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1. Company Snapshot

1.a. Company Description

Ratos AB (publ) is a private equity firm specializing in buyouts, turnarounds, add on acquisitions, and middle market transactions.The firm does not invest in early stages and in companies that operate in the arms industry, pornography, or are detrimental to the environment.It seeks to invest in unlisted medium sized companies.


The firm invests in industry, construction and services, consumer, and technology sectors.The firm typically invests in the Nordic region, with focus on Sweden, Finland, Denmark, and Norway.It seeks to invest in companies with equity investments between SEK250 million ($29.66 million) and SEK5000 million ($762.77 million), sales value between SEK300 million ($45.77 million) and SEK5000 million (762.77 million) and EBITDA greater than SEK50 million ($5.15 million).


The firm prefers minority and majority stakes.The firm prefers to be the principal owner with a minimum holding of at least 20 percent and also seeks a board seat.It prefers to hold its investment between five to ten years.


It invests through its own balance sheet and bank loans.Ratos AB (publ) was founded in 1934 and is based in Stockholm, Sweden.

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1.b. Last Insights on RATO

Ratos AB's recent performance was impacted by market challenges, including store closures. Despite this, the company reported increased EBITA margins and robust cash conversion. The Q2 2025 earnings call highlighted the company's efforts to navigate these challenges. A recent rating upgrade by analysts at (Source not provided) could contribute to a positive outlook. Additionally, a share buyback program could be viewed as a positive development, reducing the number of outstanding shares and increasing shareholder value.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Exploring Undiscovered European Gems In November 2025

Nov -26

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Ratos AB (FRA:RAZB) Q2 2025 Earnings Call Highlights: Navigating Market Challenges with ...

Jul -18

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Ratos AB (RTOBF) Q1 2025 Earnings Call Highlights: Record EBITDA Growth Amid Strategic Restructuring

May -06

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European Growth Stocks With High Insider Ownership March 2025

Mar -28

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March 2025's European Stocks That Could Be Trading Below Estimated Value

Mar -21

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3 European Growth Companies With Up To 19% Insider Ownership

Feb -27

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Ratos AB (RTOBF) Q4 2024 Earnings Call Highlights: Strong EBITDA Growth Amid Sales Decline

Feb -18

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3 Undervalued Stocks Estimated To Trade At Discounts Up To 38.9%

Feb -11

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (1.72%)

6. Segments

Construction & Services

Expected Growth: 1.5%

Ratos AB's Construction & Services segment growth of 1.5% is driven by increasing infrastructure investments, urbanization, and government initiatives. Additionally, the segment benefits from a strong order backlog, efficient project execution, and strategic acquisitions. Furthermore, the company's focus on sustainability and digitalization also contributes to its growth.

Industry

Expected Growth: 1.8%

Ratos AB's 1.8% growth in the industry segment is driven by increasing demand for private equity and venture capital investments, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on sustainability and ESG considerations has attracted environmentally conscious investors, contributing to its growth.

Consumer

Expected Growth: 2.2%

Ratos AB's Consumer segment growth of 2.2% is driven by increasing demand for sustainable and eco-friendly products, expansion into new markets, and strategic acquisitions. Additionally, the segment benefits from a strong brand portfolio, efficient supply chain management, and a focus on digitalization and e-commerce.

7. Detailed Products

Machinery and Equipment

Ratos AB provides machinery and equipment for various industries such as manufacturing, construction, and agriculture.

Process Industries

Ratos offers solutions for process industries, including chemicals, pharmaceuticals, and food processing.

Building and Installation

Ratos provides building and installation services for industrial and commercial projects.

Industrial Service

Ratos offers industrial service solutions, including maintenance, repair, and overhaul services.

Building Materials

Ratos supplies building materials, including roofing, insulation, and drywall.

8. Ratos AB (publ)'s Porter Forces

Forces Ranking

Threat Of Substitutes

Ratos AB (publ) operates in a industry where substitutes are available, but they are not a significant threat to the company's business.

Bargaining Power Of Customers

Ratos AB (publ) has a diverse customer base, which reduces the bargaining power of individual customers.

Bargaining Power Of Suppliers

Ratos AB (publ) has a moderate dependence on its suppliers, but it has implemented strategies to mitigate the bargaining power of suppliers.

Threat Of New Entrants

Ratos AB (publ) operates in an industry with high barriers to entry, which reduces the threat of new entrants.

Intensity Of Rivalry

Ratos AB (publ) operates in a highly competitive industry, which increases the intensity of rivalry among competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 45.90%
Debt Cost 6.90%
Equity Weight 54.10%
Equity Cost 10.16%
WACC 8.66%
Leverage 84.84%

11. Quality Control: Ratos AB (publ) passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Value: 5.3

Growth: 5.9

Quality: 8.1

Yield: 5.6

Momentum: 10.0

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Evli

A-Score: 6.4/10

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Ratos

A-Score: 6.2/10

Value: 8.7

Growth: 4.4

Quality: 6.2

Yield: 5.6

Momentum: 6.0

Volatility: 6.0

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AJ Bell

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Value: 1.6

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Quality: 8.9

Yield: 4.4

Momentum: 7.0

Volatility: 5.7

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A-Score: 5.3/10

Value: 7.2

Growth: 4.2

Quality: 7.1

Yield: 10.0

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Bridgepoint

A-Score: 4.2/10

Value: 3.7

Growth: 6.3

Quality: 3.8

Yield: 5.0

Momentum: 4.0

Volatility: 2.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

36.72$

Current Price

36.72$

Potential

-0.00%

Expected Cash-Flows