AlzeCure Pharma AB (ALZCUR.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

-92.8%

SEK 0.45

vs SEK 6.30 price

Levered DCF

SEK 0.45

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

15.15

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	FY2018
P/E	-4.26×	-2.5×	-4.88×	-3.31×	-2.72×	-4.51×	-2.85×	-4.86×
P/B	6.11×	3.36×	7.63×	3.08×	6.43×	2.91×	0.8×	0.75×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-3.24×	-1.59×	-4.02×	-2.88×	-2.2×	-2.97×	0.72×	1.65×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Current ratio	2.33×	4.15×	3.84×	2.66×	3.49×	16.38×	38.96×	51.41×
Debt / equity	0.16×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	-180.85×	0×	0×	-14,110.5×	-77,926×	-71,579×	-341.66×	-390.14×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-144.8%	-134.6%	-156.3%	-92.6%	-235.9%	-64.4%	-28.0%	-15.4%
Return on invested capital	-139.1%	-139.2%	-160.9%	-93.0%	-236.3%	-64.6%	-28.0%	-15.4%
Return on assets	-80.7%	-102.3%	-116.1%	-79.1%	-170.4%	-60.6%	-27.3%	-15.1%
Free cash flow yield	-17.2%	-40.0%	1.7%	-53.7%	-33.4%	-21.7%	-35.5%	-21.0%
Earnings yield	-23.7%	-40.0%	-20.5%	-30.1%	-36.7%	-22.1%	-35.0%	-20.6%
Enterprise value	SEK 155.8M	SEK 56.6M	SEK 152.4M	SEK 160.4M	SEK 170.2M	SEK 210.3M	-SEK 36.6M	-SEK 59.6M
Net debt / EBITDA	0.94×	0.88×	0.77×	0.46×	0.54×	1.59×	3.61×	6.51×
Cash conversion cycle (days)	-1,197	-3,345	-2,060	-3,104	-3,785	-2,930	-25	-21,963