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1. Company Snapshot

1.a. Company Description

EQT AB (publ) is a private equity firm specializing in buyout investments.The firm focuses on Private Capital & Real Asset segments.It seeks to make investments globally.


It seeks to take a majority stake.EQT AB (publ) was founded in 2012 and is based in Stockholm, Sweden and additional offices in Sydney, Australia and Tokyo, Japan.

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1.b. Last Insights on EQT

EQT AB's recent performance faces challenges due to leadership transition, with Conni Jonsson stepping down as Chairperson in May 2026 and Jean Eric Salata proposed as his successor. Despite strong third-quarter activity, including healthy fundraising momentum and major acquisitions, the company's ability to maintain growth may be impacted. EQT's Q3 announcement highlighted its on-track investment exit plan, with 30 investment sales expected this year. A €50 million investment in Harvey also supports international expansion. Additionally, EQT completed a share buyback program, repurchasing 5,535,521 shares. (Source: EQT's Q3 Announcement 2025, 2025-10-17, 2025-10-06)

1.c. Company Highlights

2. EQT's Record Year: Strong Investment Volumes and Value Creation

EQT reported a record year in 2024, with investment volumes reaching €22 billion, a new high. The firm delivered an 18% value uplift in its funds, driven by double-digit EBITDA growth across sectors and regions. Management fees increased by 7% to €90 million, and carried interest and investment income rose by 50% to €250 million. The firm's effective management fee remained stable at around 1.4%. "We're entering a new €100 billion fundraising cycle, expecting another organic management fee step-up profile over the next few years," said Kim Henriksson.

Publication Date: Feb -19

📋 Highlights
  • Record Investment Volumes: EQT achieved a record €22 billion in investment volumes in 2024, with acquisitions across energy transition, changing value chain, education, and digitalization sectors.
  • Strong Value Creation: EQT delivered an 18% value uplift in its funds in 2024, with double-digit EBITDA growth across sectors and regions, and a strong pipeline of investments across North America, Europe, and Asia.
  • Optimistic Deal Environment: EQT expects high exit activity and high deal activity in 2025, with more than 30 exit events planned, driven by improving exit market conditions and a strong pipeline of investments.
  • Fee-Related Growth: EQT increased its management fees by 7% in 2024, with a stable effective management fee of around 1.4%, and expects another organic management fee step-up profile over the next few years as it enters a new €100 billion fundraising cycle.
  • Carried Interest Prospects: EQT expects a significant increase in carried interest and investment income in 2025, driven by continued value uplift and exit events, with €1 billion left to recognize in its funds currently in carry mode.

Strong Exit Activity and Pipeline

EQT had approximately 30 announced realizations in 2024, with exit activity increasing by 70%. The firm expects high exit activity in 2025, with more than 30 exit events planned. Christian Sinding noted that the firm doesn't provide guidance on the number of transactions and carry due to market conditions and deal types. EQT has multiple exit paths, including recapitalization, partial or majority sales, IPOs, book builds, or strategic investments.

Future-Proofing and Driving Performance

The key focus for EQT in 2025 is on future-proofing and driving performance in its portfolio by making companies better and stronger. The firm is refining its value creation playbook sector-by-sector, bringing in new talents to its industrial advisory network, and ensuring management teams perform at their best. EQT is optimistic about the deal environment in 2025, expecting high deal activity and high exit activity.

Valuation

With a PE ratio of 129.81, EQT's stock is trading at a premium. The firm's price-to-sales ratio stands at 17.12, and its enterprise value to EBITDA ratio is 34.17. While the valuation may seem rich, EQT's strong track record and future growth prospects may justify the premium. Analyst estimates suggest a revenue growth rate of 24.1% for next year, which could support the stock's valuation.

3. NewsRoom

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AUB Crashes 18% After $3.4 Billion Buyout Vanishes--What Spooked EQT and CVC?

Dec -01

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EQT Real Estate sells portfolio of industrial real estate assets in Sweden

Dec -01

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A Look at EQT (OM:EQT) Valuation Following Major U.S. Industrial Real Estate Portfolio Sale

Nov -30

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What EQT (OM:EQT)'s Major U.S. Logistics Sale and Shift Toward AI Means for Shareholders

Nov -30

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EQT Real Estate completes largest U.S. industrial transaction to date in 2025 with sale of 8.7 million square foot logistics portfolio

Nov -25

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EQT Real Estate acquires 477-unit residential estate on the southern edge of Berlin through its European Living Strategy

Nov -21

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EQT Future to acquire a majority stake in DESOTEC, a leader in circular mobile filtration solutions

Nov -21

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EQT Real Estate completes sale of two logistics portfolios totaling 4.2 million square feet

Nov -20

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (11.43%)

6. Segments

Private Capital

Expected Growth: 14.4%

EQT AB's Private Capital segment is driven by increasing demand for private equity investments, consolidation in fragmented industries, and the need for companies to access growth capital.

Real Assets

Expected Growth: 8.5%

EQT AB’s Real Assets segment is expected to grow driven by increasing demand for sustainable infrastructure and renewable energy across Europe and North America, along with the company’s expertise in managing and investing in real assets.

Unallocated Revenue Adjustment

Expected Growth: 6.2%

EQT's unallocated revenue adjustment growth is driven by its consolidated revenue outpacing segment revenues, fueled by its diversified investment portfolio and strategic acquisitions, resulting in a positive revenue adjustment.

Central

Expected Growth: 10.5%

EQT AB's Central segment is driven by a growing demand for private equity operations in Europe, increasing investor appetite for alternative assets, and the company's established position in the region, enabling it to capitalize on emerging opportunities.

Unallocated Items Affecting Comparability

Expected Growth: 3.3%

EQT AB's unallocated items, including one-time costs and gains, drive growth through strategic acquisitions and divestments, enhancing its investment portfolio and increasing profitability.

7. Detailed Products

Infrastructure

EQT AB's Infrastructure segment focuses on investing in and developing infrastructure assets, such as energy, transportation, and social infrastructure.

Private Equity

EQT AB's Private Equity segment invests in and develops medium-sized companies in Europe and Asia, with a focus on growth and value creation.

Real Assets

EQT AB's Real Assets segment invests in and develops real estate and other real assets, such as commercial properties and forestry.

Credit

EQT AB's Credit segment provides debt financing solutions to companies and projects, with a focus on senior debt and subordinated debt.

Venture

EQT AB's Venture segment invests in and develops early-stage companies, with a focus on technology and innovation.

8. EQT AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for EQT AB (publ) is medium due to the presence of alternative investment options for investors, but the company's diversified portfolio and strong brand reputation mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low for EQT AB (publ) as the company's investment products and services are diversified and cater to a wide range of customers, reducing the dependence on individual customers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium for EQT AB (publ) as the company relies on a network of external managers and partners to manage its investments, but its scale and reputation help to mitigate this threat.

Threat Of New Entrants

The threat of new entrants is low for EQT AB (publ) due to the high barriers to entry in the private equity and real assets investment industry, including the need for significant capital and expertise.

Intensity Of Rivalry

The intensity of rivalry is high for EQT AB (publ) due to the competitive nature of the private equity and real assets investment industry, with many established players competing for investments and talent.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 26.34%
Debt Cost 4.58%
Equity Weight 73.66%
Equity Cost 10.11%
WACC 8.66%
Leverage 35.75%

11. Quality Control: EQT AB (publ) passed 6 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

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Crédit Agricole

A-Score: 7.5/10

Value: 8.4

Growth: 3.7

Quality: 6.9

Yield: 10.0

Momentum: 7.5

Volatility: 8.3

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3i Group

A-Score: 6.9/10

Value: 3.9

Growth: 8.3

Quality: 9.6

Yield: 4.4

Momentum: 7.5

Volatility: 8.0

1-Year Total Return ->

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Erste Bank

A-Score: 6.8/10

Value: 6.4

Growth: 4.6

Quality: 6.2

Yield: 7.5

Momentum: 9.5

Volatility: 6.3

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Investor AB

A-Score: 5.0/10

Value: 1.6

Growth: 4.8

Quality: 6.4

Yield: 3.8

Momentum: 4.0

Volatility: 9.7

1-Year Total Return ->

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Partners Group Holding

A-Score: 4.7/10

Value: 0.7

Growth: 4.9

Quality: 7.4

Yield: 6.2

Momentum: 2.0

Volatility: 6.7

1-Year Total Return ->

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EQT

A-Score: 4.5/10

Value: 2.7

Growth: 7.1

Quality: 8.2

Yield: 1.2

Momentum: 4.0

Volatility: 3.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

329.8$

Current Price

329.8$

Potential

-0.00%

Expected Cash-Flows