B3 Consulting Group AB (publ) (B3.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

+2344.6%

SEK 579.36

vs SEK 23.70 price

Levered DCF

SEK 395.03

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.2

Grey 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	35.25×	7.73×	15.45×	13.27×	15.56×	15.21×	20.55×	22.22×
P/B	1.81×	2.77×	5.97×	7.03×	4.04×	2.76×	4.17×	5.59×
P/S	0.32×	0.57×	0.82×	1.19×	0.76×	0.41×	0.43×	0.72×
EV / EBITDA	8.28×	6.12×	9.32×	8.77×	8.58×	5.95×	8.51×	10.68×
Gross margin	24.6%	25.3%	15.8%	31.2%	15.9%	13.6%	16.3%	17.5%
Operating margin	3.6%	2.3%	7.5%	12.0%	7.7%	5.0%	3.7%	6.5%
Net margin	0.9%	7.4%	5.3%	9.0%	4.9%	2.7%	2.1%	3.2%
Current ratio	1.21×	1.01×	0.82×	0.94×	0.9×	0.71×	0.85×	0.93×
Debt / equity	1.54×	1.3×	1.09×	0.51×	0.6×	0.91×	1.65×	0.86×
Interest coverage	1.83×	1.49×	22.08×	47.47×	21.91×	8.36×	7.22×	17.76×
Dividend yield	0.0%	5.0%	7.2%	2.2%	1.1%	0.0%	4.6%	3.1%
Payout ratio	0.0%	38.3%	111.9%	29.1%	16.7%	0.0%	95.1%	68.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.1%	35.8%	38.6%	53.0%	26.0%	18.2%	20.3%	25.1%
Return on invested capital	4.3%	4.2%	18.8%	33.4%	18.2%	11.4%	7.2%	15.1%
Return on assets	1.3%	9.4%	9.6%	16.6%	8.1%	4.5%	3.4%	5.5%
Free cash flow yield	9.6%	-3.0%	6.8%	11.0%	10.7%	19.5%	13.5%	8.0%
Earnings yield	2.8%	12.9%	6.5%	7.5%	6.4%	6.6%	4.9%	4.5%
Enterprise value	SEK 650.4M	SEK 868.6M	SEK 1.1B	SEK 1.4B	SEK 755.3M	SEK 416.6M	SEK 476.7M	SEK 577M
Net debt / EBITDA	3.37×	1.59×	1.08×	0.11×	0.57×	0.98×	2.06×	1.06×
Cash conversion cycle (days)	50	52	43	56	66	50	61	58