Alleima AB (publ) (ALLEI.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

-23.0%

SEK 69.44

vs SEK 90.20 price

Levered DCF

SEK 89.92

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.62

Safe 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
P/E	30.54×	15.39×	12×	6.56×	8.92×	27.61×	16.21×
P/B	1.24×	1.13×	1.2×	0.61×	0.92×	1.04×	1.23×
P/S	1.1×	0.95×	0.91×	0.52×	0.78×	0.77×	0.69×
EV / EBITDA	10.13×	7.82×	5.82×	3.22×	4.5×	8.59×	6.41×
Gross margin	18.6%	20.1%	22.2%	25.6%	25.0%	18.0%	23.3%
Operating margin	5.1%	7.6%	9.9%	11.5%	10.0%	3.5%	9.2%
Net margin	3.6%	6.2%	7.6%	8.0%	8.7%	2.8%	4.2%
Current ratio	2.83×	2.6×	2.59×	2.46×	1.77×	1.98×	1.13×
Debt / equity	0.03×	0.1×	0.03×	0.03×	0.16×	0.04×	0.43×
Interest coverage	3.96×	23.41×	21.54×	49.35×	17.24×	4.03×	6.33×
Dividend yield	2.8%	2.7%	1.9%	0.0%	0.0%	0.0%	0.0%
Payout ratio	85.7%	41.0%	22.3%	0.2%	0.0%	0.0%	0.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	4.1%	7.3%	10.0%	9.2%	10.3%	3.8%	7.6%
Return on invested capital	3.6%	6.2%	8.6%	8.9%	7.2%	2.6%	6.7%
Return on assets	3.0%	5.1%	6.8%	6.3%	6.1%	2.4%	3.6%
Free cash flow yield	4.2%	4.9%	7.4%	0.1%	6.1%	10.7%	8.6%
Earnings yield	3.3%	6.5%	8.3%	15.3%	11.2%	3.6%	6.2%
Enterprise value	SEK 19B	SEK 18.6B	SEK 17.8B	SEK 9.1B	SEK 10.9B	SEK 11B	SEK 14.4B
Net debt / EBITDA	-0.77×	-0.1×	-0.35×	-0.17×	0.07×	0.22×	1.62×
Cash conversion cycle (days)	131	181	174	191	186	148	165