ALM Equity AB (publ) (ALM-PREF.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

+30.2%

SEK 47.79

vs SEK 36.70 price

Levered DCF

-SEK 28.91

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.97

Distress zone

Rating

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	-2.62×	-2.4×	-1.45×	-9.7×	2.94×	64.81×	7.14×	20.72×
P/B	0.4×	0.83×	1.23×	1.12×	1.66×	3.01×	1.41×	1×
P/S	0.93×	0.73×	1.27×	0.81×	1.88×	3.98×	1.84×	0.69×
EV / EBITDA	-15.43×	-3.08×	38.4×	-20.61×	3.48×	27.78×	11.38×	25.59×
Gross margin	-6.4%	8.7%	10.1%	25.0%	63.2%	18.2%	17.1%	12.1%
Operating margin	-14.4%	-18.0%	-69.4%	23.3%	63.1%	20.8%	31.8%	7.3%
Net margin	-21.8%	-30.4%	-83.1%	-8.3%	64.4%	11.0%	25.8%	3.3%
Current ratio	4.43×	2.4×	1.29×	1.66×	2.97×	1.65×	1.75×	3.87×
Debt / equity	0.58×	0.73×	1.68×	0.87×	0.85×	2.14×	2.01×	1.16×
Interest coverage	-1.17×	-2.48×	-6.11×	7.58×	14.67×	2.64×	4.12×	1.83×
Dividend yield	14.6%	5.4%	3.9%	2.1%	1.0%	1.2%	2.4%	3.8%
Payout ratio	-61.9%	-12.9%	-6.1%	-20.8%	3.0%	44.3%	17.1%	79.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-9.5%	-34.4%	-80.0%	-11.6%	57.0%	8.3%	19.8%	4.8%
Return on invested capital	-3.4%	-11.7%	-22.8%	13.1%	26.9%	4.1%	7.0%	2.7%
Return on assets	-5.1%	-17.4%	-25.9%	-5.0%	25.8%	2.0%	5.1%	1.6%
Free cash flow yield	0.5%	48.3%	-36.7%	-6.9%	8.4%	-1.0%	22.6%	-8.6%
Earnings yield	-23.5%	-41.6%	-65.2%	-10.3%	34.3%	2.8%	14.0%	4.8%
Enterprise value	SEK 1.4B	SEK 2.6B	SEK 6.8B	SEK 8.8B	SEK 13B	SEK 11.3B	SEK 6.8B	SEK 3.5B
Net debt / EBITDA	-5.4×	-0.4×	21.14×	-7.56×	0.83×	10.5×	6.19×	12.62×
Cash conversion cycle (days)	230	114	408	253	1,159	615	980	706