Alcadon Group AB (publ) (ALCA.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

+136.0%

SEK 70.79

vs SEK 30.00 price

Levered DCF

SEK 155.71

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.05

Grey 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	-54.35×	18.83×	19.86×	39.95×	47.53×	16.8×	15.87×	13.69×
P/B	0.8×	0.81×	1.12×	2.58×	6.59×	2.08×	1.49×	2.55×
P/S	0.43×	0.43×	0.48×	1.33×	3.05×	1.04×	0.63×	0.91×
EV / EBITDA	8.21×	8.95×	8.63×	23.06×	31.1×	11.81×	10.57×	10.52×
Gross margin	5.0%	25.3%	24.4%	25.5%	28.1%	28.7%	26.8%	27.7%
Operating margin	5.0%	4.6%	5.6%	5.6%	8.9%	9.2%	6.4%	10.5%
Net margin	-0.8%	2.3%	2.4%	3.3%	6.4%	6.2%	4.0%	6.7%
Current ratio	1.6×	1.59×	1.64×	1.46×	1.53×	0.65×	1.16×	1.27×
Debt / equity	0.53×	0.49×	0.62×	0.95×	0.53×	0.62×	0.7×	0.75×
Interest coverage	3.12×	2.49×	2.49×	4.34×	12.18×	7.81×	4.87×	5.62×
Dividend yield	0.0%	0.0%	0.0%	0.7%	0.0%	0.0%	2.7%	1.7%
Payout ratio	0.0%	0.0%	0.0%	26.5%	0.0%	0.0%	43.3%	22.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.4%	4.3%	5.7%	6.4%	13.9%	12.4%	9.4%	18.6%
Return on invested capital	4.5%	3.5%	5.4%	3.4%	9.2%	8.7%	6.8%	13.0%
Return on assets	-0.7%	2.2%	2.4%	2.2%	6.5%	6.3%	4.3%	8.0%
Free cash flow yield	16.5%	17.2%	17.4%	0.8%	0.6%	5.6%	11.5%	10.5%
Earnings yield	-1.8%	5.3%	5.0%	2.5%	2.1%	6.0%	6.3%	7.3%
Enterprise value	SEK 954.8M	SEK 1.1B	SEK 1.1B	SEK 1.9B	SEK 2.4B	SEK 626.7M	SEK 434.6M	SEK 613.6M
Net debt / EBITDA	2.94×	3.08×	2.74×	5.34×	1.97×	2.63×	3.09×	2.03×
Cash conversion cycle (days)	63	77	73	134	93	67	54	57