Apotea AB (APOTEA.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

-66.8%

SEK 31.09

vs SEK 93.55 price

Levered DCF

SEK 27.46

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

9.34

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
P/E	41.92×	40.22×	100×	442.11×	84.85×
P/B	11.37×	155.69×	218.93×	26.69×	25.2×
P/S	1.33×	1.32×	1.6×	1.79×	1.88×
EV / EBITDA	21.39×	21.62×	38.79×	86.42×	46.93×
Gross margin	26.9%	27.3%	26.6%	26.0%	16.4%
Operating margin	4.2%	4.0%	2.1%	1.0%	2.9%
Net margin	3.2%	3.3%	1.6%	0.4%	2.3%
Current ratio	1.28×	1.16×	1.03×	1.01×	1.27×
Debt / equity	0.39×	0.39×	0.65×	1.02×	0.42×
Interest coverage	25.31×	49.58×	24.5×	12.89×	0×
Dividend yield	0.0%	0.0%	0.0%	0.3%	0.3%
Payout ratio	0.0%	0.0%	0.0%	143.2%	27.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	27.1%	388.1%	217.9%	6.1%	30.8%
Return on invested capital	19.9%	266.3%	124.8%	4.2%	22.0%
Return on assets	11.5%	146.7%	65.8%	1.6%	10.2%
Free cash flow yield	1.2%	0.5%	1.1%	-1.3%	1.7%
Earnings yield	2.4%	2.5%	1.0%	0.2%	1.2%
Enterprise value	SEK 9.9B	SEK 8.6B	SEK 8.8B	SEK 9.1B	SEK 8.6B
Net debt / EBITDA	0.71×	0.05×	0.11×	3×	0.34×
Cash conversion cycle (days)	-33	2	34	11	9