Balco Group AB (BALCO.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

+877.9%

SEK 133.97

vs SEK 13.70 price

Levered DCF

SEK 85.43

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.33

Distress 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	-11.16×	803.76×	23.09×	12.59×	33.4×	27.01×	19.58×	14.39×
P/B	0.54×	1.12×	1.44×	1.31×	4.36×	3.46×	3.91×	2.51×
P/S	0.31×	0.62×	0.88×	0.72×	2.69×	1.73×	1.65×	1.04×
EV / EBITDA	24.31×	13.49×	11.1×	7.32×	20.23×	13.87×	12.43×	10.32×
Gross margin	12.3%	17.5%	20.2%	21.6%	26.4%	24.1%	24.5%	23.9%
Operating margin	-2.4%	2.5%	5.8%	7.7%	10.5%	9.6%	11.5%	10.0%
Net margin	-2.8%	0.1%	3.8%	5.7%	8.1%	6.5%	8.4%	7.3%
Current ratio	1.58×	1.65×	1.62×	1.24×	1.66×	1.59×	1.59×	1.36×
Debt / equity	0.74×	0.54×	0.33×	0.21×	0.31×	0.43×	0.55×	0.64×
Interest coverage	-0.93×	1.01×	3.9×	11.59×	18.07×	12.99×	14.76×	16.97×
Dividend yield	0.0%	0.0%	3.1%	4.6%	0.0%	0.0%	2.1%	1.9%
Payout ratio	0.0%	0.0%	71.6%	57.5%	0.0%	0.0%	41.7%	27.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.9%	0.1%	6.2%	10.4%	13.0%	13.0%	20.0%	17.4%
Return on invested capital	-1.7%	2.4%	5.6%	8.7%	9.9%	9.7%	12.9%	10.6%
Return on assets	-2.1%	0.1%	3.6%	5.9%	7.2%	6.3%	9.3%	7.2%
Free cash flow yield	2.7%	8.2%	-3.7%	13.4%	1.6%	4.7%	4.3%	0.2%
Earnings yield	-9.0%	0.1%	4.3%	7.9%	3.0%	3.7%	5.1%	7.0%
Enterprise value	SEK 780.3M	SEK 1.2B	SEK 1.3B	SEK 1.1B	SEK 3.1B	SEK 2.1B	SEK 2.2B	SEK 1.3B
Net debt / EBITDA	11.9×	3.61×	2.04×	0.72×	0.63×	0.3×	0.93×	1.55×
Cash conversion cycle (days)	84	67	90	73	79	-45	54	51