Clavister is a Swedish company that develops end-to-end cybersecurity solutions, focusing on network security, identity and access management, and cloud and device security. The company's customers are operators, authorities, enterprises and cloud service providers globally. Clavister was founded in 1997 and is headquartered in Örnsköldsvik, Sweden.
* Gross margins above its target of 80% * Order book at a record and foundation getting stronger * Trading at EV/EBITDA of 18-10x '26e-'27e, ~20% below peers Only getting better from here Clavister reported a strong Q1'26 report, with sales up 35% y-...
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* Sales of SEK 72m (-5% vs. ABGSCe 76), a 35% y-o-y growth * Order book at a record, and ARR up 6% * Now with a solid foundation for the future Q1'26 results Clavister reported Q1'26 sales of SEK 72m (-5% vs. ABGSCe 76m), implying 35% y-o-y growth, reflecting...
* Defence order lifts Q1e sales to SEK 76m, +42% y-o-y * Entering the new year with stronger financial fundamentals * Expecting an average FCF yield 7% p.a. '26e-'28e Strong quarter thanks to Norwegian order This is the first quarter with the Norwegian...
* Softer Q4 numbers due to FX and tough comps * We raise EBITDA by 6% for '27e * Trading at 13-9x EV/EBITDA for '26e-'27e, ~30% below peers Quarter held back by FX and tough comps Clavister reported Q4'25 sales of SEK 61m, for 3% y-o-y growth, held back...
* Sales of SEK 61m (-5% vs. ABGSCe), a 3% y-o-y growth * ARR continues to grow, up 5%, and defence up 66% y-o-y * More a scaling story than a turnaround Q4'25 results Clavister reported Q4'25 sales of SEK 61m (-5% vs. ABGSCe 64m), implying 3% y-o-y growth...
* Softer Q4 numbers due to postponed orders... * ...but we raise EBITDA ~65% for '26e-'27e after recent defence order * Avg. of ~13-11x EV/EBITDA for '26e-'27e, ~30% below peers Softer Q4e due to market conditions and postponed orders Clavister will ...
* Wins a SEK 280m contract, starting in Q1'26 * Pure software delivery, supporting a stronger margin profile * Significant, positive mechanical impact to consensus sales estimates A strategically important win Clavister has been awarded a ~SEK 280m contract...
Will lower financial expenses by SEK 2m per year We estimate ND/EBITDA of ~1.4x in Q4'25e Better terms, improved financial visibility Directed rights issue, loan facility and repurchase of warrants This week, Clavister announced a directed share issue...