AGES Industri AB (publ) (AGES-B.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

+170.7%

SEK 112.05

vs SEK 41.40 price

Levered DCF

SEK 33.71

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.8

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	18.43×	-3.07×	8.86×	7.55×	16.44×	413.33×	-2.63×	12.14×
P/B	1.26×	1.56×	1.13×	0.64×	1.15×	1.04×	0.99×	0.95×
P/S	0.44×	0.34×	0.34×	0.2×	0.39×	0.43×	0.33×	0.41×
EV / EBITDA	7.59×	6.23×	5.06×	5.13×	7.87×	12.63×	-10.27×	8.02×
Gross margin	13.6%	10.6%	9.9%	8.3%	9.5%	7.1%	9.5%	11.8%
Operating margin	3.3%	-10.0%	6.2%	3.8%	4.0%	1.8%	-11.4%	5.1%
Net margin	2.4%	-11.2%	3.9%	2.6%	2.4%	0.1%	-12.6%	3.4%
Current ratio	1.15×	0.99×	0.96×	0.93×	0.89×	0.79×	0.85×	0.9×
Debt / equity	0.58×	0.81×	0.57×	0.72×	0.92×	0.75×	1.06×	0.75×
Interest coverage	4.22×	-7.85×	5.12×	4.72×	3.91×	1.67×	-13.92×	6.66×
Dividend yield	2.8%	2.3%	0.0%	0.0%	0.0%	0.0%	3.2%	2.3%
Payout ratio	51.9%	-7.1%	0.0%	0.0%	0.0%	0.0%	-8.3%	28.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.9%	-50.8%	12.8%	8.5%	7.0%	0.2%	-37.8%	7.8%
Return on invested capital	3.9%	-23.5%	9.7%	6.1%	4.6%	0.3%	-15.4%	4.9%
Return on assets	3.2%	-18.4%	5.6%	3.5%	2.6%	0.1%	-13.9%	3.4%
Free cash flow yield	11.6%	20.7%	14.3%	18.7%	-21.2%	29.3%	7.4%	6.8%
Earnings yield	5.4%	-32.6%	11.3%	13.2%	6.1%	0.2%	-38.0%	8.2%
Enterprise value	SEK 563.6M	SEK 713.4M	SEK 763.1M	SEK 536M	SEK 748.9M	SEK 593.5M	SEK 679.3M	SEK 796.7M
Net debt / EBITDA	2.33×	2.05×	1.63×	2.67×	3.44×	5.21×	-5.23×	3.49×
Cash conversion cycle (days)	75	58	52	60	76	65	70	76