Atrium Ljungberg AB (publ) (ATRLJ-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

+96.8%

SEK 42.30

vs SEK 21.50 price

Levered DCF

SEK 15.81

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.75

Distress zone

Rating

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	25.36×	29.36×	-6.06×	1.01×	1.35×	5.09×	2.09×	1.15×
P/B	0.74×	0.89×	0.84×	0.59×	0.79×	0.78×	1.03×	0.77×
P/S	5.88×	7.11×	7.16×	5.5×	6.58×	6.28×	8.36×	6.07×
EV / EBITDA	23.79×	31.27×	25.95×	7.47×	8.3×	37.69×	11.65×	8.33×
Gross margin	62.6%	61.1%	62.4%	55.2%	53.9%	54.3%	61.3%	61.6%
Operating margin	60.1%	57.1%	58.4%	136.7%	148.2%	43.9%	140.6%	57.7%
Net margin	23.1%	24.2%	-29.5%	136.8%	122.1%	30.8%	99.9%	131.3%
Current ratio	0.36×	0.41×	1.82×	2.03×	2.4×	1.57×	1.72×	1.99×
Debt / equity	0.98×	0.92×	0.95×	0.92×	0.85×	0.89×	0.94×	0.89×
Interest coverage	3.03×	3.42×	3.56×	10.21×	15.62×	3.99×	10.92×	5.01×
Dividend yield	2.2%	1.8%	2.9%	3.8%	3.2%	3.7%	2.7%	3.8%
Payout ratio	55.2%	51.9%	-70.0%	15.3%	17.0%	74.9%	22.5%	17.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	3.0%	-3.5%	14.7%	14.7%	3.8%	12.3%	16.7%
Return on invested capital	2.5%	2.7%	2.5%	5.4%	6.9%	2.6%	6.4%	3.1%
Return on assets	1.3%	1.4%	-1.5%	6.7%	6.9%	1.7%	5.5%	7.7%
Free cash flow yield	5.6%	5.0%	4.7%	9.0%	6.1%	7.0%	5.7%	7.8%
Earnings yield	3.9%	3.4%	-4.1%	24.8%	18.6%	4.9%	11.9%	21.7%
Enterprise value	SEK 48.5B	SEK 50.7B	SEK 49.3B	SEK 43.5B	SEK 41.1B	SEK 37.5B	SEK 44.6B	SEK 34.1B
Net debt / EBITDA	13.52×	15.84×	13.77×	4.51×	4.22×	19.92×	5.51×	4.44×
Cash conversion cycle (days)	429	424	484	342	293	91	303	277