Plejd (DB:3CA) Stock Faces Rich P/E As EPS Softens From Strong Trailing Base

Plejd (DB:3CA) has put out its Q2 2026 numbers, with revenue at 306.8 million SEK and Basic EPS of 4.24 SEK, alongside trailing 12 month revenue of 1.21 billion SEK and Basic EPS of 20.44 SEK that frame the latest quarter in a broader context. The company has seen revenue move from 245.3 million SEK and Basic EPS of 3.32 SEK in Q2 2025 to 306.8 million SEK and 4.24 SEK in Q2 2026. Over the same period, trailing 12 month figures have progressed from 884.5 million SEK of revenue and EPS of 12.99 SEK a year ago to 1.21 billion SEK and 20.44 SEK. This sets up a results season story where investors can judge how improving net margins and earnings trends support the current share price of €85.20.

See our full analysis for Plejd.

With the headline numbers on the table, the next step is to compare Plejd's recent results with the prevailing narratives around its growth, risks, and profitability to see which views hold up and which are tested by the latest data.

Curious how numbers become stories that shape markets? Explore Community Narratives

EPS swings around strong 20.44 SEK trailing base

• Over the last four reported quarters, Plejd's Basic EPS on a trailing basis stands at 20.44 SEK, compared with point in time figures of 7.51 SEK in Q1 2026 and 4.24 SEK in Q2 2026, so the trailing number smooths out what looks like a choppier quarter to quarter pattern.
• What stands out for a bullish view is that trailing earnings growth was 58.5% over the past year and 39.1% per year over five years, while recent single quarter EPS has moved around, which means:
  • Supporters can point to the 230.1 million SEK of trailing net income and 20.44 SEK trailing EPS as evidence that the broader trend matters more than one softer quarter.
  • Cautious investors may still highlight the drop from 7.51 SEK in Q1 2026 to 4.24 SEK in Q2 2026 as a reminder that even with strong multi year growth, short term earnings can be uneven.

Plejd's 19.1% margin versus earlier 16.4%

• The trailing net profit margin is 19.1% compared with 16.4% a year earlier, based on 1.21b SEK of trailing revenue and 230.1 million SEK of trailing net income, so Plejd is currently converting a larger share of its sales into profit than it did in the prior trailing period.
• Supporters of a more optimistic stance argue that higher margins strengthen the story around earnings quality, and the trailing data underline that view, while also setting a bar that future periods will be measured against:
  • Trailing revenue moved from 884.5 million SEK a year ago to 1.21b SEK alongside net income rising from 145.2 million SEK to 230.1 million SEK, which lines up with the comment that earnings quality is high.
  • At the same time, the Q2 2026 net income of 48.0 million SEK sits below Q1 2026's 83.9 million SEK, so anyone leaning bullish needs to keep an eye on whether the higher 19.1% margin holds as new quarters are added.

To see how other investors are turning these margin and earnings trends into a longer term story for Plejd, check out the Curious how numbers become stories that shape markets? Explore Community Narratives

Rich P/E of 46.3x versus peers

• Plejd trades on a P/E of 46.3x at a share price of €85.20, compared with a DCF fair value of €78.13 and P/E levels of 26.2x for the wider European Electrical industry and 28.6x for peers, so the stock sits on a noticeably higher multiple than the reference groups and above the DCF figure in the data.
• Critics often focus on that premium, and the valuation numbers here give them specific points to debate against the strong growth track record:
  • On one side, trailing earnings growth of 58.5% over the last year and forecasts citing about 32.4% yearly earnings growth and 18.7% yearly revenue growth are the kind of figures that can help explain why the current multiple is higher than the 26.2x and 28.6x peer benchmarks.
  • On the other, the fact that the €85.20 price is above the €78.13 DCF fair value means anyone wary of paying up for growth has clear data to support the view that valuation risk is something to factor into their own assessment.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Plejd's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

If this Plejd update leaves you weighing strong earnings trends against a rich P/E, do not wait for consensus to form before reviewing the details yourself. To see what the current optimism is built on, take a closer look at the 2 key rewards.

See What Else Is Out There Beyond Plejd

The latest Plejd numbers combine a high 46.3x P/E with a quarter where EPS and net income sit below the previous quarter, which raises valuation and consistency questions.

If you are uneasy about paying up for Plejd while its quarterly earnings move around, now is a good time to compare it with companies in the 211 high quality undervalued stocks.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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