Kentima Holding AB (publ)

KENH.ST

Software - Application · Technology

Exchange

Stockholm Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Mixed

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Winston Score History

The full picture

Kentima Holding AB is a Swedish technology company that makes software and systems for industrial automation and security monitoring. Its main products include the Ethiris platform for video surveillance management and the WinCC-based Citect SCADA systems used to monitor and control industrial processes. Its customers are typically factories, infrastructure operators, and security-focused organizations across Scandinavia and parts of Europe.

The company earns money primarily through software licenses, maintenance contracts, and system integration services. It operates mainly in Sweden and the Nordic region, and its small size means it competes in a niche where deep technical expertise and long customer relationships act as a modest competitive barrier. With a gross margin of only around 7%, Kentima has limited pricing power, and its key challenge is scaling revenue fast enough to justify investment in product development while facing competition from much larger global automation and security software vendors.

Score breakdown

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Quality

Profit per sale

Gross Margin

1.9%

Thin — 1.9% gross margin

Profit after running costs

Operating Margin

1.9%

Thin — 1.9% 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

N/A

Data not available

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

225%

Turns 225% of profit into real cash

Spare cash per sale

FCF Margin

15.3%

Converts sales into free cash efficiently (15.3%)

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

0.11

Conservative — low debt load (0.11)

Covers its interest

Interest Cover

4.93x

Adequate interest coverage (4.9x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

16.1x

no trend

Fair value — P/E 16.1

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

-25.6

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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