Easy choice to invest in SmartCraft?
Are you considering acquiring shares in SmartCraft?
SmartCraft is moving to a new main list on Nasdaq Stockholm. The move is planned for the first quarter of 2026.
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SmartCraft is Norwegian and has been listed on Oslo Børs since June 2021. Now the company is considering moving or listing in Sweden, likely to reach a broader investor base and a higher valuation, as SaaS companies are often valued higher in Stockholm. Below is a summary of the current assessments and comments on the company and the listing.
Akieutbildning.nu and Mikael Hellberg (who is behind this post) have extensive experience in trading and fund management. The following post should be seen mostly as an educational case and not as an absolute recommendation you should slavishly follow. Read on and form your own opinion before investing in anything. You are welcome to participate in Börssnack which Mikael offers every Wednesday at 19-20online. Read more about this further down.
Analysts’ ratings and recommendations
- Analysguiden (Inderes): Has been consistently positive. In their last major update (August 2024), they raised the motivated value to NOK 35.70 (the share is currently traded on Oslo Børs). They highlight the company’s stable growth despite a challenging construction market and see the acquisition of UK-based Clixifix as an important milestone for expansion outside the Nordics.
- Affärsvärlden: Was last (June 2025) neutral on the stock before the list change. They see the company as well-managed but have previously noted that the valuation is high and that the construction sector (the company’s customer base) carries economic risks.
- Investtech: Their technical analysis has recently shown some short-term uncertainty with negative momentum, but points out that the company has historically had a strong trend.
Assessment of the company (SaaS focus)
SmartCraft offers cloud-based software (SaaS) for tradesmen and small to medium-sized construction companies. Their key figures are very strong from a software perspective:
- Recurring revenue (ARR): More than 94% of revenue is recurring, providing a high level of predictability.
- Low Churn: Despite the crisis in the construction industry, they have managed to retain their customers surprisingly well.
- Margins: They have an EBITDA margin of around 40%, which is very high for the sector.
The stock issue and listing in Stockholm
Since SmartCraft is already listed in Oslo, this is not a classic “IPO” of an unknown company, but rather an opportunity for Swedish investors to enter the company smoothly, via Nasdaq Stockholm.
- Structure: The company has merged with its Swedish subsidiary (SmartCraft Group AB) which now becomes the new parent company.
- Why Stockholm? Sweden has a much stronger Software-as-a-Service (SaaS) culture on the stock exchange, compared to Fortnox or Vitec, which management hopes will lead to a fairer valuation over time.
To consider (objective analysis)
Some factors to consider before you decide to participate.
Advantages
Well-run cash cow: The company is profitable, growing and has a dominant position in its niche.
Digitizing a traditional industry: The construction industry is far behind digitally, giving SmartCraft a long growth runway.
Track record: The company has delivered on its financial targets almost every quarter since 2021.
Risks
Construction: Although SmartCraft sells “business-critical” software, its customers are being hit hard by high interest rates and reduced construction. There is a risk of increased customer flight if the crisis deepens.
The valuation: Quality companies like SmartCraft are rarely cheap. You pay for the security and margins.
To summarize: If you believe in a recovery in the construction sector and want to own one of the most stable SaaS companies in the Nordics, the listing is a good time to enter. However, if you are concerned that the construction crisis has not yet bottomed out, it may be worth waiting to see how the early days of the Stockholm Stock Exchange unfold.
Remember that this is an analysis of the market view and not personal financial advice. Always read the prospectus carefully via Avanza before subscribing to shares. Here is a link to Avanza.
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