Weekly structural research · STO · Industrials

SES Stage Analysis

Scandinavian Enviro Systems AB (publ)

Week ending 25 Sep 2026Close SEK 0.0949Tenure DevelopingBenchmark ^OMX

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Downward Expansion · Established contraction

The weekly architecture is expanding downward.

Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation.

The Trend gate is down within the current regime.
Fast Activity versus Slow Activity: weakening.
Activity structure: wide and expanding.

Direction -84−100 bearish to +100 bullish

Energy 93/100directional strength

Maturity 40/100lifecycle context

Confidence 81/100evidence agreement

Trend gate Downstructural direction

Activity structure Wideexpanding separation

Price acceptance -100.0%position within the Activity structure

Fair Value context -92.6%SEK 1.29 · weakening

Trend Architecture map · Historical context

Weekly close, Activity, Trend and Fair Value

Follow price and Trend first, then add Activity Lines to inspect the structure. Subtle bands show the regime recognized at each completed observation; the dashed line marks current Fair Value, not a historical forecast.

CloseTrendCurrent Fair Value

Background stage key

BalanceDirection is contained.
Rotation UpStructure is turning higher.
Upward ExpansionUptrend is established.
DecelerationUptrend is losing energy.
Rotation DownStructure is turning lower.
Downward ExpansionDowntrend is established.

View chart values · 156 observations

Week	Close	Trend	Relative Strength	Volume	Regime	Direction	Energy
2026-09-25	0.0949	0.2022	-81.35	36000199	Downward Expansion	-84	93
2026-09-18	0.1122	0.2037	-78.72	35385236	Downward Expansion	-81	92
2026-09-11	0.1188	0.208	-78.46	28236038	Downward Expansion	-80	81
2026-09-04	0.126	0.2133	-78.41	31211866	Downward Expansion	-83	76
2026-08-28	0.1508	0.2311	-75.44	27167745	Downward Expansion	-78	65
2026-08-21	0.189	0.2508	-69.66	1689987	Downward Expansion	-59	42
2026-08-14	0.189	0.2713	-70.19	1059881	Downward Expansion	-59	41
2026-08-07	0.1858	0.2955	-71.71	2466532	Downward Expansion	-61	51
2026-07-31	0.193	0.3161	-70.78	1067265	Downward Expansion	-59	46
2026-07-24	0.21	0.3372	-68.49	1742282	Downward Expansion	-45	39
2026-07-17	0.1898	0.3578	-71.63	921515	Balance	-52	38
2026-07-10	0.19	0.378	-72.46	2493258	Balance	-50	29
2026-07-03	0.228	0.3981	-68.35	3905747	Balance	-24	15
2026-06-26	0.261	0.4189	-63.45	4904527	Balance	-18	17
2026-06-19	0.295	0.4391	-59.87	50256730	Downward Expansion	-21	19
2026-06-12	0.2715	0.4567	-62.98	1544267	Downward Expansion	-27	19
2026-06-05	0.261	0.4777	-65.15	2864916	Downward Expansion	-43	32
2026-05-29	0.2615	0.5021	-65.84	75549997	Downward Expansion	-49	42
2026-05-22	0.2395	0.5282	-69.35	58169176	Downward Expansion	-62	52
2026-05-15	0.1854	0.555	-75.87	49827171	Downward Expansion	-65	63
2026-05-08	0.1732	0.5801	-78.22	34250582	Downward Expansion	-66	55
2026-05-01	0.1924	0.6076	-76.22	16103876	Downward Expansion	-64	54
2026-04-24	0.21	0.6352	-74.95	143148215	Downward Expansion	-52	50
2026-04-17	0.1862	0.6632	-78.75	55067680	Downward Expansion	-57	53
2026-04-10	0.261	0.6962	-70.20	24193896	Downward Expansion	-49	49
2026-04-03	0.253	0.7288	-70.82	27174400	Downward Expansion	-63	61
2026-03-27	0.28	0.7537	-67.67	148490672	Downward Expansion	-66	65
2026-03-20	0.2815	0.7706	-68.42	240680882	Downward Expansion	-68	72
2026-03-13	0.1186	0.787	-87.69	57330825	Downward Expansion	-78	92
2026-03-06	0.157	0.8095	-84.30	156775767	Downward Expansion	-82	93
2026-02-27	0.1394	0.8322	-87.22	275407425	Downward Expansion	-94	98
2026-02-20	0.243	0.8539	-78.13	45349203	Downward Expansion	-94	97
2026-02-13	0.277	0.8711	-75.36	534172163	Downward Expansion	-95	94
2026-02-06	0.66	0.8869	-43.06	20281431	Downward Expansion	-79	63
2026-01-30	0.743	0.891	-35.53	11897124	Rotation Down	-67	39
2026-01-23	0.803	0.8919	-31.60	18661339	Rotation Down	-21	18
2026-01-16	0.916	0.8929	-24.16	12584482	Rotation Down	-9	13
2026-01-09	0.804	0.8882	-33.26	4732888	Rotation Down	-34	40
2026-01-02	0.826	0.8889	-30.78	4020451	Rotation Down	-32	47
2025-12-26	0.828	0.8844	-31.35	3635412	Rotation Down	-24	48
2025-12-19	0.796	0.8828	-35.10	7563866	Rotation Down	-30	52
2025-12-12	0.791	0.8828	-36.28	9029948	Deceleration	-30	46
2025-12-05	0.852	0.8863	-32.71	6088331	Deceleration	-17	23
2025-11-28	0.867	0.8866	-31.79	6537509	Deceleration	6	15
2025-11-21	0.824	0.8883	-34.29	19150783	Deceleration	2	8
2025-11-14	0.90	0.8877	-31.05	12195591	Deceleration	28	14
2025-11-07	0.995	0.8876	-24.35	9122991	Deceleration	37	20
2025-10-31	1.04	0.9033	-22.85	10118519	Deceleration	40	21
2025-10-24	1.04	0.9147	-24.74	11931317	Deceleration	40	21
2025-10-17	0.94	0.9271	-31.08	15067669	Rotation Up	12	13
2025-10-10	0.997	0.9411	-28.32	19103750	Rotation Up	31	33
2025-10-03	1.02	0.9568	-28.46	26989889	Rotation Up	34	62
2025-09-26	1.05	0.9721	-25.28	33833880	Rotation Up	25	57
2025-09-19	1.18	0.9926	-17.61	58278975	Rotation Up	41	57
2025-09-12	1.24	1.01	-14.14	100290371	Rotation Up	30	40
2025-09-05	0.999	1.03	-31.62	38699796	Downward Expansion	6	11
2025-08-29	0.786	1.06	-47.24	16923767	Downward Expansion	-44	34
2025-08-22	0.773	1.10	-50.39	15635320	Downward Expansion	-50	40
2025-08-15	0.795	1.13	-49.20	10104663	Downward Expansion	-47	41
2025-08-08	0.838	1.16	-46.83	14744745	Downward Expansion	-52	49
2025-08-01	0.79	1.20	-49.56	15951393	Downward Expansion	-63	69
2025-07-25	0.759	1.24	-53.86	13992669	Downward Expansion	-66	74
2025-07-18	0.752	1.27	-54.11	16350012	Downward Expansion	-68	61
2025-07-11	0.782	1.31	-53.10	26401738	Downward Expansion	-52	49
2025-07-04	0.77	1.34	-54.02	23794769	Downward Expansion	-63	54
2025-06-27	0.834	1.37	-50.85	31357317	Downward Expansion	-62	59
2025-06-20	0.774	1.41	-53.93	8011218	Downward Expansion	-64	63
2025-06-13	0.825	1.45	-51.87	24087226	Downward Expansion	-66	65
2025-06-06	0.69	1.48	-61.31	22446942	Downward Expansion	-79	70
2025-05-30	0.78	1.53	-56.58	14725236	Downward Expansion	-74	69
2025-05-23	0.797	1.57	-56.03	10585713	Downward Expansion	-75	71
2025-05-16	0.895	1.61	-52.64	6551522	Downward Expansion	-67	86
2025-05-09	0.8612	1.65	-53.42	4034546	Downward Expansion	-75	90
2025-05-02	0.92	1.69	-51.30	5958525	Downward Expansion	-77	88
2025-04-25	0.805	1.73	-57.39	10735998	Downward Expansion	-93	91
2025-04-18	0.898	1.78	-51.69	21025737	Downward Expansion	-94	75
2025-04-11	1.47	1.82	-19.40	5706401	Downward Expansion	-66	71
2025-04-04	1.38	1.85	-24.67	5989002	Downward Expansion	-72	88
2025-03-28	1.42	1.88	-31.15	5176253	Downward Expansion	-72	88
2025-03-21	1.36	1.92	-36.62	8002312	Downward Expansion	-86	92
2025-03-14	1.47	1.95	-33.31	7454298	Downward Expansion	-83	86
2025-03-07	1.48	1.99	-34.62	10481925	Downward Expansion	-86	79
2025-02-28	1.66	2.02	-26.97	8467565	Downward Expansion	-74	54
2025-02-21	1.77	2.04	-22.97	3221441	Downward Expansion	-63	39
2025-02-14	1.80	2.07	-21.86	3884422	Downward Expansion	-57	35
2025-02-07	1.84	2.08	-18.58	4300009	Downward Expansion	-43	30
2025-01-31	1.87	2.10	-18.85	3324491	Downward Expansion	-42	29
2025-01-24	1.81	2.11	-21.66	3559085	Downward Expansion	-49	33
2025-01-17	1.82	2.12	-19.62	3017211	Downward Expansion	-50	35
2025-01-10	1.89	2.13	-13.54	4400883	Downward Expansion	-48	39
2025-01-03	1.91	2.15	-12.09	4398223	Downward Expansion	-62	52
2024-12-27	1.80	2.16	-16.59	2800799	Downward Expansion	-66	65
2024-12-20	1.77	2.18	-17.60	6318087	Downward Expansion	-75	66
2024-12-13	1.77	2.20	-20.50	3309796	Downward Expansion	-81	74
2024-12-06	1.87	2.23	-17.80	5732609	Downward Expansion	-71	70
2024-11-29	1.91	2.25	-12.67	4469009	Downward Expansion	-68	76
2024-11-22	1.93	2.27	-11.93	6158676	Downward Expansion	-68	81
2024-11-15	1.84	2.28	-15.61	7909044	Downward Expansion	-84	85
2024-11-08	1.97	2.29	-10.80	4606178	Downward Expansion	-75	78
2024-11-01	2.00	2.30	-9.14	4090614	Downward Expansion	-74	75
2024-10-25	2.06	2.31	-7.28	5816562	Downward Expansion	-70	69
2024-10-18	2.10	2.32	-4.90	3394334	Downward Expansion	-67	63
2024-10-11	2.14	2.32	-2.25	4758480	Balance	-64	62
2024-10-04	2.18	2.32	-0.44	3990610	Balance	-33	40
2024-09-27	2.28	2.33	3.25	3818920	Balance	-20	22
2024-09-20	2.18	2.34	2.01	3299839	Balance	-12	16
2024-09-13	2.26	2.34	8.57	5037531	Upward Expansion	20	9
2024-09-06	2.38	2.35	16.75	3243629	Upward Expansion	49	27
2024-08-30	2.40	2.34	13.22	5123729	Upward Expansion	53	38
2024-08-23	2.49	2.33	19.54	13754864	Upward Expansion	59	51
2024-08-16	2.46	2.30	20.11	3389436	Balance	58	47
2024-08-09	2.41	2.28	22.18	7869052	Balance	40	28
2024-08-02	2.44	2.26	24.49	7862336	Balance	43	27
2024-07-26	2.40	2.25	17.86	3439910	Balance	36	18
2024-07-19	2.31	2.22	14.59	2152720	Balance	9	9
2024-07-12	2.37	2.20	15.49	7219649	Balance	13	16
2024-07-05	2.19	2.19	10.37	4119037	Balance	1	18
2024-06-28	2.12	2.17	6.67	7972815	Balance	-5	16
2024-06-21	2.20	2.16	10.67	3505038	Upward Expansion	15	15
2024-06-14	2.25	2.13	13.76	4892997	Upward Expansion	31	17
2024-06-07	2.40	2.09	18.56	4896018	Upward Expansion	53	35
2024-05-31	2.34	2.05	16.96	8304132	Upward Expansion	58	57
2024-05-24	2.47	2.01	22.38	11483731	Upward Expansion	61	67
2024-05-17	2.55	1.96	27.74	14799308	Upward Expansion	67	67
2024-05-10	2.60	1.91	29.17	7884809	Deceleration	72	53
2024-05-03	2.43	1.87	25.56	5471268	Deceleration	59	33
2024-04-26	2.28	1.83	17.16	5043365	Deceleration	39	23
2024-04-19	2.18	1.80	13.73	5673779	Deceleration	35	21
2024-04-12	2.22	1.78	15.15	5381251	Deceleration	37	24
2024-04-05	2.26	1.75	16.22	6822551	Deceleration	40	27
2024-03-29	2.19	1.72	11.98	4770605	Upward Expansion	44	33
2024-03-22	2.20	1.71	12.26	4418262	Upward Expansion	59	48
2024-03-15	2.26	1.69	15.37	7065834	Upward Expansion	63	55
2024-03-08	2.38	1.66	24.64	11748405	Upward Expansion	66	77
2024-03-01	2.54	1.63	35.54	20204345	Upward Expansion	80	86
2024-02-23	2.26	1.59	22.47	15594482	Upward Expansion	66	73
2024-02-16	2.40	1.56	32.64	35660506	Upward Expansion	82	73
2024-02-09	2.36	1.53	34.41	57010323	Upward Expansion	86	58
2024-02-02	1.85	1.51	5.61	6194475	Upward Expansion	62	44
2024-01-26	1.80	1.50	2.92	4118027	Upward Expansion	60	48
2024-01-19	1.73	1.50	2.13	5950948	Upward Expansion	62	52
2024-01-12	1.86	1.50	7.44	5804516	Rotation Up	66	67
2024-01-05	1.97	1.51	14.70	6487806	Rotation Up	54	73
2023-12-29	1.80	1.50	2.15	3407702	Rotation Up	42	69
2023-12-22	1.70	1.51	-2.67	7076744	Rotation Up	27	61
2023-12-15	1.80	1.52	2.38	10069609	Rotation Up	39	48
2023-12-08	1.74	1.52	1.70	9143631	Downward Expansion	35	37
2023-12-01	1.70	1.53	2.12	11490905	Downward Expansion	-2	12
2023-11-24	1.35	1.54	-18.02	12264732	Downward Expansion	-44	31
2023-11-17	1.19	1.57	-27.47	5162915	Downward Expansion	-61	51
2023-11-10	1.08	1.62	-32.04	7378807	Downward Expansion	-69	63
2023-11-03	1.21	1.67	-25.10	11481063	Downward Expansion	-65	69
2023-10-27	1.00	1.70	-36.20	19284907	Downward Expansion	-84	86
2023-10-20	1.09	1.73	-31.90	20840211	Downward Expansion	-84	81
2023-10-13	1.27	1.74	-25.61	7068966	Downward Expansion	-73	71
2023-10-06	1.33	1.74	-21.36	6163474	Downward Expansion	-68	58

Price vs TrendBelow-53.1%

Trend directionFalling-43.5%

Price vs current Fair ValueBelow anchor-92.6%

Fair Value directionMoving away-11.3%

Relative Strength vs benchmarkLagging-81.3%

Relative strength directionWeakening-17.9%

Price momentumNegative-66.1%

Volume balanceSupply-led0.02×

Beyond the current label

Is the structure strengthening or losing force?

Direction and energy measure different things

Direction shows the upward or downward lean. Energy shows the force behind the structural move: high energy can accompany a strong decline as well as an advance.

Direction

-84 / ±100

-6.3 points since 2026-08-28

Energy

93 /100

+28.0 points since 2026-08-28

Recent change compares the latest reading with four observations earlier. Missing readings remain unavailable. Use the chart values above to inspect individual observations.

SES Directional State ↗ SES Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance2

Rotation Up8

Upward Expansion22

Deceleration37

Rotation Down87

Downward Expansion100

The winning regime is the state most consistent with the complete SM evidence set. Direction, energy, maturity and confidence describe different aspects of the current structure, while contradictory evidence remains visible rather than being averaged into false certainty.

Time spent in each state

The context behind today’s regime

2023-10-06 to 2026-09-25 · 156 classified observations out of 156 shown.

Balance 10%Rotation Up 7%Upward Expansion 14%Deceleration 9%Rotation Down 5%Downward Expansion 56%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Downward Expansion	2026-07-24	2026-09-25	Developing	-54.8%
Balance	2026-06-26	2026-07-17	New	-27.3%
Downward Expansion	2026-02-06	2026-06-19	Established	-55.3%
Rotation Down	2025-12-19	2026-01-30	Developing	-6.7%
Deceleration	2025-10-24	2025-12-12	Developing	-24.1%
Rotation Up	2025-09-12	2025-10-17	Developing	-24.2%
Downward Expansion	2024-10-18	2025-09-05	Extended	-52.3%
Balance	2024-09-20	2024-10-11	New	-2.3%
Upward Expansion	2024-08-23	2024-09-13	New	-9.0%
Balance	2024-06-28	2024-08-16	Developing	+16.0%
Upward Expansion	2024-05-17	2024-06-21	Developing	-13.7%
Deceleration	2024-04-05	2024-05-10	Developing	+15.1%
Upward Expansion	2024-01-19	2024-03-29	Developing	+26.7%
Rotation Up	2023-12-15	2024-01-12	Developing	+3.4%

Classic Stage Analysis comparison

Stage 1 · Basing54

Stage 2 · Advancing0

Stage 3 · Distribution16

Stage 4 · Declining100

Legacy result: Stage 4 · Stage 4B · Declining. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus ^OMX

Is relative performance confirming the geometry?

Confirmation, not classification

Relative Strength

The security is compared with its market benchmark on the SM scale. Above zero indicates relative leadership; direction shows whether that leadership is improving or weakening.

Confirmation evidence

Lagging benchmark

Architecture confirmation: 100/100
Current Relative Strength: -81.35
Relative Strength direction: Weakening
Price momentum: -66.1%
Excess performance vs benchmark: -81.2%
Industrials regime cohort: 71th percentile59 in cohort

Test SES trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume1.73×

Latest completed volume relative to typical participation.

Up/down volume0.02×

Participation balance between advancing and declining observations.

Accumulation / distribution0 / 5

Recent participation evidence classified by demand and supply.

Activity alignment+0.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationWeakening

Current relationship between Fast Activity and Slow Activity.

Structure stability+0.0%

Whether recent Activity evidence is stable or remains in balance.

Weekly volume with architecture context

Bars show completed weekly volume; the dashed line provides typical-volume context. Both measures use the same scale.

Explore SES Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity SEK 0.1122falling

Slow Activity SEK 0.1877falling

Trend Reference SEK 0.2022-53.1% close margin

Current Fair Value SEK 1.29-92.6% close margin

Structural low SEK 0.09shock / repair context

What changes the read?

Fan contraction and a persistent upward fast/slow rotation are required before the declining structure is considered repaired.

Range context +28.9%

Annualized volatility +89.8%

From structural high -91.5%

From structural low +13.7%

Point-in-time evidence

What followed this architecture in this market?

Descriptive history, never a forecast

Historical comparisons use only the structural read that would have been available at each completed observation. Independent observations are used where possible, with benchmark comparison beginning after each recognized state.

Outcome horizon	Samples	Median move	Positive periods	Directional follow-through	Median excess vs ^OMX	Regime survived	Read
Near term	36	-4.9%-76.2% to +74.8%	+38.9%	+61.1%	-3.6%	+86.1%	Usable descriptive sample
Intermediate	12	-8.8%-73.8% to +66.5%	+33.3%	+66.7%	-9.5%	+66.7%	Usable descriptive sample
Extended	7	-7.1%-71.8% to +50.9%	+42.9%	+57.1%	-10.0%	+42.9%	Usable descriptive sample
Full cycle	3	-7.1%-55.1% to +14.2%	+33.3%	+66.7%	+6.4%	+0.0%	Too little matched history

Evidence framework

What the analysis measures and where its limits lie

Trend Architecture

Trend Architecture brings Price, Fast Activity, Slow Activity and Trend into one structural read. It identifies balance, rotation, expansion, deceleration and contraction while requiring persistent evidence for confirmed regime changes.

Evidence roles

Trend, Activity, relative strength, volume and Fair Value each have a defined role in the SM evidence framework. No single reading is treated as sufficient on its own, and conflicting evidence remains visible.

Fair Value and RS

Current Fair Value provides a long-term price anchor and shows whether price is trading above, below or repairing toward that reference. Relative Strength compares the security with its benchmark and shows whether leadership is improving or weakening.

Known limitations

Weekly structure recognizes conditions after they develop. Event gaps can bypass smooth transitions, sideways markets can rotate repeatedly, and historical samples for a particular regime can be thin.

Independent market research for education. Not investment advice, a recommendation, a forecast, a target, or an execution instruction. Historical regime behaviour does not establish what happens next.

SES Stage Analysis

What the Activity Line geometry says now

The weekly architecture is expanding downward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength

Lagging benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Send a message

Evidence context

What the Activity Line geometry says now

The weekly architecture is expanding downward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength ?

Lagging benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

Test the structure from another angle

Trend Persistence ↗

Directional State ↗

Momentum Intelligence ↗

Volume & Price ↗

Similar Charts ↗

RMI Reversal Map ↗

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Relative Strength

Trend Persistence

Directional State

Momentum Intelligence

Volume & Price

Similar Charts

RMI Reversal Map