Acrinova AB (publ) (ACRI-A.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

-129.2%

-SEK 2.34

vs SEK 8.00 price

Levered DCF

SEK 1.41

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.2

Distress zone

Rating

B+

Overall 3 / 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	11.12×	19.23×	76.36×	6.67×	3.7×	9.12×	19.83×	5.81×
P/B	1.19×	0.71×	0.6×	0.6×	1.04×	2.84×	4.01×	1.71×
P/S	5.2×	4.29×	3.86×	4.31×	8.94×	12.34×	17.06×	5.14×
EV / EBITDA	22.25×	15.74×	21.93×	11.53×	7.96×	25.36×	32.97×	14.21×
Gross margin	59.8%	68.4%	68.5%	68.5%	71.2%	72.0%	68.9%	70.7%
Operating margin	40.3%	57.2%	49.0%	68.5%	187.6%	72.0%	58.4%	70.7%
Net margin	46.8%	22.5%	5.3%	60.8%	150.2%	39.0%	43.6%	38.3%
Current ratio	3.14×	0.32×	0.18×	0.67×	0.93×	1.32×	2.15×	1.31×
Debt / equity	0.72×	1.12×	1.15×	1.06×	0.91×	0.97×	0.87×	0.89×
Interest coverage	2.03×	2.39×	2.05×	3.66×	13.08×	6.97×	8.02×	11.29×
Dividend yield	14.4%	3.0%	4.8%	2.3%	2.3%	0.6%	0.6%	1.7%
Payout ratio	160.1%	57.3%	353.2%	16.3%	13.6%	18.6%	24.6%	22.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.7%	3.7%	0.8%	8.4%	17.5%	9.0%	10.2%	12.7%
Return on invested capital	5.0%	2.3%	-2.6%	3.4%	8.9%	6.2%	5.7%	9.8%
Return on assets	5.8%	1.6%	0.4%	3.8%	8.4%	4.2%	5.0%	6.3%
Free cash flow yield	37.7%	1.8%	-13.7%	-5.1%	7.8%	2.3%	0.6%	3.4%
Earnings yield	9.0%	5.2%	1.4%	14.1%	16.8%	3.2%	2.6%	7.4%
Enterprise value	SEK 916.5M	SEK 1.7B	SEK 1.6B	SEK 1.5B	SEK 1.6B	SEK 1.8B	SEK 1.9B	SEK 663.4M
Net debt / EBITDA	6.07×	9.32×	14.23×	7.29×	3.52×	5.95×	5.07×	4.56×
Cash conversion cycle (days)	30	-59	-93	-16	-243	-100	-80	-72