Storytel AB (publ) (STORY-B.ST) Investment Analysis
1. Executive Summary
Storytel AB (publ) is a prominent player in the global digital media landscape, operating as an integrated audiobook and e-book streaming and publishing group.[1, 2, 3] Headquartered in Stockholm, Sweden, the company is structured around two primary business divisions: Streaming and Publishing.[2, 4, 5]
The Streaming division operates as a direct-to-consumer subscription service, delivering digital literary content through its proprietary consumer-facing brands, which include Storytel, Mofibo, and Audiobooks.com.[4, 6, 7] This division provides subscribers with access to a digital library containing more than 1.8 million audiobook and e-book titles available across 55 languages.[2, 4, 7]
The Publishing division controls the creation, licensing, and physical or digital distribution of intellectual property.[8, 9] This segment is managed through several prestigious Scandinavian and European publishing houses, including Norstedts Publishing Group, Gummerus, People's, Storyside, and majority stakes in Lind & Co, Bokfabriken, and the recently acquired Overamstel Publishers.[4, 7, 10]
┌─────────────────────────────────────────────────────────────────┐
│ STORYTEL GROUP │
└────────────────────────────────┬────────────────────────────────┘
│
┌────────────────────────┴────────────────────────┐
▼ ▼
┌───────────────────────────────┐ ┌───────────────────────────────┐
│ STREAMING DIVISION │ │ PUBLISHING DIVISION │
│ (Storytel, Mofibo, │ │ (Norstedts, Lind & Co, │
│ Audiobooks.com) │ │ Overamstel, Bokfabriken) │
├───────────────────────────────┤ ├───────────────────────────────┤
│ • Direct-to-Consumer │ │ • Intellectual Property (IP) │
│ • Subscription Model │ │ • Physical & Digital Sales │
│ • 1.8M+ Digital Library │ │ • In-House Content Pipeline │
└───────────────────────────────┘ └───────────────────────────────┘
Storytel generates revenue through two distinct streams.[1, 2, 3] The primary driver is recurring subscription fees from the Streaming segment, where customers pay a monthly flat rate for tiered access to the digital catalog.[2, 6, 11] The secondary driver consists of wholesale and retail trade sales of physical books and digital downloads to third-party retailers via the Publishing segment.[1, 7, 12]
Geographically, Storytel operates in more than 25 countries, focusing its marketing capital on ten core markets: the five Nordic nations (Sweden, Denmark, Norway, Finland, and Iceland), the Netherlands, Poland, Turkey, Bulgaria, and the United States.[6, 13]
The primary customer demographic consists of highly engaged, culturally active individuals who seek accessible, on-the-go literary entertainment.[14, 15] Storytel appeals to this base by curating deep, localized, native-language catalogs.[8, 9]
While global platforms rely on broad English-language libraries, Storytel focuses on regional linguistic curation, high-quality local narrators, and unique features like Synced Listening—which provides synchronized, highlighted text alongside professional narration.[8, 16] This local integration encourages strong customer loyalty, reduces user churn, and helps defend its position against larger, non-specialized global competitors.[8, 9]
2. Business Drivers & Strategic Overview
Product and Service Portfolio Detail
Storytel's commercial model centers on the digital delivery of literature.[2, 3] In its European markets, the platform offers structured subscription models—typically divided into 15-hour, 30-hour, and 45-hour monthly listening tiers, with prices ranging from €9.99 to €17.99 per month.[11] This usage-based model allows the company to balance content licensing costs against individual user consumption.[8, 11]
The digital experience is supported by the Storytel mobile application, which includes features like sleep timers, offline listening, and personalized recommendations driven by user-behavior data.[9, 11]
Through Audiobooks.com, the group also maintains a credit-based subscription model, which is the standard format in the North American market.[5, 11, 13]
The Publishing segment adds a physical dimension to the business.[1, 7] For example, the recently acquired Overamstel Publishers generates approximately 75% of its revenue from physical book sales.[7, 17] This balance of print and digital distribution helps Storytel maintain strong retail footprints and secure broad physical distribution for its authors.[7, 18]
Economic Moat and Vertical Integration Dynamics
The core of Storytel’s competitive advantage is its vertical integration.[8, 9] By owning major regional publishing houses, the company controls the entire value chain—from initial manuscript acquisition to final narration and digital distribution.[8]
This integration provides a significant cost advantage over pure-play distributors.[8] When a user streams content produced by an in-house publisher, Storytel pays a royalty rate of approximately 7% directly to the author.[9] In contrast, licensing third-party content requires royalty payouts of up to 35% to external publishers.[9]
Currently, internally produced titles represent 30% of all content consumed on Storytel's streaming platform.[9] As this share of internal content increases toward a targeted 39%, Storytel's gross margins are expected to benefit from this favorable royalty structure.[9]
Vertical Royalty Efficiency Advantage
┌──────────────────────────────────────────────┐
│ External Licensed Content Payout: 35% │
├──────────────────────────────────────────────┤
│ Internal Proprietary Content Payout: 7% │ ◄── 80% Cost Reduction on Content
└──────────────────────────────────────────────┘
The company's digital business is further protected by switching costs and data-driven personalization.[9] Storytel utilizes its database of over 2.7 million subscribers to train its recommendation algorithms, increasing user engagement and helping to reduce the monthly churn rate toward a targeted 4.4% by 2030.[1, 9]
Additionally, the brand equity of its local publishing imprints—such as Norstedts, which has operated in Sweden since the 19th century—creates a strong regional brand that is difficult for foreign competitors to replicate.[8, 13, 19]
Total Addressable Market (TAM) Analysis
The global audiobook market was valued at approximately USD 11.27 billion in 2025 and is projected to reach USD 36.36 billion by 2034, representing a 15.77% compound annual growth rate (CAGR).[15] Other industry analyses suggest the market could expand at a CAGR of 26.2% through 2030, driven by rising smartphone penetration and the growing popularity of digital media.[9, 20]
While the mature Nordic markets exhibit high digital media penetration, underpenetrated European and international regions present a significant growth opportunity, with average market penetration rates currently sitting between 0.5% and 1.0%.[9] This provides a favorable environment for Storytel to scale its model internationally.[9]
Competitive Landscape and Market Positioning
Storytel operates in a highly competitive market against several distinct platforms [11, 16]:
- Audible (Amazon): The global market leader relies on a credit-based transactional subscription model.[11, 16] While Audible has a larger global catalog, it lacks the deep, localized vertical integration and native-language publishing assets that Storytel controls in northern and eastern Europe.[8, 11]
- Spotify Premium: Spotify’s inclusion of 15 hours of monthly audiobook listening within its standard subscription plan represents a major shift in the industry.[8, 11] This bundling model puts pressure on standalone platforms, though history suggests that Spotify's entry has also helped expand the overall market by converting traditional print readers into audio listeners.[9, 11]
- BookBeat (Bonnier): Backed by the Bonnier Group, BookBeat is Storytel’s closest regional competitor, utilizing a tiered, hours-based subscription structure.[11] BookBeat is a strong competitor in the Nordics but lacks Storytel’s extensive international publishing footprint.[7, 8]
Storytel has defended its market share by focusing on localized catalogs and proprietary content.[8, 9] Rather than competing on price alone, the company relies on its vertical model to support profitable growth, even as competitors spend heavily to acquire users.[1, 8]
3. Financial Performance & Valuation
Q1 2026 Earnings Performance
Storytel reported its Q1 2026 financial results on April 28, 2026, demonstrating continued operational growth and improved profitability, alongside material foreign exchange headwinds.[1, 2, 4]
- Revenue Metrics: Net sales reached SEK 979 million, representing a 3.0% increase on a reported basis compared to Q1 2025.[2] On a constant currency (constant exchange rates / CER) basis, net sales grew by 7.9%, showing the impact of the strengthening Swedish Krona.[1, 2] Total Segment Streaming net sales reached SEK 877 million, up 7.4% CER, while external Publishing net sales rose to SEK 288 million, up 9.2% CER.[1, 2]
- Profitability and Margins: Gross profit grew to SEK 442 million, representing a gross margin of 45.2%.[2] Adjusted EBITDA rose 24% year-over-year to SEK 166 million, with the adjusted EBITDA margin improving to 17.0%, compared to 14.1% in Q1 2025.[1, 2] Operating profit (EBIT) increased 61% to SEK 88 million, yielding an EBIT margin of 9.0%.[1, 2]
- Net Income and EPS: Net profit rose to SEK 86 million, up from SEK 19 million in Q1 2025.[1, 2] Basic and diluted earnings per share reached SEK 1.06, compared to SEK 0.20 in the prior-year period.[1, 2]
- Subscriber Growth and ARPU: Average paying subscribers grew 8.0% year-over-year to 2.737 million, with a net intake of 72,000 subscribers during the quarter.[1, 2] The European streaming segment crossed the 1 million subscriber milestone, driven by performance in Poland and the Netherlands.[2, 12] Group Average Revenue Per User (ARPU) declined by 5.5% to SEK 113, with foreign exchange movements accounting for 85% of this decline.[1, 2]
Q1 2026 Financial Results vs. Consensus Expectations
| Metric (MSEK, unless specified) |
Q1 2026 Actual [2] |
Q1 2026 Consensus [21, 22] |
Variance (%) |
Performance Assessment |
| Revenue |
979 |
1,014 |
-3.45% |
Missed (Impacted by FX) [2, 23] |
| Gross Profit |
442 |
454 |
-2.64% |
Missed |
| Adjusted EBITDA |
166 |
163 |
+1.84% |
Beat |
| Adjusted EBITDA Margin |
17.0% |
15.97% |
+103 bps |
Beat |
| Operating Profit (EBIT) |
88 |
78.8 |
+11.68% |
Beat [2] |
| Earnings Per Share (SEK) |
1.06 |
0.80 |
+32.50% |
Beat [2] |
Guidance and Management Commentary
During the Q1 2026 earnings call, CEO Bodil Eriksson Torp and CFO Stefan Ward maintained their full-year 2026 adjusted EBITDA guidance of at least SEK 870 million.[1, 2, 12] Management also reconfirmed its mid-term 2028 targets, which project a constant-currency revenue CAGR above 10% and an adjusted EBITDA margin exceeding 20%.[1]
Management noted that the group's transition from the First North growth market to the Nasdaq Stockholm Main Market remains on track for completion in Q2 or Q3 of 2026, which is expected to support institutional investor demand.[1, 8, 12]
Capital Allocation & Share Price Impact
Storytel's balance sheet showed continued improvement, ending the quarter with a net cash position of SEK 220 million, compared to net debt of SEK 116 million in Q1 2025.[1, 2] This cash generation supports the company's capital allocation strategy, which includes an annual dividend of SEK 1.50 per share [24, 25] and targeted M&A, such as the cash-financed acquisition of Overamstel Publishers.[7, 17]
The stock price declined by 6.61% on the day of the announcement (April 28, 2026), closing at SEK 94.60 [26] on high volume of 700,390 shares.[26] This near-term price volatility was primarily driven by the reported revenue miss relative to consensus [2, 21], though the underlying business delivered strong operational margins and an EPS beat.[2, 23]
Following the report, analyst consensus target prices remained stable in the SEK 110.00 to SEK 117.00 range, indicating that the stock continues to trade at a discount to its estimated fair value.[8]
Valuation Multiples and Underlying Drivers
At the current share price of SEK 91.00 (as of June 24, 2026) [27] and with 77.31 million shares outstanding [24, 28], Storytel has a market capitalization of SEK 7.03 billion [24] and an Enterprise Value of approximately SEK 6.81 billion.[1, 2, 24]
The company currently trades at a trailing Price/Earnings (TTM) ratio of 12.5x to 13.9x [29, 30, 31] and a Price/Cash Flow ratio of 8.5x to 10.8x.[29, 31]
This valuation is low relative to digital platforms with recurring subscription models.[8] The current pricing suggests the market is valuing Storytel like a traditional publisher, rather than factoring in its digital scaling potential and the operating leverage of its vertical integration.[8]
4. Risk Assessment & Macroeconomic Considerations
Company-Specific Execution Risks
- Integration of Physical Assets: Storytel's acquisition of traditional publishing houses, such as Overamstel Publishers, brings physical print operations into the business, which represents 75% of Overamstel's revenue.[7, 17] Managing physical inventory and distribution networks requires different operational focus than the core digital streaming business.[7, 8]
- International Expansion Execution: Expanding into lower-ARPU international markets requires localized marketing and content investments.[14, 23] If these markets fail to achieve sufficient subscriber density, it could compress consolidated margins.[9, 23]
Competitive and Industry Structure Risks
- Audiobook Bundling: Spotify's bundling of 15 hours of monthly audiobook listening within its standard Premium plan represents a challenge to standalone platforms.[8, 11] If consumers shift toward consolidated audio services, it could pressure Storytel's subscriber growth and pricing power.[8, 11]
Customer Concentration and Demand Risks
- Nordic Market Maturation: Storytel remains highly dependent on the mature Nordic region, which accounts for approximately 61% of group revenue.[9] If growth in the Nordics slows faster than expected, the company's financial performance will rely heavily on the success of its international markets.[9]
Regulatory and Legal Scrutiny
- Antitrust Oversight: Given its strong market position in Northern Europe, Storytel is subject to regulatory scrutiny.[9, 13] In May 2026, the Icelandic Competition Authority issued a warning advising Storytel to exercise caution with aggressive pricing promotions following complaints from a local competitor.[32, 33] This follows a previous investigation by the Turkish Competition Authority in 2023, which was resolved after Storytel agreed to commitments regarding catalog exclusivity.[34, 35] Regulatory limits on content exclusivity could impact its competitive advantage.[8, 34]
Balance Sheet & Capital Allocation Risks
- Liquidity and M&A Allocation: While Storytel maintains a net cash position of SEK 220 million [1, 2], its strategy of paying fully in cash for acquisitions reduces its liquidity.[7, 17] Over-allocating capital to physical publishing assets could limit investments in technology and platforms.[1, 7, 8]
Macroeconomic Sensitivities
- Foreign Exchange Volatility: Operating in multiple international markets exposes the company to exchange rate fluctuations.[2, 23] A strong Swedish Krona can create translational headwinds, impacting reported revenues and ARPU.[1, 2]
- Consumer Spending Sensitivity: Persistent inflation and elevated interest rates across Europe could pressure consumer wallets, potentially leading to higher subscription cancellations for non-essential digital services.[36, 37]
Strategic Risk Assessment Framework
- What could go wrong: Standalone audiobook services could face pressure if consumers transition to consolidated music and audio packages like Spotify Premium.[8, 11]
- Early warning signs: An increase in core Nordic churn rates above 6.5%, rising Subscriber Acquisition Costs (SAC), or a decline in net subscriber additions in Europe.[2, 9]
- Long-term thesis threat: Regulatory actions that restrict exclusive publishing agreements or limit vertical integration, which would neutralize Storytel's margin advantages and allow global tech platforms to license its core catalogs.[8, 9, 34]
5. 5-Year Scenario Analysis
This 5-year valuation framework models Storytel's potential performance through 2031 (FY2030), starting from the FY2025 baseline of SEK 4,023 million in revenue.[2, 25] The analysis assumes a stable share count of 77.31 million shares across all three cases.[24, 28] Projected returns include estimated cumulative dividend payments of SEK 7.50 per share over the 5-year period, based on the FY2025 dividend payout of SEK 1.50 per share.[24, 25]
- Base Case (60% Probability): Assumes Storytel successfully executes its localized strategy, achieving an 8.0% revenue CAGR through international expansion in Europe.[1, 2, 9] Margin expansion is driven by moderate publishing synergies, with the EBIT margin rising to 13.0%.[8, 9] The exit multiple is set at 16x P/E, which is in line with historical levels for profitable media platforms.[24, 28]
- High Case (25% Probability): Assumes robust international growth, particularly through the successful integration of Overamstel and other acquisitions, yielding a 12.0% revenue CAGR.[1, 7] Profitability margins improve as internally produced content grows to 40% of streaming volume, raising the EBIT margin to 15.0%.[8, 9] The exit multiple expands to 20x P/E, driven by the Nasdaq Stockholm Main Market listing and improved market sentiment.[1, 8]
- Low Case (15% Probability): Assumes intense competition from Spotify and other platforms, which limits international expansion and causes subscriber churn in the Nordics.[9, 11] This competitive pressure limits the revenue CAGR to 4.0%, while pricing promotions compress the EBIT margin to 8.0%.[32, 33] The exit multiple declines to 11x P/E due to slowing growth.[28]
Projected Share Price Trajectory (SEK)
| Scenario |
Year 0 (Current) [27] |
Year 1 |
Year 2 |
Year 3 |
Year 4 |
Year 5 (FY2030) |
| Low Case |
91.00 |
78.00 |
67.00 |
57.00 |
49.00 |
41.80 |
| Base Case |
91.00 |
96.00 |
102.00 |
108.00 |
115.00 |
122.24 |
| High Case |
91.00 |
108.00 |
129.00 |
154.00 |
184.00 |
220.20 |
5-Year Valuation Scenarios
| Metric / Scenario |
Low Case [2, 27] |
Base Case [2, 27] |
High Case [2, 27] |
| Year 5 (FY2030) Revenue |
SEK 4,895 million |
SEK 5,911 million |
SEK 7,090 million |
| EBIT Margin (%) |
8.0% |
13.0% |
15.0% |
| Projected EBIT |
SEK 392 million |
SEK 768 million |
SEK 1,064 million |
| Net Income Margin (%) |
6.0% |
10.0% |
12.0% |
| Projected Net Income |
SEK 294 million |
SEK 591 million |
SEK 851 million |
| Projected EPS |
SEK 3.80 |
SEK 7.64 |
SEK 11.01 |
| P/E Exit Multiple |
11.0x [28] |
16.0x [24, 28] |
20.0x [8] |
| Current Share Price |
SEK 91.00 [27] |
SEK 91.00 [27] |
SEK 91.00 [27] |
| Implied Future Share Price |
SEK 41.80 |
SEK 122.24 |
SEK 220.20 |
| 5-Year Total Return (with Divs) |
-45.8% |
+42.6% |
+149.9% |
| Annualized Return (%) |
-11.5% |
7.4% |
20.1% |
| Probability Weight |
15% |
60% |
25% |
Valuation Bridge to Probability-Weighted Target
Applying the subjective probability weights to the implied share prices yields a 5-year weighted target price:
$\text{Weighted Target Price} = (0.60 \times 122.24) + (0.25 \times 220.20) + (0.15 \times 41.80) = 73.34 + 55.05 + 6.27 = \text{SEK 134.66}$
This probability-weighted target of SEK 134.66 indicates that the stock is undervalued at its current price of SEK 91.00 [27], offering an attractive entry point for long-term investors.[8]
ASYMMETRIC RETURN PROFILE
6. Qualitative Scorecard
This qualitative framework evaluates Storytel’s business model and operational performance. These ratings are for analytical purposes and do not constitute financial advice or investment recommendations.
- Management Alignment (8/10): Founders and executive insiders hold a significant 24.5% equity stake in the company.[19, 28] While founder Jonas Tellander reduced his holdings in 2024 and 2025 [19, 38], recent insider buying by CEO Bodil Eriksson Torp and CFO Stefan Ward in early 2026 demonstrates alignment with shareholders.[38]
- Revenue Quality (9/10): The streaming division provides a highly predictable, recurring subscription revenue stream, which represents nearly 90% of total streaming sales.[2, 25] This subscription model provides high visibility into cash flow.[8, 9]
- Market Position (8/10): Storytel maintains a dominant 50% market share in the Nordics [9] and continues to defend its market position in Europe, with its European subscriber base recently crossing the 1 million milestone.[2, 12]
- Growth Outlook (7/10): While top-line growth is slowing compared to its early expansion phase, the targeted 10% constant-currency CAGR represents a sustainable, profitable growth rate.[1, 8]
- Financial Health (9/10): A strong net cash position of SEK 220 million in Q1 2026, combined with consistent positive operating cash flow, provides significant financial flexibility.[1, 2]
- Business Viability (8/10): The vertical integration of publishing and streaming assets provides clear margin advantages.[8, 9] However, competition from large platforms like Spotify remains an ongoing threat.[8, 11]
- Capital Allocation (8/10): Management has shifted its focus from high-growth geographic expansion to cash-flow generation and disciplined M&A, such as the cash-financed acquisition of Overamstel.[7, 8] This transition is further supported by a recurring annual dividend.[24, 25]
- Analyst Sentiment (8/10): Consensus recommendations remain positive, with average target prices in the SEK 110.00 to SEK 117.00 range, indicating that the stock is currently undervalued.[8]
- Profitability (9/10): Storytel shows clear operational leverage, with its adjusted EBITDA margin rising from 14.1% in Q1 2025 to 17.0% in Q1 2026, putting it on track to achieve its 20% margin target by 2028.[1, 2]
- Track Record (7/10): The company has successfully scaled its revenues from SEK 300 million to over SEK 4.0 billion.[39, 40] However, historical periods of high cash burn have weighed on its long-term return profile.[8, 9]
Qualitative Assessment Summary
- Management Alignment: 8/10 [19, 28, 38]
- Revenue Quality: 9/10 [2, 8, 25]
- Market Position: 8/10 [2, 9, 12]
- Growth Outlook: 7/10 [1, 8, 9]
- Financial Health: 9/10 [1, 2]
- Business Viability: 8/10 [8, 9, 11]
- Capital Allocation: 8/10 [7, 24, 25]
- Analyst Sentiment: 8/10 [8]
- Profitability: 9/10 [1, 2]
- Track Record: 7/10 [8, 39, 40]
- Blended Score: 8.1 / 10
STRONG CORE FUNDAMENTALS
7. Conclusion & Investment Thesis
Storytel AB represents an attractive opportunity in the digital media space, transitioning from a high-growth, capital-intensive startup into a mature, cash-generative player.[8, 9] This summary is for analytical purposes and does not constitute financial advice or investment recommendations.
Key Investment Drivers
- Undervalued Cash Generation: Trading at a trailing P/E of around 13x and an EV/EBITDA of ~8.7x [24, 29, 30], the stock is valued like a traditional publisher.[8] This low valuation does not reflect its high-margin recurring streaming subscription business.[8, 9]
- Vertical Integration Margin Advantage: Owning regional publishing houses allows Storytel to manage royalty costs effectively, keeping gross margins near 45%.[8, 25] This vertical model protects its profitability better than non-integrated streaming platforms.[8]
- Upcoming Main Market Listing: The planned transition to the Nasdaq Stockholm Main Market in Q2 or Q3 2026 is expected to improve liquidity, lower the company’s cost of capital, and attract institutional investors.[1, 8]
Key Catalysts to Watch
- The official transfer of its listing to the Nasdaq Stockholm Main Market.[1, 12]
- Sustained growth in European subscriber additions, particularly in Poland and the Netherlands.[2, 12]
- Continued gross margin improvement from the integration of Bokfabriken and Overamstel.[7, 10, 12]
Primary Strategic Risks
- Potential subscriber loss in the Nordics due to competitive pressure from Spotify’s Premium audiobook bundling.[8, 9, 11]
- Unexpected regulatory decisions or exclusivity restrictions from European competition authorities.[9, 32, 34]
At the current price of SEK 91.00 [27], the market appears to have overreacted to short-term currency headwinds.[2, 23] This has created a valuation disconnect, offering long-term investors an attractive entry point ahead of the Main Market listing.[1, 8]
UNDERVALUED MARKET CHAMPION
8. Technical Analysis, Price Action & Short-Term Outlook
Storytel’s stock has shown solid long-term momentum, trading between a 52-week low of SEK 67.20 and a high of SEK 107.90.[24, 26] Following the Q1 2026 earnings announcement on April 28, the stock experienced a short-term selloff due to translational currency impacts on reported revenues [2, 23], causing the price to slide below its 50-day moving average of SEK 98.20.[26, 41]
However, the stock has stabilized at SEK 91.00 [27], remaining above its long-term 200-day moving average (estimated at SEK 84.00 to SEK 88.00).[24, 26] This price action indicates a healthy consolidation pattern, with solid technical support that could resolve to the upside once the upcoming Nasdaq Stockholm Main Market listing improves trading liquidity.[1, 8, 12]
STABILIZING ACCUMULATION PATTERN
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- Storytel AB (publ) (DST.F) valuation measures and financial statistics - Yahoo Finance UK, https://uk.finance.yahoo.com/quote/DST.F/key-statistics/
- STORY B Stock Price Quote | Morningstar, https://www.morningstar.com/stocks/xsto/story%20b/quote
- Storytel AB (publ), DST:DUS summary - FT.com - Markets data, https://markets.ft.com/data/equities/tearsheet/summary?s=DST:DUS
- Storytel AB (publ), STORY B:STO profile - FT.com - Markets data, https://markets.ft.com/data/equities/tearsheet/profile?s=STORY%20B:STO
- The Competition Authority advises Storytel to exercise caution, https://www.samkeppni.is/en/release/news/the-competition-authority-therefore-directs-storytel-to-exercise-caution/
- News | The Competition Authority, https://www.samkeppni.is/en/release/news/
- The Investigation on Storytel Turkey Yayıncılık Hizmetleri AŞ terminated in response to the commitments received. - Rekabet Kurumu, https://www.rekabet.gov.tr/en/Guncel/the-investigation-on-storytel-turkey-yay-c500e1bb899aee118eca00505685da39
- ICR Economic Research's Analysis Helps Close Storytel Investigation Without Penalty, https://icreconomics.com/icr-economic-researchs-analysis-helps-close-storytel-investigation-without-penalty/
- Market moves & themes that mattered: April 2026 - Janus Henderson Investors, https://www.janushenderson.com/social/article/market-moves-themes-that-mattered-april-2026/
- Mid-Year Outlook 2026 Promise and Pressure - J.P. Morgan, https://www.jpmorgan.com/content/dam/jpmorgan/documents/wealth-management/mid-year-outlook-2026.pdf
- Storytel AB (publ) Insider Trading Activity, https://www.insiderscreener.com/en/company/storytel-ab-publ
- Storytel AB (publ) (STRYF) Q4 2025 Earnings Call Transcript | Seeking Alpha, https://seekingalpha.com/article/4868956-storytel-ab-publ-stryf-q4-2025-earnings-call-transcript
- Storytel AB - LINC, https://linclund.com/wp-content/uploads/2020/08/Alexandra.Stertman.Storytel.pdf
- Storytel AB (publ), STORY B:STO summary - FT.com, https://markets.ft.com/data/equities/tearsheet/summary?s=STORY%20B:STO