CombinedX AB (publ) CX

First North | Technology | IT consulting and digitalization

General analysis — not personal advice.

Signal

NEUTRAL

Sentiment

5/10

Risk

6/10

Post-Q2 the case is more mixed: the balance sheet is strong and a capital distribution could drive attractive shareholder returns, but operating trends (negative organic growth and lower adjusted margins) increase uncertainty around sustainable earnings and valuation; wait for clearer signs of improving utilization/margins and for details on the distribution’s structure and timing.

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Price & valuation

Last close

SEK 33.00

2026-08-11

1 week

-4.1 %

3 months

-15.4 %

12 months

-12.0 %

From 52w high

-15.4 %

From 52w low

+15.0 %

Market sentiment

Sentiment has weakened after the earnings reaction as underlying profitability and organic growth in Q2 came in soft, although expectations of a sizeable capital distribution continue to support interest.

Why NEUTRAL?

Hold off on adding until the company specifies the capital distribution (size, structure and timing) and until Q3 shows stabilization in organic growth and margins; an existing position can be kept if the main thesis is the distribution.

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

Recent News

The Q2 report (17 July 2026) showed net sales of SEK 223.1m (−5.0%), organic growth of −8.2% and adjusted EBITA of SEK 10.2m (4.6% margin) pressured by personnel costs and low utilization; EBITA and EPS were boosted by a SEK 111.5m capital gain from the Nethouse divestment. The company estimates excess liquidity of about SEK 220m (~SEK 11/share) and intends to execute a capital distribution during 2026; the share fell about 11% on the report day.

Bull case

A large net cash position after the Nethouse sale and a planned capital distribution (~SEK 11/share) could drive attractive total returns if utilization and margins normalize in H2 2026.

Bear case

If low utilization and elevated cost levels persist, the remaining business may continue to post weak organic growth and pressured margins, gradually eroding the cash-backed valuation support.

Catalysts

5 Nov 2026 — Q3 2026 interim report

Dilution Risk

Assessment: Low

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