Guldbrev Holding AB (publ) GULD
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Full analysis: 5 Aug 2026
General analysis — not personal advice.
BUY
7/10
Confidence
A full position may be justified at current valuation given growth profile and balance sheet strength.
Strong top-line growth, debt-free balance sheet and buyback programme support the add signal despite short-term margin pressure.
Market sentiment
6/10
→
Trend: Stable
Investors view the strong growth positively but express some concern over margin development.
Price context
The share trades around 19.3 SEK after a 12.3 % decline over the past three months, placing it near the lower end of the range and reflecting uncertainty around margins.
Risk assessment
4/10
Dilution:
Low
Strong cash position and buyback instead of equity issue
Jurisdiction:
Low
Operations in Sweden and the Nordic region
Execution:
Medium
Expansion into new markets requires precise marketing execution
About the company
Guldbrev Holding operates a digitalised mail-based purchasing and recycling service for gold and jewellery from private individuals. Operations focus primarily on Sweden, Norway, Finland and Germany with a scalable e-commerce model.
Sector:
Gold recycling and jewellery trade
Type:
Retail
Next report
20 Oct 2026
Q3
Catalysts
20 Oct 2026
Q3 report
High
Q4 2026
Buyback programme
Medium
Horizon:
Bull case
Strong revenue growth and an ongoing buyback programme provide support despite temporary margin pressure.
Bear case
Declining Q2 margins and higher customer acquisition costs may continue to weigh on profitability.
Sensitivity analysis
| Factor | If it weakens | If it strengthens |
|---|---|---|
| Gold price | A lower gold price reduces customer incentive to send in jewellery and lowers volumes. | A higher gold price increases customer interest and can lift both volumes and margins. |
| Germany expansion | Failed scaling in Germany keeps costs high and margins under pressure. | Successful establishment in Germany broadens the revenue base and improves scale benefits. |
We monitor these factors. Follow the company to get email when any of them hit.
Signal rationale (informational)
Strong top-line growth, debt-free balance sheet and buyback programme support the add signal despite short-term margin pressure.
Recent news
- The Q2 report showed 25 % revenue growth but lower EBITDA margin. The company has initiated a buyback programme of up to 40 MSEK.
Key figures
Revenue
Q2 2026
SEK 121M
Revenue TTM
TTM
SEK 500M
EBITDA
Q2 2026
SEK 22.4M
Net income
Q2 2026
SEK 16.5M
Gross margin
FY 2025
48.4%
Shares outstanding
Q2 2026
21.0M
EPS
Q2 2026
SEK 0.79
Price & valuation
Last close
SEK 19.25
Market Cap
SEK 404M
1 week
-1.0 %
3 months
-11.7 %
From 52w high
-29.2 %
From 52w low
+19.9 %
Exchange
First North
Type
Retail
Sector
Gold recycling and jewellery trade
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.