Ambea AB (publ) (AMBEA.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

+310.1%

SEK 746.79

vs SEK 182.10 price

Levered DCF

SEK 629.07

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.38

Distress 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	17.77×	13.39×	10.37×	11.32×	24.14×	17.13×	31.27×	19.71×
P/B	2.27×	1.66×	0.96×	0.89×	1.26×	1.42×	1.67×	2.15×
P/S	0.74×	0.58×	0.35×	0.33×	0.5×	0.55×	0.61×	0.96×
EV / EBITDA	8.99×	7.41×	6.78×	7.28×	9.62×	9×	10.6×	12.96×
Gross margin	17.5%	17.2%	25.8%	96.5%	96.3%	96.8%	96.5%	97.0%
Operating margin	7.5%	9.0%	7.4%	6.7%	5.2%	6.5%	4.8%	7.1%
Net margin	4.1%	4.4%	3.4%	2.9%	2.1%	3.2%	1.9%	4.9%
Current ratio	0.41×	0.43×	0.49×	0.59×	0.41×	0.37×	0.35×	0.42×
Debt / equity	2.43×	2.22×	2.18×	2.34×	2.18×	1.94×	1.97×	0.76×
Interest coverage	2.31×	2.75×	2.34×	2.63×	2.25×	3.22×	2.01×	10.73×
Dividend yield	1.6%	1.6%	2.4%	2.6%	1.9%	0.0%	1.1%	1.2%
Payout ratio	27.8%	21.0%	24.6%	29.8%	46.0%	0.0%	34.4%	23.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.8%	12.4%	9.2%	7.8%	5.2%	8.3%	5.3%	10.9%
Return on invested capital	5.1%	6.0%	4.9%	4.0%	3.2%	4.3%	3.3%	6.6%
Return on assets	3.2%	3.4%	2.5%	2.0%	1.4%	2.4%	1.6%	5.1%
Free cash flow yield	17.2%	23.5%	34.4%	32.2%	19.3%	20.6%	12.8%	8.5%
Earnings yield	5.6%	7.5%	9.6%	8.8%	4.1%	5.8%	3.2%	5.1%
Enterprise value	SEK 24.3B	SEK 19.3B	SEK 15.5B	SEK 14.8B	SEK 15.5B	SEK 14.5B	SEK 14.6B	SEK 7.8B
Net debt / EBITDA	4.62×	4.23×	4.71×	5.25×	6.07×	5.19×	5.73×	3.31×
Cash conversion cycle (days)	26	23	23	-226	-255	-277	-215	67