1 16,8 28,2
Pre-tax margin (%) -11,3 14,5 26,9
Net margin (%) 2,4 14,5 26,9
Sales growth (%) 14,4 41,6 28
EBITDA growth (%) 11,9 173 65
EBITA growth (%) -24,8 -685,1 114,9
EBIT growth (%) -24,8 -685,1 N/A
Net profit growth (%) -109,6 747,8 137,7
EPS growth (%) N/A N/A N/A
Profitability N/A N/A N/A
ROE (%) 107,1 38,7 60,1
ROE adj. (%) 85,9 42,7 61,8
ROCE (%) -4,7 21,7 36,9
ROCE adj. (%) -2,1 23,6 37,9
ROIC (%) 2,3 52,9 116,2
ROIC adj. (%) 1 57,7 119,3
Adj. earnings numbers N/A N/A N/A
Year N/A N/A N/A
EBITDA adj. 40 101 162
EBITDA adj. margin (%) 18,3 32,5 40,7
EBITDA lease adj. 37 97 157
EBITDA lease adj. margin (%) 16,9 31,2 39,6
EBITA adj. -4 57 115
EBITA adj. margin (%) -1,8 18,3 28,9
EBIT adj. -4 57 115
EBIT adj. margin (%) -1,8 18,3 28,9
Pretax profit Adj. -20 50 110
Net profit Adj. 4 50 110
Net profit to shareholders adj. 4 50 110
Net adj. margin (%) 1,9 16 27,6
SEKm 2025 2026e 2027e
EBITDA 35 96 159
Goodwill 67 67 67
Net financial items -16 -7 -5
Other intangible assets 112 108 104
Paid tax 0 0 0
Tangible fixed assets 2 3 3
Non-cash items 6 -2 0
Right-of-use asset 12 12 12
Cash flow before change in WC 25 87 154
Total other fixed assets N/A N/A N/A
Other Fixed Assets All 30 31 31
Change in working capital 10 -4 11
Fixed assets 223 221 216
Operating cash flow 35 83 165
Inventories 11 28 36
Capex tangible fixed assets -1 -1 0
Receivables 71 99 127
Capex intangible fixed assets -41 -37 -38
Other current assets 0 0 0
Acquisitions and Disposals 0 0 0
Cash and liquid assets 96 127 225
Free cash flow -6 45 127
Total assets 401 475 604
Dividend paid 0 0 0
Shareholders equity 94 138 217
Share issues and buybacks 173 0 0
Minority 0 0 0
Leasing liability amortisation -4 -1 -5
Total equity 94 138 217
Other non-cash items N/A N/A N/A
Other changes in net debt 26 -4 -25
Long-term debt 80 80 80
Pension debt 0 0 0
Convertible debt 10 10 10
Leasing liability 13 16 16
Total other long-term liabilities 15 4 4
Short-term debt 20 20 20
Accounts payable 15 23 30
Other current liabilities 154 184 227
Total liabilities and equity 401 475 604
Net IB debt -3 -33 -130
Net IB debt excl. pension debt -3 -33 -130
Net IB debt excl. leasing -16 -48 -146
Capital employed 217 264 342
Capital invested 91 106 87
Working capital -87 -80 -94
Market cap. diluted (m) 1538 1632 1632
Net IB debt adj. -3 -33 -130
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity N/A N/A N/A
EV 1535 1600 1502
Total assets turnover (%) 57,7 70,8 73,6
Working capital/sales (%) -37,6 -26,9 -21,9
Financial risk and debt service N/A N/A N/A
Year N/A N/A N/A
Net debt/equity (%) -3,3 -23,6 -60
Net debt / market cap (%) -0,2 -2 -8
Equity ratio (%) 23,5 29,1 35,9
Net IB debt adj. / equity (%) -3,3 -23,6 -60
Current ratio 0,94 1,12 1,4
EBITDA/net interest 2,2 13,6 31,7
Net IB debt/EBITDA (x) -0,1 -0,3 -0,8
Net IB debt/EBITDA lease adj. (x) -0,4 -0,5 -0,9
Interest coverage 0,6 7,3 22,4
SEKm 2025 2026e 2027e
Shares outstanding adj. 363 386 386
Diluted shares adj. 363 386 386
EPS 0,01 0,12 0,28
Dividend per share 0 0 N/A
EPS adj. 0,01 0,13 0,28
BVPS 0,26 0,36 0,56
BVPS adj. -0,23 -0,1 0,12
Net IB debt/share -0,01 -0,08 -0,34
Share price 4,23 4,23 4,23
Market cap. (m) 1538 1632 1632
P/E (x) N/A 36,31 15,28
EV/sales (x) 7 5,15 3,78
EV/EBITDA (x) 43,6 16,7 9,5
EV/EBITA (x) -172,6 30,7 13,4
EV/EBIT (x) -172,6 30,7 13,4
Dividend yield (%) 0 0 0
FCF yield (%) -0,4 2,8 7,8
Le. adj. FCF yld. (%) -0,7 2,7 7,5
P/BVPS (x) 16,35 11,8 7,52
P/BVPS adj. (x) -18,17 -44,49 35,03
P/E adj. (x) N/A 32,9 14,9
EV/EBITDA adj. (x) 38,3 15,9 9,3
EV/EBITA adj. (x) -384,3 28,2 13,1
EV/EBIT adj. (x) -384,3 28,2 13,1
EV/CE (x) 7,1 6,1 4,4
Investment ratios N/A N/A N/A
Year N/A N/A N/A
Capex/sales (%) -19 -12,3 -9,5
Capex/depreciation 1 1 0,9
Capex tangibles / tangible fixed assets 56,3 42,8 0
Capex intangibles / definite intangibles 36,2 34 36,4
Depreciation on intang / def. intang 37 37 41
Depreciation on tangibles / tangibles 0 0 0

Equity research

Read earlier research

Media

Clavister - Company presentation with CEO John Vestberg
Clavister - Company presentation with President & CEO John Vestberg

View more media

Main shareholders - Clavister

Main shareholders Share capital % Voting shares % Verified
Per Anders Bendt 16.1 % 16.1 % 28 Apr 2026
Avanza Pension 5.8 % 5.8 % 28 Apr 2026
Union Investment 4.8 % 4.8 % 31 Mar 2026
Finserve Nordic AB 4.5 % 4.5 % 30 Apr 2026
Staffan Dahlström 3.3 % 3.3 % 28 Apr 2026
Cajory Defence AB 2.3 % 2.3 % 28 Apr 2026
Nordnet Pensionsförsäkring 1.9 % 1.9 % 28 Apr 2026
Tagehus Holding AB 1.8 % 1.8 % 28 Apr 2026
Swedbank Robur Fonder 1.8 % 1.8 % 30 Apr 2026
ÖstVäst Capital Management 1.5 % 1.5 % 15 Jan 2026
Source: Holdings by Modular Finance AB