| Valuation method | Value, £ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | 2.40 | -95 |
| Intrinsic value (DCF) | 25.54 | -49 |
| Graham-Dodd Method | 5.00 | -90 |
| Graham Formula | 4.60 | -91 |
Bulten AB (publ) is a leading Swedish manufacturer of high-quality automotive fasteners, serving light vehicles, heavy commercial vehicles, and tier 1 suppliers globally. Founded in 1873 and headquartered in Gothenburg, Sweden, the company specializes in customer-specific standard, specialist, and customized fasteners, along with value-added services like technical development, logistics, and production expertise. Bulten operates across Europe, the U.S., and China, positioning itself as a key player in the auto parts sector. With a strong focus on innovation and precision engineering, Bulten caters to the evolving demands of the automotive industry, including lightweight and electric vehicle components. The company’s long-standing expertise and global supply chain make it a trusted partner for OEMs and suppliers in the consumer cyclical sector.
Bulten AB presents a stable investment opportunity within the auto parts sector, supported by its diversified customer base and strong technical capabilities. The company’s revenue of SEK 5.8 billion and net income of SEK 135 million reflect steady performance, though its high total debt (SEK 1.73 billion) warrants caution. With a market cap of SEK 1.25 billion and a beta of 0.75, Bulten exhibits lower volatility compared to the broader market. The dividend yield (SEK 2.75 per share) adds appeal for income-focused investors. However, exposure to cyclical automotive demand and supply chain risks in key markets like Europe and China could impact growth. Investors should weigh Bulten’s established market position against potential industry headwinds.
Bulten AB competes in the highly specialized automotive fastener market, where precision, reliability, and cost efficiency are critical. The company’s competitive advantage lies in its deep engineering expertise, ability to provide customized solutions, and integrated services like line-feeding and logistics. Its long-standing relationships with tier 1 suppliers and OEMs reinforce its market position. However, Bulten faces intense competition from global players with larger scale and lower-cost manufacturing bases. The shift toward electric vehicles (EVs) presents both opportunities (new fastener requirements) and challenges (increased R&D costs). Bulten’s European footprint provides proximity to key automakers but may limit growth in faster-expanding Asian markets. While its SEK 350 million cash reserve offers some flexibility, high debt levels could constrain strategic investments compared to competitors with stronger balance sheets.