Safello Group AB (publ)

SFL.ST

Software - Application · Technology

Price

kr 2.90

+0.01 (+0.35%)

Market Cap

kr 59.3M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+5.0% over 4y

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

Diluted shares outstanding: 19.5M (2021) → 20.4M (2025)

Winston Score History

The full picture

Safello Group AB is a Swedish company that helps people buy and sell cryptocurrencies like Bitcoin and Ethereum. It runs a digital platform where everyday consumers can exchange traditional money for crypto quickly and easily. Safello is one of the oldest and most established crypto brokers in the Nordic region, having operated since 2013.

The company makes money by charging a small fee on each transaction processed through its platform, which means revenue rises and falls with crypto trading volumes. Safello operates primarily in Sweden and the broader Nordic market, and its early regulatory approvals give it a compliance advantage over newer competitors. However, the company is currently unprofitable, and its very low gross margin of around 5% shows how thin the economics are in crypto brokerage. The main risk is that trading volumes drop sharply during crypto market downturns, which directly squeezes revenue and makes the path to consistent profitability difficult.

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

-27.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+40.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (15%)

Research and development spending

Insider Activity

51.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~12 months

kr 23M cash & investments

Quarterly Free Cash Flow

Adequate runway but may need to raise capital within 2 years

Revenue declining

Safello Group AB (publ)'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

7.3%

Thin — 7.3% gross margin

Profit after running costs

Operating Margin

-2.3%

Losing money on operations — -2.3%

Return on the money invested

ROCE

-55.9%

Weak — -55.9% 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

-1.5%

Shrinking sales (-1.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

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

N/A

Data not available

Spare cash per sale

FCF Margin

-1.3%

Burning cash (-1.3%)

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

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

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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