Unlimited Travel Group UTG AB (publ)

UTG.ST

Leisure · Consumer Cyclical

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

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

Good

Cash Flow

Strong

Stability

Strong

Valuation

Good

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Winston Score History

The full picture

Unlimited Travel Group (UTG) is a Swedish travel company that organizes and sells package tours and travel experiences to consumers. It focuses on long-haul and specialty travel, offering curated trips to destinations across Asia, Africa, the Americas, and beyond. The company operates several travel brands in the Nordic market, bundling flights, hotels, and guided experiences into complete holiday packages.

UTG earns money by selling these packaged trips directly to customers, keeping the margin between what it charges travelers and what it pays suppliers like airlines and hotels. The business operates mainly in Sweden and the broader Nordic region, which is a relatively small but high-spending travel market. With a gross margin around 13%, the model is thin, and profitability depends heavily on volume and efficient supplier negotiations. The main risk is that consumer travel spending drops sharply during economic downturns or external shocks like pandemics, which can quickly erase bookings and strain cash flow.

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

+15.2% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+13.0% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

51.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 81M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Growth + cash flow

Unlimited Travel Group UTG AB (publ) is a rare growth stock that's already generating positive cash flow while growing at 15%. 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

-3.0%

Thin — -3.0% gross margin

Profit after running costs

Operating Margin

-1.8%

Losing money on operations — -1.8%

Return on the money invested

ROCE

70.7%

Exceptional — 70.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth

Sales YoY

+13.7%

Fast-growing sales (+13.7% YoY)

Profit growth

EPS YoY

+17.4%

Earnings growing fast (+17.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

183%

Turns 183% of profit into real cash

Spare cash per sale

FCF Margin

3.9%

Thin free cash flow (3.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.32

Conservative — low debt load (0.32)

Covers its interest

Interest Cover

7.48x

Adequate interest coverage (7.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

12.5x

no trend

Attractive valuation — P/E 12.5

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

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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