Alleima AB (publ) ALLEI

NASDAQ | Industrials | Advanced stainless steels and alloys

General analysis — not personal advice.

Signal

BUY

Sentiment

8/10

Risk

6/10

Post-Q2 the investment case looks more resilient than pre-report: margins improved, Kanthal is performing strongly and the efficiency program is showing tangible results, supporting a more constructive stance despite remaining cyclicality in some end-markets.

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Price & valuation

Last close

SEK 109

2026-07-22

1 week

+3.8 %

3 months

+34.3 %

12 months

+54.7 %

From 52w high

0.0 %

From 52w low

+66.4 %

Market sentiment

Sentiment has improved after a Q2 beat with better margins, solid cash generation and signs of improving order intake, although parts of the short-cycle demand picture remain sluggish.

Why BUY?

Consider adding gradually, while staying valuation-disciplined and monitoring order intake/mix in short-cycle segments and the Tube Mill 2026 ramp-up through H2 2026.

We're already tracking Alleima AB (publ) — here are the latest events we've registered

Recent News

Alleima released its Q2 report on 17 July 2026 with revenue of SEK 4,896m and adjusted EBIT of SEK 519m (10.6% margin), while reported EBIT was SEK 715m supported by positive metal price effects (+SEK 199m); the company highlighted strong Kanthal performance, +SEK 45m efficiency gains in the quarter and a record umbilical tubing order of ~SEK 995m (deliveries 2026–2030), while short-cycle segments in Europe/Asia remain weak and Tube Mill 2026 is expected to contribute more toward late 2026.

Bull case

Better-than-expected profitability and improving order intake, alongside structural growth in Kanthal and capacity expansion in nuclear/subsea, could support higher and more durable margins as volumes ramp.

Bear case

If short-cycle demand in Europe/Asia stays weak and FX/metal price volatility pressures mix and pricing, margin recovery could stall despite efficiency gains.

Catalysts

26 Oct 2026 — Q3 2026 report

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