BioGaia AB (publ) (BIOG-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

-10.4%

SEK 105.68

vs SEK 117.90 price

Levered DCF

SEK 102.62

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

33.6

Safe 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	32.28×	32.25×	28.31×	22.59×	53.4×	60.34×	39.31×	25.16×
P/B	8.17×	6.56×	5.1×	4.28×	5.57×	6.21×	14.49×	10.71×
P/S	6.98×	7.95×	7.98×	7.64×	13.33×	14.52×	9.58×	7.29×
EV / EBITDA	21.9×	20.67×	17.81×	14.61×	32.46×	37.72×	27.67×	18.1×
Gross margin	73.4%	72.4%	73.3%	72.6%	74.3%	73.2%	73.4%	74.9%
Operating margin	26.8%	29.8%	34.2%	32.7%	32.3%	30.5%	31.6%	37.4%
Net margin	21.6%	24.7%	28.2%	33.9%	25.0%	24.1%	24.4%	29.0%
Current ratio	6.12×	7.81×	9.46×	10.89×	13.8×	12.51×	3.63×	3.41×
Debt / equity	0.01×	0×	0×	0.01×	0.01×	0.01×	0.02×	0×
Interest coverage	48.84×	28.37×	547.72×	67.11×	224.15×	316×	363.04×	684.84×
Dividend yield	6.5%	6.2%	2.8%	3.6%	0.7%	0.6%	2.4%	2.9%
Payout ratio	209.8%	198.3%	80.2%	80.6%	35.1%	36.2%	92.5%	72.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.3%	20.4%	18.0%	19.0%	10.5%	10.3%	36.9%	42.6%
Return on invested capital	23.2%	18.1%	16.1%	14.7%	9.8%	10.1%	34.1%	41.6%
Return on assets	20.8%	17.3%	15.6%	16.9%	9.2%	9.4%	28.1%	32.6%
Free cash flow yield	2.8%	3.2%	3.6%	3.6%	2.1%	1.9%	1.5%	3.1%
Earnings yield	3.1%	3.1%	3.5%	4.4%	1.9%	1.7%	2.5%	4.0%
Enterprise value	SEK 9.9B	SEK 10.1B	SEK 8.8B	SEK 7B	SEK 9B	SEK 9.4B	SEK 7.2B	SEK 5.1B
Net debt / EBITDA	-1.75×	-2.49×	-3.1×	-3.09×	-5.33×	-5.86×	-0.79×	-1.01×
Cash conversion cycle (days)	6	154	178	177	164	97	139	92