Beijer Alma AB (publ) (BEIA-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

-23.4%

SEK 227.97

vs SEK 297.50 price

Levered DCF

SEK 136.57

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.89

Safe zone

Rating

A-

Overall 4 / 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	31.58×	13.86×	22.07×	18.24×	31.73×	19.91×	21.9×	16.98×
P/B	4.1×	2.18×	3×	2.73×	5.79×	3.14×	3.91×	3.57×
P/S	2.32×	1.37×	1.66×	1.68×	3.07×	1.86×	2.04×	1.81×
EV / EBITDA	15.5×	9.36×	11.58×	11.09×	19.63×	11.04×	12.72×	11.05×
Gross margin	30.9%	31.0%	29.5%	30.1%	32.4%	30.4%	29.8%	31.2%
Operating margin	13.3%	15.1%	13.7%	13.2%	14.4%	12.8%	12.6%	14.1%
Net margin	7.3%	9.9%	7.5%	9.2%	10.5%	9.3%	9.3%	10.6%
Current ratio	2.01×	2.64×	2.37×	1.22×	1.5×	1.82×	1.7×	1.68×
Debt / equity	0.74×	0.69×	0.72×	0.78×	0.72×	0.55×	0.57×	0.33×
Interest coverage	5.48×	5.43×	4.3×	10.89×	24.29×	17.9×	22.17×	39.8×
Dividend yield	1.4%	2.5%	2.0%	2.1%	1.1%	1.9%	3.3%	3.6%
Payout ratio	42.8%	34.3%	43.5%	39.1%	31.8%	38.0%	71.3%	61.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	15.8%	13.6%	15.0%	19.9%	15.8%	17.9%	21.0%
Return on invested capital	9.3%	10.7%	9.6%	8.2%	11.3%	10.3%	11.5%	15.5%
Return on assets	5.9%	7.6%	6.2%	6.6%	9.0%	8.5%	9.5%	12.6%
Free cash flow yield	3.8%	4.5%	6.5%	3.2%	3.3%	7.6%	4.1%	2.9%
Earnings yield	3.2%	7.2%	4.5%	5.5%	3.4%	5.0%	4.6%	5.9%
Enterprise value	SEK 20.8B	SEK 12.6B	SEK 13.7B	SEK 11.9B	SEK 18.1B	SEK 8.7B	SEK 10.4B	SEK 8.4B
Net debt / EBITDA	2.11×	1.98×	1.93×	1.91×	1.7×	0.99×	1.13×	0.58×
Cash conversion cycle (days)	99	159	137	167	155	146	148	149