Ascelia Pharma AB (publ) (ACE.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

-17.7%

SEK 0.44

vs SEK 0.54 price

Levered DCF

SEK 0.43

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

-8.91

Distress zone

Rating

C+

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	-4.81×	-1.97×	-1.04×	-3.96×	-7.81×	-15×	-12.9×	-9.12×
P/B	3.67×	2×	1.53×	2.78×	3.2×	6.28×	2.17×	1.23×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-4.32×	-1.61×	-0.86×	-2.68×	-5.64×	-13.13×	-10.17×	-5.02×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	4.35×	1.35×	2.3×	4.29×	10.94×	10.69×	14.76×	20.54×
Debt / equity	0.01×	0.32×	0.01×	0×	0.01×	0.01×	0×	0×
Interest coverage	-13.46×	-9.03×	-7,922.43×	-3,062.65×	-1,791.53×	-7,186.77×	0×	-1,133.09×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-76.7%	-101.4%	-147.0%	-72.6%	-40.9%	-41.8%	-16.8%	-13.5%
Return on invested capital	-73.4%	-65.2%	-146.7%	-79.9%	-43.3%	-38.9%	-15.5%	-13.4%
Return on assets	-68.1%	-56.8%	-125.5%	-60.0%	-37.8%	-38.6%	-15.9%	-12.9%
Free cash flow yield	-19.8%	-39.9%	-111.6%	-24.9%	-11.9%	-5.8%	-7.2%	-9.0%
Earnings yield	-20.9%	-50.8%	-96.2%	-26.1%	-12.8%	-6.7%	-7.8%	-11.0%
Enterprise value	SEK 316.5M	SEK 107.8M	SEK 92.8M	SEK 353.9M	SEK 723.9M	SEK 1.3B	SEK 406.1M	SEK 188.5M
Net debt / EBITDA	0.67×	0.75×	0.19×	1.13×	2.02×	1.85×	2.71×	3.99×
Cash conversion cycle (days)	-839	-1,842	-531	-1,489	-257	-1,718	-30,819	-621