Avensia AB (publ) (AVEN.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

+297.5%

SEK 25.76

vs SEK 6.48 price

Levered DCF

SEK 28.80

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.81

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	FY2020	FY2019	FY2018
P/E	14.59×	17.69×	-72.92×	-37.88×	37.77×	550.65×	27.98×	25.43×
P/B	7.28×	7.15×	14.46×	15.25×	9.81×	10.42×	8.35×	8.74×
P/S	0.74×	0.7×	0.85×	1.08×	1.68×	1.95×	1.73×	1.66×
EV / EBITDA	6.35×	6.95×	38.85×	95.54×	15.01×	35.98×	13.72×	15.55×
Gross margin	8.1%	20.4%	13.4%	15.9%	18.6%	12.0%	22.8%	24.1%
Operating margin	8.1%	6.3%	-0.6%	-3.0%	5.9%	1.1%	8.8%	9.4%
Net margin	5.1%	4.0%	-1.1%	-2.8%	4.5%	0.4%	6.2%	6.6%
Current ratio	1.26×	1.17×	0.99×	1.04×	1.47×	1.41×	1.66×	1.79×
Debt / equity	1.38×	1.74×	2.98×	1.71×	0.24×	0.38×	0.34×	0.29×
Interest coverage	8.18×	5.67×	-1.24×	-17.22×	26.03×	3.84×	29.18×	451.46×
Dividend yield	5.9%	0.0%	0.0%	5.2%	1.7%	1.7%	1.6%	1.5%
Payout ratio	85.7%	0.0%	0.0%	-199.0%	63.0%	920.4%	44.3%	39.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	50.2%	40.7%	-19.5%	-39.8%	26.2%	1.9%	29.7%	34.5%
Return on invested capital	25.6%	17.7%	-2.4%	-13.8%	21.0%	1.7%	33.3%	74.9%
Return on assets	11.3%	7.7%	-2.4%	-6.6%	9.8%	0.7%	12.4%	16.3%
Free cash flow yield	13.1%	16.6%	0.8%	3.0%	2.1%	3.2%	3.3%	5.4%
Earnings yield	6.9%	5.7%	-1.3%	-2.6%	2.7%	0.2%	3.6%	3.9%
Enterprise value	SEK 326.1M	SEK 325M	SEK 408.8M	SEK 500.7M	SEK 636.5M	SEK 598.7M	SEK 511.1M	SEK 399.5M
Net debt / EBITDA	0.23×	0.63×	5.4×	7×	-0.49×	-1.14×	-0.37×	-0.64×
Cash conversion cycle (days)	43	54	-30	46	67	66	74	-43