Equity Research, White Pearl Technology Group: Revenue surging 37%, yet a 60% peer discount defies logic

WTPG’s February revenues grew 36.5% YoY, with four completed acquisitions and additional LOIs in place, keeping the SEK 620m full-year guidance well on track. The share still trades at a ~60% P/E discount to Nordic peers, a gap that is becoming increasingly difficult to justify.

WTPG reported unaudited February 2026 revenue of SEK 42.3m, up 36.5% YoY, with Europe now contributing over 30% of the top line. January printed SEK 44.6m (+37.5% YoY), underscoring the consistency of the growth trajectory across the opening months of the year.

Four acquisitions closed during the month, with two further LOIs signed. Management maintains its full-year 2026 revenue outlook of ~SEK 620m, supported by robust underlying demand.

On the back of these figures, we trim our Q1 2026 revenue estimate marginally to SEK 137m (from 139m) and our 2026E forecast to SEK 639m (from 641m). Our base-case fair value of SEK 29.9 per share is unchanged, corresponding to a P/E NTM of 8.7x, a ~20% discount to the reference group. That alone looks compelling.

See the chart below. Notably, whilst the P/E NTM discount of the S&P Emerging BMI Index versus the S&P 500 has narrowed gradually from ~36% to ~33% since September 2025, WTPG’s discount to the CSQ Nordic reference index has widened markedly to ~60%. The divergence is striking and, at these levels, increasingly difficult to rationalise.

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