Binero Group AB (publ) (BINERO.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

-1236.6%

-SEK 18.19

vs SEK 1.60 price

Levered DCF

-SEK 11.41

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.06

Distress zone

Rating

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	-5.6×	0×	-8.23×	-6.91×	-5.29×	-6.29×	1.6×	13.65×
P/B	2.27×	0×	1.37×	1.35×	0.9×	1.75×	1.05×	1.35×
P/S	0.58×	0×	0.38×	1.22×	1.91×	2.63×	7.73×	1.07×
EV / EBITDA	13.84×	-0.17×	-6.88×	-53.25×	-16.55×	-7.73×	-2.17×	-5.41×
Gross margin	11.6%	74.2%	13.7%	53.1%	58.1%	-47.9%	-88.0%	54.7%
Operating margin	-1.9%	1.0%	7.4%	-15.8%	-34.3%	-47.8%	-87.6%	-23.0%
Net margin	-10.4%	3.1%	-8.9%	-17.6%	-36.4%	-41.6%	608.1%	7.8%
Current ratio	0.72×	0.72×	0.68×	0.74×	1×	2.27×	6.59×	0.58×
Debt / equity	0.61×	0.24×	0.35×	0.42×	0.5×	0.34×	0.11×	0.1×
Interest coverage	-0.5×	0×	13.39×	-8.98×	-20.1×	-22.75×	-14.66×	-23.64×
Dividend yield	0.0%	0.0%	57.0%	0.0%	0.0%	140.7%	22.2%	0.0%
Payout ratio	0.0%	0.0%	-240.5%	0.0%	0.0%	-888.2%	28.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-40.8%	10.9%	-32.3%	-19.6%	-17.1%	-27.8%	82.4%	9.8%
Return on invested capital	-4.0%	2.3%	19.8%	-12.2%	-10.7%	-23.8%	-10.7%	-26.0%
Return on assets	-12.6%	4.3%	-19.5%	-11.2%	-9.6%	-16.8%	66.2%	5.6%
Free cash flow yield	6.3%	27650.6%	55.8%	-2.4%	-22.4%	-15.1%	117.6%	-6.2%
Earnings yield	-18.0%	46323.7%	-23.7%	-14.5%	-19.0%	-15.8%	78.6%	7.3%
Enterprise value	SEK 294.8M	-SEK 5.3M	SEK 150M	SEK 155.5M	SEK 127.6M	SEK 91M	SEK 57.8M	SEK 147M
Net debt / EBITDA	0.87×	-0.17×	-1.25×	-9.98×	-3.53×	2.47×	7.92×	-0.23×
Cash conversion cycle (days)	29	-98	-25	-5	-278	-36	120	-1