Bergman & Beving AB (publ) (BERG-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

+5.0%

SEK 274.62

vs SEK 261.50 price

Levered DCF

SEK 264.58

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.03

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	31.51×	-148.72×	29.85×	16.48×	18.75×	19.71×	11.67×	17.09×
P/B	3.71×	4.14×	2.71×	1.56×	1.96×	1.9×	0.83×	1.74×
P/S	1.42×	1.56×	1.2×	0.72×	0.82×	0.75×	0.33×	0.73×
EV / EBITDA	13.06×	13.29×	11.56×	8.66×	10.01×	10.13×	6.94×	12.73×
Gross margin	50.4%	47.3%	44.7%	44.7%	42.7%	40.5%	41.7%	42.4%
Operating margin	8.1%	2.6%	7.1%	7.1%	6.5%	5.7%	4.7%	6.0%
Net margin	4.5%	-1.0%	4.4%	4.4%	4.4%	3.8%	2.9%	4.3%
Current ratio	1.74×	1.72×	1.74×	1.87×	1.64×	1.5×	1.55×	1.59×
Debt / equity	1.23×	1.1×	0.85×	0.8×	0.75×	0.72×	0.76×	0.27×
Interest coverage	3.41×	1.04×	4.4×	5.38×	9.93×	8.23×	4.5×	15.73×
Dividend yield	1.5%	1.3%	1.7%	2.6%	2.1%	1.2%	6.0%	2.4%
Payout ratio	46.7%	-196.2%	46.4%	43.5%	40.0%	24.4%	69.8%	40.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.8%	-2.8%	9.8%	9.5%	10.4%	9.6%	7.1%	10.2%
Return on invested capital	6.0%	-3.8%	5.4%	5.7%	5.6%	5.1%	3.8%	6.7%
Return on assets	3.5%	-0.8%	3.4%	3.6%	3.8%	3.3%	2.4%	4.4%
Free cash flow yield	5.9%	5.8%	10.6%	8.4%	4.6%	9.7%	7.4%	6.2%
Earnings yield	3.2%	-0.7%	3.6%	6.1%	5.3%	5.1%	8.6%	5.8%
Enterprise value	SEK 9.2B	SEK 9.5B	SEK 7.2B	SEK 4.9B	SEK 5B	SEK 4.3B	SEK 2.5B	SEK 3.2B
Net debt / EBITDA	2.84×	2.41×	2.41×	2.68×	2.51×	2.56×	3.2×	1.4×
Cash conversion cycle (days)	158	165	173	199	177	159	156	138