BillerudKorsnäs AB (publ) (BILL.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

+214.4%

SEK 271.45

vs SEK 86.35 price

Levered DCF

SEK 233.40

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.53

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	32.83×	14.42×	52.51×	6.31×	23.77×	44.46×	22.61×	21.6×
P/B	0.84×	0.87×	0.94×	0.99×	1.76×	1.56×	1.18×	1.56×
P/S	0.58×	0.58×	0.62×	0.68×	1.35×	1.26×	0.94×	0.95×
EV / EBITDA	7.51×	6.35×	9.22×	3.8×	9.91×	12.68×	8.78×	10.62×
Gross margin	48.1%	48.8%	45.9%	54.4%	51.0%	47.4%	46.8%	50.0%
Operating margin	2.6%	5.9%	1.3%	13.4%	7.6%	3.2%	4.4%	6.0%
Net margin	1.8%	4.0%	1.2%	10.8%	5.7%	2.8%	4.1%	4.4%
Current ratio	1.32×	1.37×	1.27×	1.33×	1.43×	1.73×	1.96×	1.09×
Debt / equity	0.27×	0.27×	0.28×	0.19×	0.34×	0.39×	0.41×	0.63×
Interest coverage	3.63×	6.17×	1.59×	38.17×	19.89×	6.62×	7.34×	22×
Dividend yield	3.7%	2.0%	7.3%	3.1%	2.5%	3.0%	3.9%	4.0%
Payout ratio	122.4%	28.4%	385.1%	19.4%	59.9%	134.7%	87.9%	85.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.6%	6.0%	1.8%	15.7%	7.4%	3.4%	5.2%	7.2%
Return on invested capital	2.1%	4.8%	1.3%	10.9%	5.0%	2.4%	2.7%	3.9%
Return on assets	1.5%	3.5%	1.0%	8.9%	3.9%	1.8%	2.7%	3.1%
Free cash flow yield	2.3%	2.4%	0.4%	12.1%	6.7%	3.6%	-2.4%	-11.7%
Earnings yield	3.0%	6.9%	1.9%	15.8%	4.2%	2.2%	4.4%	4.6%
Enterprise value	SEK 29.5B	SEK 30.6B	SEK 30.7B	SEK 32.4B	SEK 38.5B	SEK 34.7B	SEK 27.5B	SEK 31B
Net debt / EBITDA	1.56×	1.12×	1.58×	0.4×	0.82×	1.67×	1.48×	2.94×
Cash conversion cycle (days)	64	66	46	77	60	65	63	49