Adtraction Group AB (ADTR.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

+23.2%

SEK 49.77

vs SEK 40.40 price

Levered DCF

SEK 91.63

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

4.34

Safe 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	-25.83×	-43.72×	-549.38×	22.35×	36.65×	39.94×	36.49×	40.18×
P/B	2.45×	2.05×	2.37×	2.96×	5.64×	22×	23.88×	29.53×
P/S	0.43×	0.47×	0.55×	0.48×	1.01×	1.3×	1.28×	1.91×
EV / EBITDA	7.12×	8.96×	8.28×	7.6×	16.84×	27.03×	25.41×	30.96×
Gross margin	19.5%	7.8%	8.8%	18.6%	18.8%	17.2%	18.1%	5.2%
Operating margin	-1.4%	-1.6%	0.5%	2.7%	3.8%	4.4%	4.7%	5.2%
Net margin	-1.7%	-1.1%	-0.1%	2.2%	2.8%	3.3%	3.5%	4.8%
Current ratio	1.19×	1.22×	1.3×	1.49×	1.48×	1.22×	1.27×	1.31×
Debt / equity	0×	0×	0×	0×	0.2×	0.3×	0×	0×
Interest coverage	-52.88×	-106.8×	4.75×	47.77×	52.86×	353.47×	407.2×	553.92×
Dividend yield	6.5%	9.9%	1.3%	0.2%	1.7%	2.0%	2.6%	1.1%
Payout ratio	-167.2%	-431.4%	-697.8%	5.0%	61.8%	78.5%	94.6%	45.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.5%	-4.7%	-0.4%	13.3%	15.4%	55.2%	65.6%	73.6%
Return on invested capital	-7.2%	-6.3%	-0.7%	12.1%	124.5%	36.2%	64.3%	53.6%
Return on assets	-3.7%	-2.2%	-0.2%	5.3%	5.5%	9.6%	13.5%	16.7%
Free cash flow yield	13.3%	8.8%	8.9%	8.5%	6.6%	4.6%	2.8%	0.7%
Earnings yield	-3.9%	-2.3%	-0.2%	4.5%	2.7%	2.5%	2.7%	2.5%
Enterprise value	SEK 391.4M	SEK 459.3M	SEK 623.1M	SEK 304.5M	SEK 590.6M	SEK 666.3M	SEK 644M	SEK 763.2M
Net debt / EBITDA	-2.25×	-2.09×	-1.54×	-3.54×	-3.3×	-1.72×	-1.22×	-1.21×
Cash conversion cycle (days)	72	30	32	69	65	73	42	45