Betsson AB (BETS-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

+555.0%

SEK 644.87

vs SEK 98.45 price

Levered DCF

SEK 505.44

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.5

Grey zone

Rating

S-

Overall 5 / 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	10.38×	9.45×	7.1×	8.02×	6.07×	8.54×	6.27×	7.83×
P/B	2.07×	1.97×	1.63×	1.46×	1.13×	1.72×	1×	1.87×
P/S	1.57×	1.55×	1.32×	1.23×	0.98×	1.35×	0.95×	1.58×
EV / EBITDA	5.48×	5.04×	4.63×	5.21×	4.39×	6.14×	4.39×	6.09×
Gross margin	36.4%	65.0%	79.8%	64.9%	68.5%	68.0%	70.2%	74.9%
Operating margin	21.0%	23.2%	22.2%	16.9%	17.9%	17.6%	16.7%	22.0%
Net margin	14.8%	16.4%	18.7%	15.4%	16.2%	15.8%	15.2%	19.9%
Current ratio	2.25×	1.82×	1.71×	1.42×	0.87×	1.27×	1.28×	0.79×
Debt / equity	0.21×	0.21×	0.24×	0.18×	0.2×	0.25×	0.22×	0.24×
Interest coverage	18.53×	13.25×	16.42×	18.06×	26.84×	24.97×	15.12×	27.16×
Dividend yield	5.6%	5.3%	5.0%	4.8%	7.5%	4.6%	10.9%	4.6%
Payout ratio	59.1%	49.8%	35.1%	38.3%	45.7%	39.3%	67.9%	36.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.6%	20.9%	23.0%	18.3%	18.6%	20.0%	16.1%	23.5%
Return on invested capital	17.8%	19.1%	19.6%	15.8%	15.9%	16.5%	14.0%	19.4%
Return on assets	13.4%	13.3%	14.8%	11.7%	11.9%	12.2%	10.2%	14.4%
Free cash flow yield	8.1%	13.0%	15.1%	15.0%	17.2%	11.8%	18.0%	11.4%
Earnings yield	9.5%	10.6%	14.1%	12.5%	16.4%	11.6%	16.0%	12.6%
Enterprise value	SEK 1.7B	SEK 1.6B	SEK 1.2B	SEK 901.2M	SEK 669M	SEK 896M	SEK 510.2M	SEK 892.7M
Net debt / EBITDA	-0.4×	-0.39×	-0.2×	-0.31×	0.14×	0.26×	0.36×	0.4×
Cash conversion cycle (days)	49	-4	-10	3	214	21	20	18