User

Creades AB

CRED-A.ST

Asset Management · Financial Services

Price

kr 77.85

+2.45 (+3.25%)

Market Cap

kr 10.57B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

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

101.5%

Excellent — 101.5% operating margin

ROCE

-4.5%

Weak — -4.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-88.8%

Shrinking sales (-88.8% YoY)

EPS YoY

-60.7%

Earnings shrinking (-60.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

23%

Weak — only 23% of profit becomes cash

FCF Margin

77.2%

Converts sales into free cash efficiently (77.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

556.00x

Comfortably covers interest (556.0x)

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

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Valuation

P/E Ratio

7.6x

Attractive valuation — P/E 7.6

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

2.13%

Moderate income — 2.13% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+0.0%

Dividend flat

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