Alimak Group AB (publ) (ALIG.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

+14.9%

SEK 135.55

vs SEK 118.00 price

Levered DCF

SEK 282.76

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.06

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	25.43×	19.93×	15.64×	10.59×	20×	38.66×	19.09×	17.51×
P/B	2.14×	1.64×	1.16×	0.91×	1.6×	2×	2.04×	1.77×
P/S	2.24×	1.75×	1.13×	0.88×	1.65×	1.89×	1.64×	1.39×
EV / EBITDA	12.94×	10.51×	8.09×	13.41×	10.84×	17.13×	11.26×	12.27×
Gross margin	37.4%	40.2%	39.7%	35.3%	34.2%	31.8%	33.7%	31.8%
Operating margin	14.6%	14.1%	13.3%	12.1%	12.0%	7.4%	12.3%	10.2%
Net margin	8.8%	8.8%	7.3%	8.3%	8.3%	4.9%	8.6%	8.0%
Current ratio	2.38×	2.26×	2.19×	1.16×	2.09×	2.28×	2.29×	2.17×
Debt / equity	0.5×	0.49×	0.56×	1.6×	0.19×	0.26×	0.38×	0.36×
Interest coverage	5.42×	3.82×	3.14×	7.69×	27.98×	6.7×	9.83×	9.37×
Dividend yield	2.1%	2.1%	2.4%	4.4%	2.6%	1.3%	2.0%	2.1%
Payout ratio	52.5%	42.5%	37.7%	46.8%	52.5%	51.6%	37.7%	36.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.4%	8.2%	7.4%	8.6%	8.0%	5.2%	10.7%	10.1%
Return on invested capital	6.3%	6.2%	6.0%	3.3%	6.7%	4.4%	8.1%	7.7%
Return on assets	4.5%	4.4%	3.8%	2.6%	5.2%	3.3%	6.1%	5.7%
Free cash flow yield	4.2%	8.2%	10.9%	10.6%	9.4%	6.1%	5.5%	2.8%
Earnings yield	3.9%	5.0%	6.4%	9.4%	5.0%	2.6%	5.2%	5.7%
Enterprise value	SEK 17.8B	SEK 15.1B	SEK 11.2B	SEK 10.1B	SEK 6.5B	SEK 7.8B	SEK 8.6B	SEK 6.9B
Net debt / EBITDA	1.75×	1.84×	2.27×	8.12×	0.64×	1.56×	1.41×	1.54×
Cash conversion cycle (days)	161	166	167	260	153	153	160	154