Berner Industrier AB (BERNER-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

+103.0%

SEK 132.78

vs SEK 65.40 price

Levered DCF

SEK 167.04

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.98

Safe zone

Rating

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	25.66×	17.19×	12.98×	15.92×	27.77×	15.54×	14.09×	9.03×
P/B	5.89×	2.52×	2.54×	1.93×	3.37×	2.75×	3.48×	2.63×
P/S	1.85×	0.66×	0.62×	0.46×	0.85×	0.7×	0.76×	0.55×
EV / EBITDA	14.75×	8.09×	7.27×	8.51×	12.8×	9.29×	8.98×	7.17×
Gross margin	41.9%	38.7%	40.1%	38.4%	39.5%	38.8%	39.0%	41.3%
Operating margin	9.4%	5.9%	7.0%	4.7%	3.6%	5.9%	7.2%	8.1%
Net margin	7.2%	3.8%	4.8%	2.9%	3.1%	4.5%	5.4%	6.1%
Current ratio	1.31×	0.93×	0.89×	0.8×	0.77×	0.81×	0.98×	1.08×
Debt / equity	0.52×	0.78×	1.04×	1.22×	1.38×	1.1×	0.88×	0.69×
Interest coverage	11.3×	5.14×	5.48×	5.93×	5.27×	10.67×	20.73×	32.36×
Dividend yield	1.0%	2.7%	1.9%	3.6%	2.2%	2.3%	2.6%	2.7%
Payout ratio	24.7%	45.8%	24.8%	57.8%	61.9%	36.2%	37.1%	24.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	23.0%	14.7%	19.6%	12.1%	12.2%	17.7%	24.7%	29.1%
Return on invested capital	14.2%	9.8%	10.7%	6.7%	4.6%	8.2%	13.3%	16.9%
Return on assets	10.3%	5.8%	6.8%	3.8%	3.7%	6.1%	8.9%	10.7%
Free cash flow yield	5.0%	16.1%	12.5%	3.0%	2.4%	11.9%	11.5%	5.6%
Earnings yield	3.9%	5.8%	7.7%	6.3%	3.6%	6.4%	7.1%	11.1%
Enterprise value	SEK 1.9B	SEK 752.9M	SEK 759.9M	SEK 576.5M	SEK 808M	SEK 628.8M	SEK 642.6M	SEK 397M
Net debt / EBITDA	0.76×	1.3×	1.63×	2.78×	2.81×	2.14×	1.52×	1.01×
Cash conversion cycle (days)	78	60	72	68	78	50	61	61