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    MilDef Group (OM:MILDEF) Moved Today, What Is Behind The Attention?

    Simply Wall St·10/27/2026 07:17:20
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    MilDef Group’s Q3 earnings beat already-upgraded guidance

    MilDef Group (OM:MILDEF) has just posted third quarter results that topped its own recent guidance, with sales of SEK 829.2 million and net income of SEK 110.1 million grabbing investor attention.

    The update follows preliminary guidance issued on 15 October, when management pointed to around SEK 825 million in quarterly sales and highlighted an order book with SEK 920 million in deliveries remaining for the rest of 2026.

    The share price reaction has been mixed around these results, with MilDef Group up 2.30% on the day to SEK 236.0. However, the 7 day and 30 day share price returns are down 5.94% and 5.14%, respectively, while the 90 day share price return of 5.59% and a year-to-date share price gain of 96.67% sit alongside a 1 year total shareholder return of 36.10% and a 5 year total shareholder return of 404.54%. This suggests that shorter term momentum has cooled following a very strong multi year period.

    Scan MilDef Group’s peers benefiting from strong order books and contract visibility by checking the list of solid balance sheet and fundamentals (207 results), which share similar resilience traits.

    MilDef Group has surged this year yet cooled in recent weeks, which leaves a simple puzzle for investors. Is the bigger payoff already behind the stock, or does current pricing still leave meaningful upside on the table as the valuation math is unpacked next?

    Most Popular Narrative: 10.5% Undervalued

    MilDef Group closed at SEK 236.0, while the most followed narrative places fair value at SEK 263.6. The debate now centers on whether the current price fully reflects the firm’s order backlog and margin profile under a 6.21% discount rate.

    The surge in MilDef Group's order intake to just shy of SEK 5b on a rolling 12 month basis, together with a record order backlog of more than SEK 5.6b and a rolling 12 month book to bill ratio around 1.7, extends the earlier backlog argument and supports a view that revenue visibility and capacity for future top line growth have strengthened rather than faded.

    See why 21 investors see MilDef Group as 10% undervalued.

    Result: Fair Value of SEK 263.6 (UNDERVALUED)

    Still, the MilDef Group story can shift quickly if the SEK 5.6b backlog faces delivery bottlenecks or if large European defense contracts are delayed.

    Find out about the key risks to this MilDef Group narrative.

    Next Steps

    The numbers and narratives around MilDef Group point in different directions, so do not rely on headlines alone. Act while the data is fresh and weigh the potential upside for yourself by reviewing the 3 key rewards.

    Looking for more investment ideas beyond MilDef Group?

    If MilDef Group has sharpened your focus, do not stop here. Broader opportunities could be hiding in plain sight, and the screener can surface them fast.