Exsitec Holding AB (publ)

EXS.ST

Information Technology Services · Technology

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

Exsitec is a Swedish IT services company that helps businesses run their operations using software from major vendors like Microsoft, Salesforce, and IFS. It sells, installs, and supports business software — covering things like accounting, customer management, and supply chain tools — mainly to mid-sized companies in Sweden and the Nordic region.

The company makes money by charging for software licenses, implementation projects, and ongoing support contracts. Recurring support and subscription revenues provide a stable income base, which helps smooth out the ups and downs of one-time project work. Exsitec operates almost entirely in Sweden, making it a focused regional player rather than a global one. Its competitive edge comes from deep expertise with specific software platforms and long-term customer relationships that are costly to switch away from. The main risk is that larger international IT consultancies could move into the Nordic mid-market and compete more aggressively on price and scale.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-21.7% YoY

YoY Growth Rate

Earnings declining

Insider Activity

49.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 65M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Exsitec Holding AB (publ) is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

11.5%

Thin — 11.5% gross margin

Profit after running costs

Operating Margin

11.5%

Modest — 11.5% operating margin

Return on the money invested

ROCE

12.8%

Good — 12.8% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+7.4%

Steady sales growth (+7.4% YoY)

Profit growth

EPS YoY

+44.5%

Earnings growing fast (+44.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

179%

Turns 179% of profit into real cash

Spare cash per sale

FCF Margin

16.3%

Converts sales into free cash efficiently (16.3%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.77

Moderate — manageable debt (0.77)

Covers its interest

Interest Cover

7.77x

Adequate interest coverage (7.8x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

17.1x

no trend

Fair value — P/E 17.1

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+2.2

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

1.75%

no trend

Small dividend — 1.75% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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