ABAS Protect AB (ABAS.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

+0.9%

SEK 8.22

vs SEK 8.15 price

Levered DCF

-SEK 17.92

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.41

Grey zone

Rating

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	FY2018
P/E	-18.75×	90.5×	11.17×	8.01×	12.23×	31.21×	464.1×	0.13×
P/B	1.69×	1.56×	1.6×	1.95×	9.15×	7.37×	9.69×	0×
P/S	0.72×	0.66×	0.61×	0.65×	0.75×	0.86×	0.98×	0×
EV / EBITDA	198.06×	17.85×	8.72×	7.18×	10.57×	21.5×	61.93×	7.94×
Gross margin	44.0%	46.0%	43.9%	45.8%	43.5%	42.1%	44.6%	2.4%
Operating margin	-2.7%	2.0%	6.5%	11.0%	10.4%	5.4%	1.8%	2.4%
Net margin	-3.8%	0.8%	5.0%	8.1%	6.2%	2.8%	0.2%	0.5%
Current ratio	2.62×	2.75×	2.38×	2.15×	2.52×	2.73×	2.54×	2.44×
Debt / equity	0.77×	0.6×	0.57×	0.83×	2.29×	2.11×	3.29×	1.69×
Interest coverage	-1.47×	1.29×	3.55×	9.02×	25.58×	7.54×	1.9×	2.66×
Dividend yield	0.0%	0.0%	0.0%	0.0%	10.9%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	132.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.0%	1.8%	13.0%	24.4%	75.2%	23.9%	2.1%	3.1%
Return on invested capital	-3.0%	1.7%	8.7%	14.3%	24.6%	10.3%	2.4%	4.0%
Return on assets	-4.2%	0.9%	6.5%	10.0%	12.0%	5.0%	0.3%	0.8%
Free cash flow yield	-5.8%	-1.9%	-7.5%	-23.0%	4.3%	2.8%	0.4%	0.0%
Earnings yield	-5.3%	1.1%	8.1%	12.5%	8.2%	3.2%	0.2%	786.1%
Enterprise value	SEK 92.5M	SEK 88.2M	SEK 86.4M	SEK 79M	SEK 63.3M	SEK 65.2M	SEK 67.9M	SEK 13.6M
Net debt / EBITDA	61.91×	4.91×	2.27×	1.91×	2.11×	4.78×	15.69×	7.92×
Cash conversion cycle (days)	205	194	172	184	209	186	215	140