Bilia AB (publ) (BILI-A.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

+59.0%

SEK 225.89

vs SEK 142.10 price

Levered DCF

-SEK 89.96

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.67

Grey zone

Rating

B-

Overall 2 / 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	16.37×	16.79×	13.3×	6.55×	10.74×	10.32×	13.29×	11.44×
P/B	2.49×	2.25×	2.56×	2.18×	3.55×	2.56×	3.37×	2.88×
P/S	0.31×	0.28×	0.32×	0.3×	0.44×	0.34×	0.36×	0.3×
EV / EBITDA	9×	7.13×	6.8×	5.3×	6.74×	5.1×	6.75×	6.45×
Gross margin	16.6%	16.4%	15.9%	18.2%	16.9%	16.6%	16.7%	16.1%
Operating margin	3.0%	3.1%	3.7%	5.9%	5.4%	4.5%	3.8%	3.3%
Net margin	1.9%	1.7%	2.4%	4.6%	4.1%	3.3%	2.7%	2.6%
Current ratio	1.22×	1.08×	1.02×	0.96×	1.09×	1.16×	0.99×	1.05×
Debt / equity	2.72×	1.88×	1.59×	1.7×	1.59×	1.22×	1.62×	0.8×
Interest coverage	2.74×	2.75×	4.03×	12.01×	12.42×	9.22×	7.21×	16.84×
Dividend yield	4.4%	5.9%	6.4%	5.2%	3.7%	0.0%	4.5%	5.4%
Payout ratio	71.2%	99.5%	85.0%	34.3%	40.3%	0.0%	59.9%	62.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.2%	13.4%	19.2%	33.2%	33.0%	24.8%	25.3%	25.2%
Return on invested capital	6.4%	5.8%	7.9%	12.1%	12.3%	8.8%	7.6%	8.8%
Return on assets	3.8%	3.2%	4.8%	8.1%	8.5%	6.0%	5.0%	6.1%
Free cash flow yield	4.8%	7.3%	-4.0%	-8.1%	4.7%	15.6%	-7.0%	-7.0%
Earnings yield	6.1%	6.0%	7.5%	15.3%	9.3%	9.7%	7.5%	8.7%
Enterprise value	SEK 25.6B	SEK 20.1B	SEK 19.8B	SEK 18.5B	SEK 21.9B	SEK 12.9B	SEK 15.6B	SEK 10.4B
Net debt / EBITDA	4.63×	3.18×	2.55×	2.25×	1.93×	1.1×	2.12×	1.25×
Cash conversion cycle (days)	53	53	54	58	43	42	58	49