Annexin Pharmaceuticals AB (ANNX.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

-42.7%

SEK 3.77

vs SEK 6.58 price

Levered DCF

SEK 4.14

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

-32.9

Distress zone

Rating

C-

Overall 1 / 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	-3.55×	-384.36×	-91.35×	-324.88×	-141.9×	-251.18×	-45.46×	-49.39×
P/B	5.25×	1,394.14×	210.95×	442.27×	160.38×	542.15×	278.46×	0.65×
P/S	0×	0×	0×	0×	0×	0×	0×	0×
EV / EBITDA	-2.81×	-380.47×	-90×	-326.7×	-148.06×	-256.54×	-113.56×	0.14×
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	5.47×	3.27×	3.13×	5.16×	8.37×	5.07×	3.01×	7.3×
Debt / equity	0×	0×	0×	0×	0×	0×	0.02×	0.01×
Interest coverage	0×	0×	0×	-20,362×	-27.56×	-86.95×	-858.42×	-195.24×
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	-148.0%	-366.5%	-234.2%	-135.1%	-111.6%	-214.4%	-246.9%	-72.4%
Return on invested capital	-145.6%	-368.1%	-234.8%	-134.4%	-109.6%	-211.9%	-326.9%	-76.5%
Return on assets	-122.3%	-264.0%	-164.6%	-111.0%	-98.8%	-175.8%	-176.9%	-62.7%
Free cash flow yield	-28.3%	-0.3%	-1.1%	-0.3%	-0.6%	-0.4%	-0.8%	-111.0%
Earnings yield	-28.2%	-0.3%	-1.1%	-0.3%	-0.7%	-0.4%	-0.9%	-112.2%
Enterprise value	SEK 103.6M	SEK 19.1B	SEK 3.9B	SEK 13.3B	SEK 7.4B	SEK 11.2B	SEK 3.2B	-SEK 4M
Net debt / EBITDA	0.74×	0.33×	0.49×	0.76×	0.98×	0.42×	0.14×	1.04×
Cash conversion cycle (days)	-22,592	-5,594	-8,181	-6,296	-6,675	2,610	-4,538	17,864