Asmodee Group AB (publ) (ASMDEE-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

+459.7%

SEK 944.76

vs SEK 168.80 price

Levered DCF

SEK 580.07

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.83

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
P/E	80.94×	305.01×	-3.88×	20.19×	0×
P/B	1.2×	0.76×	0.92×	1×	0×
P/S	1.35×	1.05×	1.63×	1.79×	0×
EV / EBITDA	8.6×	6.98×	7.35×	8.25×	0×
Gross margin	42.4%	44.7%	41.1%	45.4%	0.0%
Operating margin	10.0%	8.5%	-55.2%	6.1%	0.0%
Net margin	1.6%	0.3%	-42.0%	8.9%	0.0%
Current ratio	1.88×	1.89×	1.68×	2.37×	1.52×
Debt / equity	0.37×	0.37×	0.04×	0.03×	0.05×
Interest coverage	2.78×	0.7×	-11.38×	1.76×	0×
Dividend yield	0.0%	62.2%	0.0%	0.0%	0.0%
Payout ratio	0.0%	18986.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	1.5%	0.2%	-23.6%	5.0%	0.0%
Return on invested capital	2.4%	0.8%	-22.0%	1.9%	0.0%
Return on assets	0.8%	0.1%	-18.1%	2.8%	0.0%
Free cash flow yield	8.5%	11.7%	8.1%	1.5%	0.0%
Earnings yield	1.2%	0.3%	-25.7%	5.0%	0.0%
Enterprise value	SEK 2.5B	SEK 1.8B	SEK 2.1B	SEK 2.1B	-SEK 6.7M
Net debt / EBITDA	0.88×	1.55×	-0.07×	-0.12×	0×
Cash conversion cycle (days)	55	68	87	138	0