User

OEM International AB (publ)

OEM-B.ST

Industrial - Distribution · Industrials

Price

kr 164.00

+1.20 (+0.74%)

Market Cap

kr 22.75B

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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

OEM International is a Swedish industrial distributor that sells technical components to manufacturers and engineers across Europe. The company sources products like pneumatics, hydraulics, electronics, and drive systems from hundreds of suppliers and resells them to industrial customers who need these parts to build machines and equipment. It acts as a middleman between component makers and the factories that use those parts.

OEM makes money by buying components in bulk and selling them at a markup, earning a roughly 20% gross margin on each sale. The company operates mainly in the Nordic countries and broader Europe, and its competitive edge comes from offering a very wide product range and strong supplier relationships that smaller distributors cannot easily replicate. With a market cap around 22 billion Swedish kronor, it is a mid-sized but well-run business. The key risk is that industrial demand is cyclical, meaning a slowdown in European manufacturing activity could quickly reduce order volumes and pressure margins.

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

+7.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+21.8% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

19.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$607M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Growth context

OEM International AB (publ) is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

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Quality

Gross Margin

15.4%

Thin — 15.4% gross margin

Operating Margin

15.4%

Healthy — 15.4% operating margin

ROCE

7.0%

Weak — 7.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+2.6%

Nearly flat sales (2.6% YoY)

EPS YoY

+4.2%

Modest earnings growth (4.2% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

111%

Turns 111% of profit into real cash

FCF Margin

10.8%

Modest free cash flow (10.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.06

Conservative — low debt load (0.06)

Interest Cover

97.50x

Comfortably covers interest (97.5x)

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

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Valuation

P/E Ratio

30.2x

Pricey — P/E 30.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+1.9

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

1.09%

Small dividend — 1.09% yield

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

Dividend Growth

-70.7%

Dividend cut (-70.7% YoY) — warning sign

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