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

Introduce me >

Social media

facebook   Follow us on Twitter

Coverage

ES Group AB

ES Group AB

Send subscription Close

ES Group (formerly Energy Save) is a Swedish heat pump technology and platform company built on in-house R&D and outsourced production. It sells as ODM white-label to OEM partners and under its own ES Energy Save brand through distributors, targeting above-market growth and a 15% operating margin over the cycle. Residential is ~90% of sales and commercial ~10%, with the new propane (R290) platform, now spanning both, expected by management to support growth. The gross margin sits around 30%, though group EBIT has been negative through the recent demand trough.

Slow uptick in heat pump demand and lack of transition from fossil-fuelled heating, lower-than-expected margin support from higher volumes, Aira partnership not being extended, continued negative cash flow generation unless volumes improve.

Financials

SEKm 2025 2026e 2027e
Sales 185,98 221,42 281,6
Sales growth (%) -24,4 19,1 27,2
EBITDA -14 6 22
EBITDA margin (%) -7,7 2,5 7,9
EBIT adj. -22 -7 11
EBIT adj. margin (%) -11,9 -3,1 4
Pretax profit -23 -8 10
EPS -3,47 -1,18 1,26
EPS growth (%) 60,7 -65,9 N/A
EPS adj. -3,47 -1,18 1,26
Dividend per share 0 0 0
EV/EBITDA (x) -6,8 19 4,7
EV/EBIT adj. (x) -4,4 -15,5 9,2
P/E (x) N/A N/A 11,56
P/E adj. (x) N/A N/A 11,6
EV/sales (x) 0,52 0,48 0,37
FCF yield (%) -34 -9,4 1,3
Le. adj. FCF yld. (%) -34 -9,4 1,3
Dividend yield (%) 0 0 0
Net IB debt/EBITDA (x) -0,1 1,9 0,4
Le. adj. ND/EBITDA (x) -0,1 1,9 0,4
SEKm 2025 2026e 2027e
Sales 185,98 221,42 281,6
COGS -123 -139 -180
Gross profit 63 82 101
Other operating items -77 -77 -79
EBITDA -14 6 22
Depreciation and amortisation -8 -12 -11
Depreciation on leased assets 0 0 0
EBITA -22,18 -6,86 11,38
Operating EO items N/A N/A N/A
Impairment and amortisation charges 0 0 0
EBIT -22,18 -6,86 11,38
Net financial items -1 -1 -1
Pretax profit -23 -8 10
Tax 0 0 -2
Net profit -23 -8 8
Minority interest 0 0 0
Net profit discontinued N/A N/A N/A
Net profit to shareholders -23 -8 8
EPS -3,47 -1,18 1,26
EPS adj. -3,47 -1,18 1,26
Total extraordinary items after tax 0 0 0
Leasing payments 0 0 0
Tax rate (%) 0 0 21
Gross margin (%) 33,7 37,1 36
EBITDA margin (%) -7,7 2,5 7,9
EBITA margin (%) -11,9 -3,1 4
EBIT margin (%) -11,9 -3,1 4
Pre-tax margin (%) -12,3 -3,5 3,7
Net margin (%) -12,3 -3,5 2,9
Sales growth (%) -24,4 19,1 27,2
EBITDA growth (%) 48,2 -139,2 298,9
EBITA growth (%) 39,4 -69,1 -265,8
EBIT growth (%) 39,4 -69,1 -265,8
Net profit growth (%) 60,7 -65,9 -206,4
EPS growth (%) 60,7 -65,9 N/A
Profitability N/A N/A N/A
Year N/A N/A N/A
ROE (%) -13,5 -5,1 5,4
ROE adj. (%) -13,5 -5,1 5,4
ROCE (%) -11,6 -3,8 6,4
ROCE adj. (%) -11,6 -3,8 6,4
ROIC (%) -14,5 -4,3 5,5
ROIC adj. (%) -14,5 -4,3 5,5
Adj. earnings numbers N/A N/A N/A
EBITDA adj. -14 6 22
EBITDA adj. margin (%) -7,7 2,5 7,9
EBITDA lease adj. -14 6 22
EBITDA lease adj. margin (%) -7,7 2,5 7,9
EBITA adj. -22 -7 11
EBITA adj. margin (%) -11,9 -3,1 4
EBIT adj. -22 -7 11
EBIT adj. margin (%) -11,9 -3,1 4
Pretax profit Adj. -23 -8 10
Net profit Adj. -23 -8 8
Net profit to shareholders adj. -23 -8 8
Net adj. margin (%) -12,3 -3,5 2,9
SEKm 2025 2026e 2027e
Goodwill 0 0 0
EBITDA -14 6 22
Other intangible assets 46 43 45
Net financial items -1 -1 -1
Tangible fixed assets 4 6 8
Paid tax 0 0 -2
Right-of-use asset N/A N/A N/A
Non-cash items 0 0 0
Other Fixed Assets All 24 24 24
Cash flow before change in WC -15 5 19
Fixed assets 74 72 77
Change in working capital 0 -3 -3
Inventories 84 95 99
Operating cash flow -15 2 17
Receivables 35 31 36
Capex tangible fixed assets 0 -2 -3
Other current assets 6 7 8
Capex intangible fixed assets -14 -9 -13
Cash and liquid assets 23 14 15
Acquisitions and Disposals -4 0 0
Total assets 223 219 235
Free cash flow -33 -9 1
Shareholders equity 157 149 158
Dividend paid 0 0 0
Minority 0 0 0
Share issues and buybacks 0 0 0
Total equity 157 149 158
Leasing liability amortisation N/A N/A N/A
Long-term debt 2 2 2
Other changes in net debt 10 0 0
Pension debt N/A N/A N/A
Convertible debt N/A N/A N/A
Leasing liability 0 0 0
Total other long-term liabilities 2 2 2
Short-term debt 23 23 23
Accounts payable 19 23 25
Other current liabilities 20 20 25
Total liabilities and equity 223 219 235
Net IB debt 2 11 9
Net IB debt excl. pension debt 2 11 9
Net IB debt excl. leasing 2 11 9
Capital employed 182 175 183
Capital invested 159 160 167
Working capital 87 90 92
Market cap. diluted (m) 96 96 96
Net IB debt adj. 2 11 9
Market value of minority 0 0 0
Reversal of shares and participations -24 -24 -24
Reversal of conv. debt assumed equity N/A N/A N/A
EV 97 106 105
Total assets turnover (%) 79,5 100,2 124
Working capital/sales (%) 49,4 39,9 32,3
Year N/A N/A N/A
Financial risk and debt service N/A N/A N/A
Net debt/equity (%) 1 7,1 5,9
Net debt / market cap (%) 1,7 11,1 9,8
Equity ratio (%) 70,5 68,3 67
Net IB debt adj. / equity (%) 1 7,1 5,9
Current ratio 2,41 2,24 2,16
EBITDA/net interest 21,5 6 25,4
Net IB debt/EBITDA (x) -0,1 1,9 0,4
Net IB debt/EBITDA lease adj. (x) -0,1 1,9 0,4
Interest coverage 33,4 7,4 12,9
SEKm 2025 2026e 2027e
Shares outstanding adj. 7 7 7
Diluted shares adj. 7 7 7
EPS -3,47 -1,18 1,26
Dividend per share 0 0 0
EPS adj. -3,47 -1,18 1,26
BVPS 23,87 22,69 23,95
BVPS adj. 16,82 16,19 17,18
Net IB debt/share 0,25 1,61 1,42
Share price 14,55 14,55 14,55
Market cap. (m) 96 96 96
P/E (x) N/A N/A 11,56
EV/sales (x) 0,52 0,48 0,37
EV/EBITDA (x) -6,8 19 4,7
EV/EBITA (x) -4,4 -15,5 9,2
EV/EBIT (x) -4,4 -15,5 9,2
Dividend yield (%) 0 0 0
FCF yield (%) -34 -9,4 1,3
Le. adj. FCF yld. (%) -34 -9,4 1,3
P/BVPS (x) 0,61 0,64 0,61
P/BVPS adj. (x) 0,87 0,9 0,85
P/E adj. (x) N/A N/A 11,6
EV/EBITDA adj. (x) -6,8 19 4,7
EV/EBITA adj. (x) -4,4 -15,5 9,2
EV/EBIT adj. (x) -4,4 -15,5 9,2
EV/CE (x) 0,5 0,6 0,6
Year N/A N/A N/A
Investment ratios N/A N/A N/A
Capex/sales (%) -7,4 -4,8 -5,5
Capex/depreciation 1,8 0,9 1,4
Capex tangibles / tangible fixed assets 7,1 32,2 34,3
Capex intangibles / definite intangibles 29,2 20,7 28,4
Depreciation on intang / def. intang 17 29 24
Depreciation on tangibles / tangibles 0 0 1,22

Equity research

Read earlier research

Media

ES Energy Save - Company presentation with CEO Yibo Zhao & Chairman of the Board Fredrik Sävenstrand
Energy Save - Company presentation with CEO Fredrik Sävenstrand & CFO Helena Wachtmeister

View more media

Main shareholders - Energy Save

Main shareholders Share capital % Voting shares % Verified
Christian Gulbrandsen 14.1 % 37.4 % 29 Jul 2026
Project Air AB 13.6 % 37.2 % 29 Jul 2026
Theodor Jeansson Jr. 9.3 % 3.3 % 29 Jul 2026
Nordea Funds 7.9 % 2.8 % 29 Jul 2026
Avanza Pension 3.6 % 1.3 % 29 Jul 2026
Henrik Nilsson 3.0 % 1.0 % 29 Jul 2026
Bo Westerberg 2.3 % 0.8 % 29 Jul 2026
Nordea Liv & Pension 2.1 % 0.8 % 29 Jul 2026
Linus Åke Fredrik Lindström 2.1 % 0.7 % 29 Jul 2026
Nordnet Pensionsförsäkring 1.9 % 0.7 % 29 Jul 2026
Source: Holdings by Modular Finance AB