4C Group AB (4C.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+29.2%

SEK 6.20

vs SEK 4.80 price

Levered DCF

-SEK 9.16

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

1.22

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-28.75×	-99.7×	-61.48×	47.68×	29.37×	168.18×	160.87×
P/B	1.8×	1.46×	2.49×	5.4×	10.68×	18.86×	20.35×
P/S	1.37×	1.01×	1.7×	3.78×	4.36×	6.72×	6.99×
EV / EBITDA	11.53×	7.32×	39.18×	18.54×	14.51×	34.97×	42.3×
Gross margin	9.1%	36.2%	37.2%	43.2%	46.5%	38.9%	41.4%
Operating margin	3.2%	-1.7%	-1.8%	8.6%	17.9%	7.0%	5.0%
Net margin	-4.8%	-1.0%	-2.8%	7.9%	14.8%	3.9%	4.4%
Current ratio	1.11×	1.14×	1.9×	2.38×	1.41×	1.16×	1.12×
Debt / equity	0.56×	0.39×	0.27×	0.3×	0.46×	0.53×	0.69×
Interest coverage	0.31×	-0.35×	-2.03×	20.83×	20.47×	4.7×	3.64×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%	0.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	3.6%	18.9%	17.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-6.2%	-1.5%	-4.1%	11.3%	36.2%	11.0%	12.8%
Return on invested capital	2.3%	-1.7%	-1.9%	7.3%	21.9%	8.9%	8.0%
Return on assets	-3.2%	-0.8%	-2.4%	6.7%	16.0%	4.7%	4.9%
Free cash flow yield	-10.0%	-19.3%	-9.7%	-0.3%	4.8%	3.3%	2.1%
Earnings yield	-3.5%	-1.0%	-1.7%	2.1%	3.4%	0.6%	0.6%
Enterprise value	SEK 622.7M	SEK 413.2M	SEK 563.6M	SEK 1.2B	SEK 1.1B	SEK 1.3B	SEK 1.3B
Net debt / EBITDA	2.58×	1.19×	-0.04×	-1.2×	-0.21×	0.35×	1.38×
Cash conversion cycle (days)	206	134	126	93	98	34	62