Active Biotech AB (ACTI.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

-98.9%

SEK 0.05

vs SEK 4.01 price

Levered DCF

SEK 0.05

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

4.44

Safe 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	-166.06×	-116.12×	-122.18×	-169.7×	-246.15×	-387.42×	-408.72×	-472.73×
P/B	111.47×	142.63×	182.47×	294.09×	259.11×	560.48×	274.35×	201.82×
P/S	0×	0×	0×	0×	0×	1,842.96×	1,751.37×	884.87×
EV / EBITDA	-170.4×	-118.93×	-126.78×	-178.46×	-248.17×	-401.12×	-469.18×	-608.31×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	100.0%	100.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	-480.4%	-383.2%	-148.8%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	-477.6%	-428.1%	-183.9%
Current ratio	4.66×	4.4×	3.73×	3.66×	5.64×	3.24×	5.71×	1.4×
Debt / equity	0.03×	0.1×	0.15×	0.17×	0.02×	0.09×	0.06×	2.32×
Interest coverage	0×	-224.86×	0×	-281×	-1,914.69×	-371.33×	-16.68×	-4.28×
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	-67.1%	-122.9%	-149.3%	-170.1%	-106.9%	-145.2%	-67.1%	-41.9%
Return on invested capital	-65.6%	-110.7%	-132.0%	-142.8%	-104.5%	-133.4%	-56.6%	-10.2%
Return on assets	-53.1%	-91.2%	-104.0%	-115.1%	-87.8%	-99.9%	-53.9%	-12.2%
Free cash flow yield	-0.5%	-0.9%	-0.8%	-0.5%	-0.4%	-0.3%	-0.2%	-0.2%
Earnings yield	-0.6%	-0.9%	-0.8%	-0.6%	-0.4%	-0.3%	-0.2%	-0.2%
Enterprise value	SEK 6.1B	SEK 4.6B	SEK 5.6B	SEK 10.1B	SEK 12B	SEK 12.4B	SEK 14.7B	SEK 17.9B
Net debt / EBITDA	1.76×	0.63×	0.72×	0.63×	1.07×	0.79×	1.8×	-6.07×
Cash conversion cycle (days)	-1,121	-323	-691	-862	-787	82	113	37