Creades AB

CRED-A.ST

Asset Management · Financial Services

Also trades as: 0QI9.L

Price

kr 91.60

+1.10 (+1.22%)

Market Cap

kr 12.44B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 12, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+3.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 131.1M (2021) → 135.8M (2025)

Creades AB is a Swedish investment company that buys and holds stakes in other businesses. It focuses mainly on small and mid-sized private and public companies, primarily in the Nordic region. Creades is best known for its large ownership stake in Avanza, one of Sweden's most popular online stock brokers.

The company makes money when the value of its investments rises and through dividends paid by the companies it owns. Creades operates almost entirely in Sweden and the Nordics, and its portfolio is relatively concentrated, meaning a small number of holdings drive most of its value. Because its performance is so closely tied to Avanza's stock price and growth, any slowdown in Swedish retail investing activity represents a significant risk to the overall value of the portfolio.

Winston Score History

Score breakdown

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

951.0%

Excellent — 951.0% operating margin

ROCE

18.6%

Strong — 18.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

-100.7%

Shrinking sales (-100.7% YoY)

EPS YoY

+87.8%

Earnings growing fast (+87.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

Weak — only 9% of profit becomes cash

FCF Margin

N/A

Data not available

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

2341.00x

Comfortably covers interest (2341.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

5.3x

Attractive valuation — P/E 5.3

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

1.91%

Small dividend — 1.91% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+0.0%

Dividend flat

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