Byggmästare Anders J Ahlström Holding AB (publ) (AJA-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

-89.9%

SEK 4.91

vs SEK 48.40 price

Levered DCF

SEK 6.02

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

138.27

Safe zone

Rating

B-

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	-39.55×	3.29×	-3.09×	6.1×	4.44×	11.81×	29.59×	4.53×
P/B	0.92×	0.89×	0.92×	0.93×	1.47×	0.99×	1.07×	0.93×
P/S	91.29×	142,617×	1.55×	1.98×	3.08×	7.38×	5.46×	5.82×
EV / EBITDA	-39.06×	3.27×	-4.2×	5.27×	3.75×	6.83×	9.08×	45.32×
Gross margin	43.6%	228.6%	102.1%	145.2%	0.2%	-25.0%	21.8%	25.7%
Operating margin	-233.6%	4313964.3%	-36.3%	32.4%	70.3%	68.9%	26.0%	-6.8%
Net margin	-230.7%	4329285.7%	-50.3%	32.4%	69.3%	62.5%	18.4%	128.3%
Current ratio	103.54×	1.2×	3.14×	1.2×	1.21×	11.69×	14.12×	8.8×
Debt / equity	0×	0×	0.04×	0.1×	0.08×	0.02×	0.01×	0×
Interest coverage	-175.08×	1,195.95×	-15.91×	22.28×	48.51×	168.63×	35.49×	-5.26×
Dividend yield	13.7%	0.5%	0.5%	0.8%	0.0%	0.5%	0.4%	0.5%
Payout ratio	-543.4%	1.6%	-1.6%	4.9%	0.0%	5.5%	12.5%	2.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-2.3%	27.2%	-29.9%	15.2%	33.0%	8.4%	3.6%	20.6%
Return on invested capital	-2.4%	27.0%	-18.0%	13.4%	30.1%	8.0%	4.8%	-1.0%
Return on assets	-2.3%	26.9%	-24.6%	12.4%	25.7%	7.9%	3.4%	19.0%
Free cash flow yield	18.2%	0.8%	6.4%	1.4%	4.5%	-1.8%	-2.3%	-4.4%
Earnings yield	-2.5%	30.4%	-32.4%	16.4%	22.5%	8.5%	3.4%	22.1%
Enterprise value	SEK 1.7B	SEK 2B	SEK 1.3B	SEK 2B	SEK 2.5B	SEK 826.1M	SEK 600M	SEK 439.9M
Net debt / EBITDA	2.02×	-0.02×	0.77×	-0.05×	-0.35×	-3.11×	-8.53×	-55.73×
Cash conversion cycle (days)	32	118,182	-9	-4	2	61	-11	-83