AQ Group AB (publ) (AQ.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

AQ Group AB (publ) manufactures and sells components and systems for industrial customers in Sweden, rest of European countries, and internationally.It operates in two segments, Component and System.The company provides electric cabinets for the food industry, automatic teller machines, control and power equipment for ship cranes, control equipment for automated handling of goods in harbors, and control systems for motors and generators; and wiring harness systems and electromechanical modules to automotive, commercial vehicle, railway, and engineering industries.

It also offers thermoplastic components for automotive, medical, and engineering industries; and contract manufacturing services for sheet metal components and sheet metal assemblies for commercial vehicle, automotive, energy, railway, material handling, food and drugs, telecom, and electromechanical industries.In addition, the company provides machines and automatic equipment, including ticket machines for parking lots and travel tickets, automatic teller machines, packaging machines, and printers and passport automation systems; and transformers and inductors for use in various applications comprising motor drives, high-speed trains, solar and wind energy, marine and offshore, relay protection systems, military equipment, airplanes, and equipment for process automation.Further, it offers system solutions for the automotive industry; and mechanical engineering services for sheet metal and plastic designs.

The company was incorporated in 1986 and is headquartered in Västerås, Sweden.

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1.b. Last Insights on AQ

AQ Group AB's recent performance was impacted by challenges in certain market segments and a negative currency effect. Despite an 8% increase in net sales for Q3 2025, the company's growth was hindered by these factors. Additionally, there were no recent announcements on share buybacks or new product launches. The company's earnings call highlighted these challenges, but also noted strong sales growth. According to recent reports, no major legal issues or acquisitions were mentioned.

1.c. Company Highlights

Last Price	188
Change Percentage	-0.16%
Open	188.3
Previous Close	188.3
Market Cap ( Millions)	17246
Volume	46538
Year High	207.6
Year Low	126.5
M A 50	183.8
M A 200	178.27

FCF Yield	4.95%
Dividend Yield	0.85%
ROE	14.95%
Debt / Equity	11.73%
Net Debt / EBIDTA	-36.79%
Price To Book	3.77
Price Earnings Ratio	26.01
Price To FCF	20.22
Price To sales	1.94
EV / EBITDA	14.42

2. Transcript Summary

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3. NewsRoom

Undiscovered Gems in Europe to Explore This November 2025

Nov -14

Source:

AQ Group AB (FRA:7AQ0) Q3 2025 Earnings Call Highlights: Strong Sales Growth Amidst Currency ...

Oct -20

Source:

Exploring 3 Undiscovered European Gems for Potential Portfolio Growth

Jun -06

Source:

3 Undiscovered European Gems With Strong Potential

May -01

Source:

Undiscovered European Gems With Potential To Watch In March 2025

Mar -21

Source:

Undiscovered Gems With Potential February 2025

Feb -20

Source:

Three Undiscovered Gems with Strong Potential

Jan -22

Source:

Discovering Three Hidden Gems With Strong Potential

Dec -04

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.62%)

6. Segments

Component

Expected Growth: 4.5%

Growing demand for electric vehicles and increasing adoption of automation in industrial manufacturing are driving the component market growth. AQ Group's diversified product portfolio and strong customer relationships are expected to contribute to its growth in the industrial and automotive industries.

System

Expected Growth: 10.2%

Growing demand for industrial automation and IoT solutions, driven by increasing adoption of Industry 4.0 technologies and need for operational efficiency, will fuel the growth of AQ Group AB's system.

7. Detailed Products

AQ530 Series

High-performance sensors for industrial automation and IoT applications

AQ110 Series

High-precision sensors for industrial and medical applications

AQ310 Series

High-reliability sensors for aerospace and defense applications

AQ410 Series

Customized sensors for specialized industrial applications

AQ IoT Platform

Cloud-based IoT platform for remote monitoring and data analytics

AQ Data Analytics

Advanced data analytics services for industrial and IoT applications

8. AQ Group AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for AQ Group AB (publ) is moderate due to the presence of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate due to the company's dependence on a few key suppliers.

Threat Of New Entrants

The threat of new entrants is high due to the low barriers to entry in the industry and the attractiveness of the market.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors in the market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	12.57%
Debt Cost	7.42%
Equity Weight	87.43%
Equity Cost	9.46%
WACC	9.21%
Leverage	14.38%

11. Quality Control: AQ Group AB (publ) passed 8 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

AQ Group

A-Score: 5.4/10

Value: 2.9

Growth: 8.1

Quality: 6.9

Yield: 1.2

Momentum: 9.0

Volatility: 4.3

1-Year Total Return ->

FW Thorpe

A-Score: 5.3/10

Value: 5.9

Growth: 7.2

Quality: 8.0

Yield: 2.5

Momentum: 4.0

Volatility: 4.0

1-Year Total Return ->

Zumtobel

A-Score: 4.6/10

Value: 9.5

Growth: 2.8

Quality: 2.7

Yield: 3.8

Momentum: 1.0

Volatility: 7.7

1-Year Total Return ->

Volex

A-Score: 4.4/10

Value: 4.6

Growth: 6.9

Quality: 4.8

Yield: 1.2

Momentum: 6.5

Volatility: 2.3

1-Year Total Return ->

Fagerhult

A-Score: 3.5/10

Value: 4.7

Growth: 3.4

Quality: 4.1

Yield: 3.8

Momentum: 1.0

Volatility: 4.0

1-Year Total Return ->

LEM Holding

A-Score: 1.9/10

Value: 1.6

Growth: 1.4

Quality: 3.0

Yield: 3.1

Momentum: 0.0

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

5.50%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

9.21%

AQ Group AB (publ) - SE0000772956

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on AQ

1.c. Company Highlights

More Volatile

Higher Growth

Lower Yield

Revenues Miss

Weak Momentum

Strong Momentum

Average Quality

Fairly Valued

Stable Momentum

Earnings Miss

Better Quality

Higher Yield

Earnings Beats

Expensive

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.62%)

6. Segments

Component

Expected Growth: 4.5%

System

Expected Growth: 10.2%

7. Detailed Products

AQ530 Series

AQ110 Series

AQ310 Series

AQ410 Series

AQ IoT Platform

AQ Data Analytics

8. AQ Group AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: AQ Group AB (publ) passed 8 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

188.0$

Current Price

188$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA