Patrick Wallén
Chairman
Patrick brings over 20 years of experience in finance and capital structuring, ensuring that projects meet institutional requirements and are positioned for scalable investment.
All portfolio companiesCore operating holding
Pending verificationBoard & Management Verified Operating DataPending verification
Elsmarta
Elsmarta AB · Org.nr 559466-7379 · Updated 2026-10-06
Energy technology · Energy solutions
94%
PVW ownership
€1.33m
100% company value
€1.25m
Attributable to PVW
Revenue / EBITDA / DCF
Valuation approach
Valuation sourcePVW reference valuation
Swedish operating company amounts are converted from SEK at a fixed reference rate of EUR/SEK 11.29. Fund references, international financing references and case studies are shown in original currency where relevant. Conversions are shown for reference only.
Monthly summary
Preparing this month's summary…
AI-generated each month solely from the company's own information on this page. Not reviewed or audited; the company page and legal documents prevail.
Shareholder briefUpdated 2026-10-06
Elsmarta is transitioning from a small electrical operator into a customer-side energy solutions platform with enterprise relationships, signed work and operational cooperation with VillaKraft, directly owned 30% by PVW Capital AB.
Net sales 2026 (Jan – 12 Nov, prelim.)
€0.67m
From the latest annual accounts in the financials section below.
- 2026 full-year revenue
SEK 12m expected, supported by agreements and already signed business.
- Margin
Expected profit margin ~15% — ~SEK 1.8m profit.
A
The investment case
“Elsmarta is transitioning from a small electrical operator into a customer-side energy solutions platform with enterprise relationships, signed work and operational cooperation with VillaKraft, directly owned 30% by PVW Capital AB.”
Role in portfolio: Completed 94% PVW Capital AB ownership; controlling operating position with near-term cash generation.
Why does it matter?
Electrification happens at the customer's site: chargers, batteries, solar, smart control. Whoever owns that customer relationship captures recurring value.
What commercial proof exists?
Revenue tripled in 2025 to SEK 5.0m with positive EBITDA. 2026 full-year revenue of SEK 12m at ~15% margin is backed by agreements and signed business.
What is the second engine?
Operational cooperation with VillaKraft, where PVW directly owns 30%. At its SEK 100m revenue and >30% margin target for 2027, the illustrative pro-rata profit is ~SEK 9m for PVW, not Elsmarta.
What could make it worth 5x–20x?
Profitable growth and installation volume from cooperation with VillaKraft. The SEK 15m reference value is compared with SEK 1.8m expected 2026 profit; VillaKraft profits belong to its direct shareholders, not Elsmarta.
B
Operating reality today
Public accounts show the historical legal-entity position. PVW also reports Board & Management Verified Operating Data where the current commercial reality has moved materially ahead of the latest filed accounts.
SEK 5.0m → SEK 12m, at ~15% margin
Full-year 2026 revenue of SEK 12m is supported by agreements and already signed business. Siemens and Microsoft relationships are framework / subcontractor relationships for electrical work and energy-related services. Elsmarta cooperates with VillaKraft, where PVW Capital AB directly owns 30%; VillaKraft targets SEK 100m revenue in 2027.
2025 public filingPublished financial summary
€0.44m
Net sales
€18.8k
EBITDA
4
Employees
2026 Board & Management Verified Operating DataBoard & Management Verified Operating Data
€1.06m
Expected full-year revenue
~+139%
Growth 2025–2026
~15%
Expected profit margin
€0.16m
Expected profit
Siemens · Microsoft
Enterprise frameworks
30%
PVW direct stake in VillaKraft
Sales company — strategic economic exposure (2027 target)Board-approved commercial target
| Sales company revenue target | €8.86m |
| Margin target | >30% |
| Sales company profit | €2.66m |
| PVW 30% direct pro-rata | €0.80m |
Strategic economic exposure — not automatically consolidated revenue. Pro-rata before tax, dividends, rights and accounting treatment.
Pro-rata figures are economic exposure before tax, dividends, rights and financing.
C
Financial history (public)
Net sales, operating income, EBITDA, EBIT and net income are never mixed. No figures are interpolated.
| Line item | 2024 (12m) | 2025 (12m) | 2026 (Jan – 12 Nov, prelim.) (10.4m) |
|---|---|---|---|
| Net sales | €0.15m | €0.44m | €0.67m |
| EBITDA | Not disclosed | €18.8k | Not disclosed |
| EBIT | Not disclosed | €17.1k | Not disclosed |
| Profit after financial items | Not disclosed | Not disclosed | €42.2k |
| Net income | Not disclosed | €1.0k | Not disclosed |
| Cash | Not disclosed | Not disclosed | €15.4k |
| Total assets | Not disclosed | Not disclosed | €0.20m |
| Employees | Not disclosed | 4 | Not disclosed |
| EBITDA margin | — | 4.2% | — |
| EBIT margin | — | 3.8% | — |
| Source | Published financial summary | Published financial summary | Board & Management Verified Operating Data |
← Swipe to see the full table →
Net sales development
€0.15m2024
€0.44m2025
€0.67m2026 (Jan – 12 Nov, prelim.)
2025: Growth ~+199.6% (another public summary states ~+194%).
2026 (Jan – 12 Nov, prelim.): Preliminary ledger reports (income statement and balance sheet) printed 12 Nov 2026; year not closed, unaudited. Net sales already +52% vs full-year 2025; profit after financial items SEK 0.48m vs SEK 0.16m in 2025.
From start to today
2024
Commercial start
Revenue ~SEK 1.7m.
Published financial summary
2025
Profitable growth
Revenue ~SEK 5.0m, positive EBITDA, 4 employees.
Published financial summary
2026
PVW direct stake in VillaKraft
PVW directly owns 30% of VillaKraft; Elsmarta is an operational partner.
Board & Management Verified Operating Data
E
Verified operating update & traction
Board & Management Verified Operating Data, shown separately from filed accounts.
2026 full-year revenue
SEK 12m expected, supported by agreements and already signed business.
SignedBoard & Management Verified Operating Data
Margin
Expected profit margin ~15% — ~SEK 1.8m profit.
SignedBoard & Management Verified Operating Data
Enterprise relationships
Siemens and Microsoft: framework / subcontractor relationships for electrical work and energy-related services.
SignedBoard & Management Verified Operating Data
Sales company (30%)
Target SEK 100m revenue and >30% margin in 2027. Management target — not historical result, not forecast guarantee. Strategic economic exposure — not consolidated revenue.
Commercial targetBoard-approved commercial target
G
Financial engine
PVW analytical scenario — not company guidance.
VillaKraft (30% directly held by PVW) — illustrative profit exposure
Sales co. profit
€2.13m
PVW direct ownership (30%)
€0.64m
VillaKraft is directly held by PVW, not Elsmarta. This is illustrative PVW exposure, not Elsmarta consolidated revenue or booked profit. Subject to consolidation, dividends, tax, minority rights, financing and dilution. Management target 2027: SEK 100m at >30%. Management target — not historical result, not forecast guarantee.
I
Valuation & value creation
Reference equity value (100%)
€1.33m
PVW economic ownership
94%
PVW attributable equity value
€1.25m
Method
Revenue / EBITDA / DCF
| Multiple of today | 1× | 2× | 3× | 5× | 10× | 20× |
|---|---|---|---|---|---|---|
| Company value | €1.33m | €2.66m | €3.99m | €6.64m | €13.3m | €26.6m |
| PVW attributable | €1.25m | €2.50m | €3.75m | €6.24m | €12.5m | €25.0m |
← Swipe to see the full table →
Illustrative valuation sensitivity — not a forecast or guarantee. Based on equity value, not enterprise value. Growth scenarios are not included in current NAV.
Value creation bridge
- Today
- Installation and service base
- Enterprise customers
- Margin discipline (~15%)
- VillaKraft operational cooperation
- Recurring service contracts
- Platform re-rating
- Future enterprise value
Value today vs optionality
Current economic value
Profitable operator growing to SEK 12m revenue in 2026 on signed business.
Future optionality (not in NAV)
Operational cooperation with VillaKraft targeting SEK 100m; enterprise frameworks; recurring service.
Reference cases
Bravida Holding AB
Installation and service operating model: scale, project discipline, service mix and margin control.
Operating-model reference only; not a valuation comparable. Exact figures to be taken from Bravida's official annual report.
M
Ownership scorecard
PVW internal assessment. Conviction with discipline.
Market size16 / 20
Growth15 / 15
Margins8 / 10
Recurring revenue8 / 10
Competitive moat8 / 10
Customer quality10 / 10
Capital efficiency9 / 10
Management / founder4 / 5
Strategic optionality5 / 5
Exit potential4 / 5
87
/ 100
PVW conviction
High — 94% owned
Verified operations, near-full ownership and a clear route to standalone scale within the group's energy chain.
Data basis: Medium–high — public 2025 accounts plus signed 2026 business.
Top strengths
- + Revenue +139% on signed business
- + Siemens / Microsoft frameworks
- + PVW control (94%)
Top risks
- − Margin delivery while scaling
- − Small absolute scale
- − Project-based revenue
N
What can go wrong?
Project timing
Revenue can be lumpy and receivables-heavy.
Key person
Small team; delivery depends on few people.
Minority stake
VillaKraft cooperation creates installation opportunities, not a direct profit share for Elsmarta.
What would invalidate the thesis?
- 2026 revenue materially below SEK 12m.
- Margins turn negative while scaling.
O
12–36 month catalysts & what needs to happen next
H1 2027
2026 annual report
Verifies revenue and margin step-up.
Commercial target
2027
Sales company SEK 100m target
Installation opportunities from VillaKraft at target; its profit share belongs directly to PVW.
Commercial target
Five most important milestones
2026
Deliver SEK 12m revenue
Backed by signed business.
Signed
H1 2027
File 2026 annual report
Puts the step-up into public accounts.
Commercial target
2027
Sales company SEK 100m
Installation volume from VillaKraft; no Elsmarta equity profit share.
Commercial target
2027
Expand enterprise frameworks
Recurring volume.
Commercial target
2027
Protect ~15% margin
Profitable scaling.
Commercial target
Q
Sources & documents
Confidential documents are released through the data room on request, never through public links.
Annual report (original)
Annual reports · Approved shareholder access
Valuation memo
Valuation memos · Confidential data room
Shareholder register extract
Shareholder agreements · Confidential data room
Request access: patrickvwallen@gmail.com · +46 70 491 44 43
R
Chairman’s memo — why PVW owns it
PVW controls Elsmarta because it is a real, profitable operating business at the customer side of electrification — and because the move into enterprise customers and the cooperation with VillaKraft gives it a second engine. PVW contributes capital discipline, board work and group distribution. PVW would increase support once 2026 figures are filed; it would reconsider if growth comes at the expense of margin.
Patrick Wallén · PVW Capital AB · 2026-10-06
The people behind the company
Board of directors
ML
Märtha Louise Blom
Board member
LE
Lucas Erik Ekholm
CEO · Deputy board member
Source: Bolagsverket via public company registers (Elsmarta i Sverige AB, 559466-7379).
›Appendix: Original company background
01
Overview
A controlling position in an energy technology business operating close to the customer side of the energy transition.
02
Ownership
PVW ownership: 94%. Controlling ownership. Company value €1.33m, of which €1.25m is attributable to PVW.
03
Business
Energy solutions delivered close to the end customer — where energy technology meets installation, use and everyday consumption decisions.
04
Market
The customer-facing part of the Swedish energy transition: households and businesses investing in their own energy solutions as prices, tariffs and grid conditions change.
05
Investment thesis
A controlling position in an energy technology business operating close to the customer side of the energy transition.
06
Value creation
Control enables direction on strategy, governance and capital structure.
07
Management
Run by its own operating team, with PVW represented at board level through Patrick Wallén as controlling owner.
08
Milestones
Priorities are a clear commercial offer, disciplined unit economics, and coordination with the other energy holdings in the group where it creates real advantage.
09
Risks
Execution risk and financing requirements in a developing market.
10
Future opportunities
The opportunity is to own the customer relationship in a market that is shifting from one-off installations to ongoing energy optimisation and service.