BHG Group AB (publ) (BHG.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

-43.4%

SEK 14.17

vs SEK 25.04 price

Levered DCF

SEK 41.53

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.74

Distress zone

Rating

B+

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	39.51×	-5.06×	-1.61×	56.27×	24.04×	46.2×	35.61×	61.53×
P/B	0.98×	0.59×	0.4×	0.33×	2.22×	6.89×	2.17×	1.1×
P/S	0.54×	0.34×	0.21×	0.19×	0.91×	2.14×	1.01×	0.62×
EV / EBITDA	9.25×	12.89×	-7.08×	9.77×	15.8×	25.79×	16.23×	18.6×
Gross margin	24.9%	24.3%	15.9%	22.2%	26.5%	26.0%	24.0%	21.1%
Operating margin	2.9%	-4.4%	-11.7%	0.7%	5.6%	7.3%	4.5%	1.8%
Net margin	1.4%	-6.8%	-13.3%	0.3%	3.8%	4.6%	2.8%	1.0%
Current ratio	0.91×	0.93×	1.04×	1.44×	1.25×	0.88×	1.12×	1.2×
Debt / equity	0.36×	0.49×	0.4×	0.54×	1.06×	0.95×	0.44×	0.25×
Interest coverage	2.19×	-2.19×	-5.95×	0.88×	11.67×	17.17×	9.13×	1.79×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	-11.7%	-24.7%	0.6%	9.2%	14.9%	6.1%	1.8%
Return on invested capital	2.8%	-4.8%	-13.9%	-1.8%	4.8%	7.2%	4.3%	2.2%
Return on assets	1.4%	-6.2%	-13.7%	0.3%	3.5%	4.8%	2.9%	1.0%
Free cash flow yield	7.1%	15.2%	60.0%	-12.0%	-1.9%	4.7%	4.7%	1.7%
Earnings yield	2.5%	-19.7%	-62.1%	1.8%	4.2%	2.2%	2.8%	1.6%
Enterprise value	SEK 7.5B	SEK 5.8B	SEK 4.7B	SEK 6.2B	SEK 16.8B	SEK 21.5B	SEK 7.3B	SEK 3.5B
Net debt / EBITDA	2.2×	5.28×	-3.29×	5.77×	4.93×	2.8×	2.24×	2.46×
Cash conversion cycle (days)	-13	25	31	74	72	10	29	18