User

Malmbergs Elektriska AB (publ)

MEAB-B.ST

Technology Distributors · Technology

Price

kr 36.40

+2.20 (+6.43%)

Market Cap

kr 291.2M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Winston Score below 40. The stock fails on most of our quality checks.

Malmbergs Elektriska is a Swedish company that sells electrical products and accessories. Its product range includes cables, lighting, switches, plugs, and other electrical components sold to hardware stores, electrical wholesalers, and professional electricians across Scandinavia. The company has operated in this space for decades and is a recognized brand in the Nordic electrical supply market.

Malmbergs makes money by buying electrical products, often sourced from manufacturers in Asia and Europe, and reselling them at a markup to retailers and distributors. It operates primarily in Sweden and the broader Nordic region and is a relatively small business with a market value around $300 million. The company's wide product catalog and established retailer relationships provide some competitive stability, but its negative operating margin and negative return on invested capital signal that costs are currently outpacing revenue — the key challenge ahead is improving profitability while competing against larger international distributors entering the Nordic market.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-6.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+53.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

48.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$75M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Malmbergs Elektriska AB (publ)'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

-4.1%

Losing money on operations — -4.1%

ROCE

-1.5%

Weak — -1.5% return on capital

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

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Growth

Sales YoY

-9.8%

Shrinking sales (-9.8% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

1.8%

Thin free cash flow (1.8%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

2.75%

Moderate income — 2.75% yield

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

Dividend Growth

-60.6%

Dividend cut (-60.6% YoY) — warning sign

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