Arjo AB (publ) (ARJO-B.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

+68.3%

SEK 58.62

vs SEK 34.84 price

Levered DCF

SEK 46.86

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.15

Grey 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	26.03×	19.81×	22.5×	23.6×	40.74×	32.56×	30.45×	25.55×
P/B	1.17×	1.18×	1.42×	1.39×	4.38×	3.04×	2.08×	1.4×
P/S	0.79×	0.87×	0.98×	1.06×	3.33×	1.89×	1.38×	0.92×
EV / EBITDA	7.31×	7.11×	7.81×	9.4×	17.16×	9.47×	10.81×	10.32×
Gross margin	39.2%	43.4%	43.1%	42.2%	46.4%	45.5%	43.5%	44.6%
Operating margin	7.9%	7.9%	8.1%	6.9%	11.9%	9.5%	7.5%	6.0%
Net margin	3.0%	4.4%	4.4%	4.5%	8.2%	5.8%	4.5%	3.6%
Current ratio	1.12×	1.06×	1.01×	1.09×	0.64×	0.79×	0.8×	1.01×
Debt / equity	0.72×	0.65×	0.72×	0.83×	0.79×	0.2×	1.11×	1.04×
Interest coverage	4.16×	3.49×	3.31×	5.12×	10.99×	5.97×	4.93×	4.52×
Dividend yield	3.0%	2.5%	2.2%	3.0%	0.8%	1.0%	1.2%	1.8%
Payout ratio	77.5%	49.2%	48.3%	69.7%	31.3%	33.7%	37.2%	45.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	6.0%	6.3%	5.9%	10.8%	9.3%	6.8%	5.5%
Return on invested capital	4.8%	4.6%	4.8%	3.6%	6.4%	5.3%	3.9%	3.3%
Return on assets	2.2%	3.1%	3.0%	2.8%	5.1%	3.8%	2.8%	2.3%
Free cash flow yield	8.7%	8.5%	12.8%	0.1%	3.2%	8.5%	4.0%	4.6%
Earnings yield	3.8%	5.0%	4.5%	4.2%	2.5%	3.1%	3.3%	3.9%
Enterprise value	SEK 13.2B	SEK 14.4B	SEK 15.3B	SEK 16B	SEK 34.9B	SEK 17.2B	SEK 18.2B	SEK 12.3B
Net debt / EBITDA	2.49×	2.23×	2.32×	3.16×	2.31×	0.07×	3.51×	3.95×
Cash conversion cycle (days)	109	113	107	154	120	100	43	133