Besqab AB (publ) (BESQAB.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

-3235.3%

-SEK 771.27

vs SEK 24.60 price

Levered DCF

-SEK 495.24

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.75

Distress zone

Rating

—

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
P/E	9.48×	-25.72×	48.9×	-39.72×	584.55×	-2,511.21×	109.8×	-254.55×
P/B	0.89×	1.04×	2.67×	3.41×	3.27×	3.57×	4.06×	37.55×
P/S	1.07×	39.25×	20.9×	109.98×	67.54×	43.8×	33.55×	50.72×
EV / EBITDA	8.74×	-39.41×	80.53×	-53.8×	141.06×	656.24×	1,503.67×	321.63×
Gross margin	13.5%	22.3%	71.5%	-65.6%	75.2%	100.0%	36.5%	40.2%
Operating margin	9.1%	-192.3%	24.3%	-280.6%	50.2%	6.1%	2.0%	17.5%
Net margin	11.3%	-152.1%	42.6%	-277.6%	11.6%	-1.7%	30.5%	-19.5%
Current ratio	5.8×	2.6×	5.95×	2.27×	3.17×	4.35×	0×	0×
Debt / equity	0.29×	0.6×	0.11×	0.54×	0.36×	0.15×	0.13×	5.34×
Interest coverage	2.94×	0×	8.64×	-19.29×	3.42×	0.68×	0.05×	2.39×
Dividend yield	4.0%	2.6%	1.9%	2.3%	2.2%	0.0%	0.0%	0.0%
Payout ratio	37.9%	-66.5%	93.2%	-91.3%	1284.4%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Return on equity	9.4%	-4.0%	5.4%	-8.6%	0.6%	-0.1%	3.7%	-14.4%
Return on invested capital	5.8%	-3.2%	2.1%	-5.6%	0.6%	0.3%	2.8%	4.0%
Return on assets	6.6%	-2.3%	4.6%	-4.5%	0.4%	-0.1%	3.0%	-1.9%
Free cash flow yield	5.7%	-25.5%	-2.7%	3.1%	-9.9%	-3.9%	-4.2%	-1.7%
Earnings yield	10.6%	-3.9%	2.0%	-2.5%	0.2%	-0.0%	0.9%	-0.4%
Enterprise value	SEK 1.9B	SEK 2.4B	SEK 2.1B	SEK 1.9B	SEK 1.9B	SEK 1.5B	SEK 1.4B	SEK 1.6B
Net debt / EBITDA	1.31×	-12.54×	-4.4×	-1.87×	8.44×	-9.24×	-59.58×	34.95×
Cash conversion cycle (days)	587	25,679	6,771	10,046	28,547	629	3,491	5,068