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Volati AB

VOLO.ST
52
Conglomerates · Industrials
Exchange
Stockholm Stock Exchange
Winston Score
52
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
Good
Growth
Good
Cash Flow
Weak
Stability
Good
Valuation
Good
Dividends
Mixed

Winston Score History

The full picture

Volati AB is a Swedish holding company that owns a collection of smaller businesses across different industries. Its portfolio includes companies in areas like trading, industry, and consumer products — selling things like building materials, tools, and household goods to both businesses and everyday consumers. It is listed on Nasdaq Stockholm and operates primarily in the Nordic region.

Volati makes money by acquiring and managing these smaller companies, earning revenue through the sales each business unit generates rather than through a single product or service. The company follows a decentralized model, meaning each business runs mostly on its own, which keeps costs lean but also makes performance dependent on many moving parts. The main growth driver is its ability to keep finding and buying undervalued companies at attractive prices, but the key risk is that rising interest rates make acquisitions more expensive and can pressure the valuations of its existing portfolio companies.

Score breakdown

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Quality

Profit per sale
Gross Margin
44.5%
Healthy — 44.5% gross margin
Profit after running costs
Operating Margin
6.9%
Modest — 6.9% operating margin
Return on the money invested
ROCE
15.8%
Strong — 15.8% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
-21.7%
Shrinking sales (-21.7% YoY)
Profit growth
EPS YoY
>+1,000%
Earnings growing fast (>+1,000% YoY)

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

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
17%
Weak — only 17% of profit becomes cash
Spare cash per sale
FCF Margin
8.9%
Modest free cash flow (8.9%)

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
1.04
Elevated debt (1.04)
Covers its interest
Interest Cover
4.44x
Adequate interest coverage (4.4x)

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

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Valuation

Price vs profit
P/E Ratio (TTM)
0.5x
no trend
Attractive valuation — P/E 0.5

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-19.2
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.72%
no trend
Moderate income — 3.72% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-59.9%
no trend
Dividend cut (-59.9% YoY) — warning sign

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