AcadeMedia AB (publ) (ACAD.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

+753.3%

SEK 1,058.07

vs SEK 124.00 price

Levered DCF

SEK 909.47

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.16

Distress zone

Rating

A-

Overall 4 / 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	10.36×	10.23×	8.56×	9.2×	7.95×	14.33×	15.4×	12.85×
P/B	1.41×	1.25×	0.86×	0.87×	0.84×	1.6×	1.38×	1.21×
P/S	0.49×	0.44×	0.31×	0.34×	0.35×	0.66×	0.56×	0.47×
EV / EBITDA	6.37×	4.77×	4.7×	4.8×	4.79×	6.22×	6.29×	8.41×
Gross margin	30.7%	29.9%	31.2%	30.9%	28.5%	28.9%	28.1%	29.4%
Operating margin	6.6%	9.4%	8.6%	8.2%	8.8%	9.0%	8.1%	5.4%
Net margin	4.7%	4.4%	3.6%	3.7%	4.4%	4.6%	3.6%	3.7%
Current ratio	0.36×	0.38×	0.46×	0.45×	0.39×	0.45×	0.38×	0.57×
Debt / equity	2.12×	1.83×	2.09×	1.81×	1.84×	1.81×	1.98×	0.6×
Interest coverage	1.8×	2.42×	2.21×	2.35×	2.79×	2.89×	2.4×	10.08×
Dividend yield	2.3%	2.2%	3.4%	3.5%	3.8%	1.9%	2.0%	0.0%
Payout ratio	23.4%	21.7%	29.3%	32.0%	30.6%	26.4%	30.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.6%	12.4%	10.1%	9.4%	10.5%	11.3%	9.0%	9.4%
Return on invested capital	4.8%	7.2%	5.8%	5.6%	5.7%	6.0%	5.2%	6.4%
Return on assets	3.8%	3.7%	2.8%	2.9%	3.2%	3.4%	2.6%	4.4%
Free cash flow yield	35.0%	43.7%	59.2%	48.5%	55.6%	32.2%	36.0%	2.9%
Earnings yield	9.7%	10.0%	11.7%	10.9%	12.6%	7.0%	6.5%	7.8%
Enterprise value	SEK 23.8B	SEK 19.6B	SEK 17.2B	SEK 15.5B	SEK 14.3B	SEK 17.2B	SEK 15.6B	SEK 7.8B
Net debt / EBITDA	3.73×	2.76×	3.22×	3.15×	3.17×	3.14×	3.62×	2.42×
Cash conversion cycle (days)	-61	-62	-2	-1	-0	-8	10	-6