Stock

Keo Capital AB (publ)

0GEA.L
19
Oil & Gas Integrated · Energy
Price
8.34 GBp
+0.24 (+2.96%)
Market Cap
£1.47B
Exchange
London Stock Exchange
Winston Score
19
Winston is worried
Weak fundamentals across most pillars.
Data as of Oct 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
1/30
Growth
Weak
2/20
Cash Flow
Weak
0/10
Stability
Good
5/10
Valuation
Data not available
0/10
Ownership
Good
10/15
Dividends
Not counted
n/a

18 of 95 counted points = Winston Score 19. Pillars marked n/a do not apply to this company and are left out of the total.

Share count rising — dilution

+51.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 113.1M (2021) → 171.4M (2025)

§Winston Score History

The full picture

Maha Capital AB is a Swedish investment company that manages money by buying stakes in other businesses. It focuses on investments in the energy sector, particularly oil and gas companies operating in places like Brazil and the United States. The firm is listed on the Stockholm stock exchange and acts as a holding company, meaning its value comes from the companies it owns rather than products it sells directly.

Maha Capital makes money through returns on its investments, including dividends and gains when it sells stakes in portfolio companies. It is a relatively small asset manager with a market cap around $1.4 billion, and its edge depends on picking undervalued energy assets and managing them well. The deeply negative operating margin reflects the nature of holding companies, where costs can outpace income in periods of weak commodity prices or portfolio write-downs. The main risk the company faces is its heavy exposure to oil and gas, which makes its performance closely tied to volatile energy prices.

Growth Profile

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

Revenue Growth

+42.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-16.7% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

Research and development spending

Insider Activity

28.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~21 months

$97M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Revenue accelerating

Keo Capital AB (publ) grew revenue 43% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

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
-59.6%
Thin — -59.6% gross margin
Profit after running costs
Operating Margin
-1497.9%
Losing money on operations — -1497.9%
Return on the money invested
ROCE
-11.0%
Weak — -11.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-72.9%
Shrinking sales (-72.9% YoY)
Profit growth
EPS YoY
N/A
Data not available
How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
Data not available
Spare cash per sale
FCF Margin
-1407.9%
Burning cash (-1407.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.05
Conservative — low debt load (0.05)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/A
Data not available
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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