MilDef Group AB (publ) (MILDEF.ST) | Investment Case

1. Company Snapshot

1.a. Company Description

MilDef Group AB (publ), through its subsidiaries, develops, manufactures, and sells rugged IT solutions and special electronics primarily to customers in the security and defense sectors.The company's IT solutions include laptops, tablets, handhelds, concepts, tracking solutions, servers, switches, routers, intelligent displays, and accessories.It has operations in Sweden, Norway, Finland, the United Kingdom, and the United States.

The company was founded in 1997 and is headquartered in Helsingborg, Sweden.

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1.b. Last Insights on MILDEF

MilDef Group AB's recent performance faces challenges due to concerns over inflated AI stock valuations and shifting expectations for U.S. interest rate policies. Despite this, the company's Q3 2025 earnings call highlighted robust financial performance, with significant increases in EBITDA and strategic acquisitions driving future growth. A 320 MSEK order from a German defense and security company for rugged IT equipment also boosted prospects. Additionally, the company's integration expansion, including a new facility near Stockholm, aims to meet rising demand for advanced defense solutions.

1.c. Company Highlights

Last Price	131.1
Change Percentage	2.58%
Open	128.5
Previous Close	127.8
Market Cap ( Millions)	6174
Volume	274015
Year High	294.4
Year Low	109.4
M A 50	164.69
M A 200	192.23

FCF Yield	-0.78%
Dividend Yield	0.38%
ROE	-14.64%
Debt / Equity	49.98%
Net Debt / EBIDTA	126.51%
Price To Book	4.31
Price Earnings Ratio	-31.68
Price To FCF	-128.9
Price To sales	3.68
EV / EBITDA	14.34

2. Transcript Summary

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3. NewsRoom

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.00%)

6. Segments

Rugged Electronic

Expected Growth: 15%

Rugged Electronic from MilDef Group AB (publ) achieves 15% growth driven by increasing demand for ruggedized electronics in defense and industrial applications, expansion into new markets, and strategic partnerships. Additionally, investments in research and development, and a strong focus on innovation, contribute to the segment's growth.

7. Detailed Products

Rugged Computers

MilDef's rugged computers are designed to operate in harsh environments, providing reliable and efficient computing solutions for military, defense, and industrial applications.

Customized Electronics

MilDef offers customized electronic solutions for specialized applications, including ruggedized displays, power supplies, and communication systems.

Rugged Storage

MilDef's rugged storage solutions provide secure and reliable data storage for military, defense, and industrial applications.

Cyber Security Solutions

MilDef's cyber security solutions provide advanced threat detection, incident response, and penetration testing services to protect against cyber threats.

System Integration

MilDef's system integration services provide customized solutions for integrating complex systems, including command and control systems, communication networks, and sensor systems.

Test and Measurement

MilDef's test and measurement solutions provide advanced testing and measurement tools for military, defense, and industrial applications.

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

Forces Ranking

Threat Of Substitutes

The threat of substitutes for MilDef Group AB (publ) is moderate, as there are some alternative products and services available in the market, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for MilDef Group AB (publ) is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for MilDef Group AB (publ) is moderate, as the company has some dependence on key suppliers, but has also diversified its supply chain.

Threat Of New Entrants

The threat of new entrants for MilDef Group AB (publ) is high, as the market is attractive and there are low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for MilDef Group AB (publ) is high, as the market is highly competitive and there are many established players.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	25.63%
Debt Cost	9.86%
Equity Weight	74.37%
Equity Cost	10.61%
WACC	10.42%
Leverage	34.45%

11. Quality Control: MilDef Group AB (publ) passed 4 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

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

Lisi

A-Score: 4.5/10

Value: 3.4

Growth: 5.0

Quality: 3.9

Yield: 1.2

Momentum: 9.5

Volatility: 3.7

1-Year Total Return ->

Fincantieri

A-Score: 4.4/10

Value: 2.8

Growth: 9.4

Quality: 2.4

Yield: 0.0

Momentum: 10.0

Volatility: 1.7

1-Year Total Return ->

FACC

A-Score: 4.3/10

Value: 4.9

Growth: 4.9

Quality: 3.3

Yield: 0.0

Momentum: 8.5

Volatility: 4.0

1-Year Total Return ->

MilDef

A-Score: 3.7/10

Value: 2.6

Growth: 5.8

Quality: 3.0

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

Figeac Aero

A-Score: 3.7/10

Value: 2.6

Growth: 5.1

Quality: 1.9

Yield: 0.0

Momentum: 9.5

Volatility: 3.0

1-Year Total Return ->

Exail

A-Score: 3.1/10

Value: 1.1

Growth: 5.1

Quality: 2.3

Yield: 0.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

39.31%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

10.42%

MilDef Group AB (publ) - SE0016074249

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on MILDEF

1.c. Company Highlights

Expensive

More Volatile

Lower Yield

Earnings Miss

Earnings Beats

Revenues Beats

Stable Momentum

Weak Momentum

Revenues Miss

Strong Momentum

Lower Quality

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (15.00%)

6. Segments

Rugged Electronic

Expected Growth: 15%

7. Detailed Products

Rugged Computers

Customized Electronics

Rugged Storage

Cyber Security Solutions

System Integration

Test and Measurement

8. MilDef 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: MilDef Group AB (publ) passed 4 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

131.1$

Current Price

131.1$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA