Creades AB (0QI9.L) Bundle
Dive into Creades AB's recent performance: Q2 2025 revenue jumped to SEK 602 million, a striking 208.72% increase quarter‑on‑quarter, while trailing twelve‑month revenue as of 30 June 2025 stood at SEK 1.32 billion (down 14.90% year‑on‑year), and full‑year 2024 revenue was SEK 543 million (+0.93% vs. 2023); profitability shows strain - operating profit in Q4 2024 fell to SEK 282 million (down 76.1% from Q4 2023) and EPS slipped to SEK 2.12 from SEK 8.76 - even as NAV per share rose to SEK 75 at year‑end 2024 (+10.3%) and to SEK 80 in April 2025; the balance sheet is conservative with total assets of SEK 10.31 billion, liabilities of SEK 232 million, net debt of SEK -717 million (net cash), an equity ratio of 97.7%, cash of SEK 720 million and robust liquidity metrics (current ratio 4.5, quick ratio 4.2); valuation metrics point to potential undervaluation - P/E 6, P/B 0.64, EV/EBITDA 5.00 - while risks include a five‑year operating profit CAGR of -4.75%, lower ROE (11.65%) and weakened short‑term profits, but growth levers such as the July 2025 Silex Microsystems acquisition (ownership 54.8%), a 7% return on NAV in 2025, an 18% return since 2012 versus SIX Return Index 14%, and a 14% monthly rise in the listed portfolio (driven by Avanza) make this a data‑rich story worth reading further for investment implications.
Creades AB (0QI9.L) - Revenue Analysis
Creades AB reported a pronounced quarterly upswing and a mixed full‑year / trailing picture that investors should interrogate closely. The Q2 2025 revenue spike is notable but sits against a declining TTM trend, suggesting timing effects from investments and portfolio rebalancing.- Q2 2025 revenue: SEK 602 million (increase of 208.72% vs prior quarter).
- TTM revenue (as of 2025-06-30): SEK 1.32 billion (down 14.90% year‑on‑year).
- FY 2024 revenue: SEK 543 million (up 0.93% vs FY 2023).
- Driver of Q2 surge: strategic investments and portfolio adjustments (realizations, revaluations or one‑time gains).
- Risk signal: TTM decline indicates challenges in sustaining revenue growth beyond one‑off quarterly gains.
- Industry context: peer investment firms average annual revenue growth ~5-7%, placing Creades below sector average on a TTM basis.
| Metric | Value | Change | Reference Date / Period |
|---|---|---|---|
| Revenue (Q2) | SEK 602 m | +208.72% vs prior quarter | Q2 2025 |
| Revenue (TTM) | SEK 1,320 m | -14.90% vs prior 12 months | As of 2025-06-30 |
| Revenue (FY) | SEK 543 m | +0.93% vs FY 2023 | FY 2024 |
| Industry avg. revenue growth | 5-7% p.a. | N/A | Investment firms benchmark |
- Implication for investors: evaluate composition of Q2 revenues (recurring fees vs one‑time items) and portfolio realization timing.
- Monitor upcoming quarters for revenue persistence and whether TTM stabilizes or continues to decline.
- Compare underlying asset performance and fee structures to peers to assess ability to reach or exceed the 5-7% industry growth range.
Creades AB (0QI9.L) Profitability Metrics
Creades AB reported a sharp deterioration in quarter-on-quarter profitability in Q4 2024 driven by market volatility and valuation adjustments, while net asset value per share showed continued long-term asset strength.- Operating profit Q4 2024: SEK 282 million (down 76.1% from SEK 1,181 million in Q4 2023).
- Earnings per share (EPS) Q4 2024: SEK 2.12 (down from SEK 8.76 in Q4 2023).
- NAV per share at year-end 2024: SEK 75 (up 10.3% from SEK 68 in 2023).
- Sector average EPS (peers): approx. SEK 5-6, indicating Creades' EPS is below sector average.
- Primary drivers: market volatility and valuation adjustments reduced short-term operating profit and EPS; portfolio revaluations supported NAV appreciation.
| Metric | Q4 2023 | Q4 2024 | Change |
|---|---|---|---|
| Operating profit (SEK million) | 1,181 | 282 | -76.1% |
| EPS (SEK) | 8.76 | 2.12 | -76% |
| NAV per share (SEK, year-end) | 68 (2023) | 75 (2024) | +10.3% |
| Sector average EPS (approx.) | 5-6 | - | |
- Investors should note the divergence between short-term profitability metrics (operating profit, EPS) and medium/long-term balance-sheet performance (NAV per share).
- Valuation adjustments tied to market volatility can cause large EPS swings even when underlying asset values trend upward over time.
Creades AB (0QI9.L) Debt vs. Equity Structure
Creades AB's balance sheet as of June 30, 2025, shows a highly conservative capital structure with very low leverage and a significant net cash position. Key headline metrics underline strong solvency and minimal reliance on external debt financing.- Total assets: SEK 10.31 billion
- Total liabilities: SEK 232 million
- Total debt: SEK 10 million
- Net debt: SEK -717 million (net cash)
- Equity ratio: ~97.7%
- Industry peers typical equity ratio: 60-70%
| Metric | Amount (SEK) | Notes |
|---|---|---|
| Total assets | 10,310,000,000 | As reported 30 June 2025 |
| Total liabilities | 232,000,000 | Includes short- and long-term liabilities |
| Total debt | 10,000,000 | Interest-bearing debt |
| Net debt | -717,000,000 | Net cash position (cash & equivalents minus debt) |
| Equity ratio | 97.7% | Equity / Total assets |
| Peer equity ratio (range) | 60-70% | Typical industry comparison |
- Low absolute debt (SEK 10m) minimizes interest expense and refinancing risk.
- Negative net debt (SEK -717m) provides a liquidity buffer and optionality for acquisitions, share buybacks, or dividend policies.
- Equity ratio of ~97.7% signals a capital structure heavily weighted to equity, reducing financial leverage risk relative to peers.
Creades AB (0QI9.L) - Liquidity and Solvency
Creades AB (0QI9.L) demonstrates very strong short-term liquidity and an exceptionally robust solvency position as of June 30, 2025. Cash and cash equivalents stood at SEK 720 million (up from SEK 717 million at end-Q1 2025), supporting operational flexibility and capital deployment options.- Cash and cash equivalents (30 Jun 2025): SEK 720 million
- Current ratio: 4.5 (current assets / current liabilities)
- Quick ratio: 4.2 (excl. inventory)
- Solvency ratio: 97.7% (equity / total assets)
- Debt-to-equity ratio: 0.0009
- Industry typical current ratio: ~2.0
| Metric | Value | Interpretation |
|---|---|---|
| Cash & cash equivalents (30 Jun 2025) | SEK 720 million | Immediate liquidity; slight increase vs Q1 (SEK 717m) |
| Current ratio | 4.5 | Well above industry benchmark (~2.0); strong short-term coverage |
| Quick ratio | 4.2 | Confirms liquidity excluding inventory |
| Solvency ratio | 97.7% | Very high equity share of total assets; low insolvency risk |
| Debt-to-equity ratio | 0.0009 | Minimal leverage; virtually no reliance on debt financing |
- Implication for investors: ample cash buffer and liquidity ratios well above industry norms reduce short-term funding risk and provide flexibility for investments or distributions.
- Capital structure note: a solvency ratio of 97.7% together with a near-zero debt-to-equity ratio indicates conservative financing and limited financial risk.
Creades AB (0QI9.L) - Valuation Analysis
Creades AB presents valuation metrics that, at face value, indicate market undervaluation relative to peers and its own book value. Key reported figures: P/E 6.0, P/B 0.64, EV/EBITDA 5.00, and year-end 2024 net asset value (NAV) per share SEK 75 (NAV reported at a 3% discount to the share price, implying a share price near SEK 77.32).| Metric | Value | Context / Peer Comparison |
|---|---|---|
| Price-to-Earnings (P/E) | 6.0 | Below industry average of 10-12 |
| Price-to-Book (P/B) | 0.64 | Below sector average of 1.0-1.5 |
| EV / EBITDA | 5.00 | Signals operational efficiency; generally low |
| NAV per share (YE 2024) | SEK 75.00 | 3% below share price - implied share price ≈ SEK 77.32 |
- P/E of 6 suggests earnings are cheap relative to price; at industry avg (10-12) market would price the stock materially higher if other factors equal.
- P/B at 0.64 indicates market valuation below book equity; potential margin of safety but may reflect intangible risks or expected underperformance.
- EV/EBITDA of 5.00 implies relatively strong operational cash-flow generation versus enterprise value - often a value signal for acquirers or value investors.
- NAV of SEK 75 with a 3% discount to share price implies the market is pricing the company slightly above stated NAV; calculated share price ≈ SEK 77.32 (75 / 0.97).
- Relative comparisons:
- P/E: 6 vs. sector 10-12 - ~40-50% lower.
- P/B: 0.64 vs. sector 1.0-1.5 - ~36-57% lower.
- EV/EBITDA: 5.00 - typically considered low for mature businesses, indicating potential upside if fundamentals hold.
| Scenario | Implied Price Move (to industry P/E) | Notes |
|---|---|---|
| Re-rate to P/E = 10 | ≈ +67% from current (6 → 10) | Assumes earnings stable and market re-rates multiple |
| Re-rate to P/B = 1.0 | ≈ +56% from current (0.64 → 1.0) | Assumes book value unchanged and market adjusts |
| Maintain EV/EBITDA = 5 | Neutral | Reflects current operational valuation |
- Practical investor considerations:
- Validate earnings quality and sustainability behind P/E = 6 (one-off items, cyclical effects).
- Assess asset composition supporting P/B 0.64 - are tangible assets realizable at book value?
- Check debt levels and interest coverage to confirm EV/EBITDA appropriateness.
Creades AB (0QI9.L) - Risk Factors
- Operating profit trend: a five-year compound annual growth rate (CAGR) of -4.75%, signaling a sustained contraction in operating earnings capacity.
- Net profit deterioration: a significant drop in net profit for the nine months ending March 2025 versus the same period in 2024, pressuring cash generation and retained earnings.
- Return on equity (ROE): reduced to 11.65%, reflecting lower profitability on shareholder capital compared with prior periods.
- Dividend policy: dividend per share reached its lowest point recently, indicating more cautious capital allocation and potential constraints on distributable earnings.
- Market and valuation pressure: short-term profitability metrics have been impacted by market volatility and valuation adjustments.
- Market skepticism: a P/E ratio of 6 and a P/B ratio of 0.64 suggest investors are pricing in limited near‑term earnings growth or elevated risk.
| Metric | Value / Observation |
|---|---|
| Operating profit CAGR (5 years) | -4.75% |
| Net profit (9 months ending Mar 2025 vs Mar 2024) | Significant drop (year‑on‑year decline reported) |
| Return on Equity (ROE) | 11.65% |
| Dividend per share | Reached lowest point (recent period) |
| Price-to-Earnings (P/E) | 6 |
| Price-to-Book (P/B) | 0.64 |
| Market factors | Volatility and valuation adjustments impacting short‑term profitability metrics |
- Investors should weigh: slower operating profit growth (negative CAGR), depressed net profit in the latest nine‑month period, and lower ROE against the low valuation multiples that could imply both downside risk and potential value if earnings recover.
- Key sensitivities include further market-led valuation shifts, operational recovery prospects to reverse the -4.75% operating profit CAGR, and management decisions on dividend distribution given the recent trough in dividend per share.
Creades AB (0QI9.L) - Growth Opportunities
Creades AB's recent moves and performance metrics point to multiple growth levers for investors, combining portfolio appreciation, targeted acquisitions and a focused investment strategy.
- Acquisition & ownership: In July 2025 Creades increased its stake in Silex Microsystems AB to 54.8%, creating a platform for consolidation and value capture in high-tech semiconductors.
- Net asset value momentum: NAV per share rose to SEK 80 in April 2025, reflecting improved asset valuations and realizable value for shareholders.
- Strategic focus: Continued emphasis on small and medium-sized public and private companies aligns Creades with segments that often offer higher asymmetric returns and active governance opportunities.
| Metric | Value / Period |
|---|---|
| NAV per share | SEK 80 (Apr 2025) |
| Ownership in Silex Microsystems AB | 54.8% (acquisition July 2025) |
| Return since 2012 | 18% (Creades) vs 14% (SIX Return Index) |
| Return on NAV (2025) | 7% (outperformed OMXSGI) |
| Listed portfolio monthly change | +14% (driven by Avanza) |
- Relative performance: The 18% cumulative return since 2012 versus the SIX Return Index at 14% indicates persistent alpha generation over the long term.
- Short-term drivers: A 7% return on NAV in 2025 and a 14% monthly lift in the listed portfolio (notably Avanza) demonstrate both portfolio concentration benefits and effective stock selection.
- Value-creation mechanisms: Active ownership in SMEs, targeted bolt-on acquisitions (e.g., Silex), and a flexible mix of listed/unlisted holdings support upside through operational improvements and multiple expansion.
For more on shareholder composition and transactional context, see: Exploring Creades AB Investor Profile: Who's Buying and Why?
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