Byggmax Group AB (publ) (BMAX.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

+304.5%

SEK 264.13

vs SEK 65.30 price

Levered DCF

SEK 237.37

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

2.08

Grey zone

Rating

A-

Overall 4 / 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	16.84×	39.4×	86.23×	9.31×	8.75×	6.45×	11.4×	14.91×
P/B	1.28×	1.1×	0.94×	1.24×	2.42×	1.59×	1.07×	1.53×
P/S	0.52×	0.44×	0.36×	0.4×	0.71×	0.46×	0.31×	0.4×
EV / EBITDA	6.88×	5.95×	6.35×	5.38×	5.59×	4.22×	6.09×	9.18×
Gross margin	5.0%	34.7%	2.2%	33.9%	34.1%	32.6%	32.1%	30.8%
Operating margin	4.6%	3.0%	1.7%	6.3%	10.9%	9.7%	4.2%	3.5%
Net margin	3.1%	1.1%	0.4%	4.3%	8.1%	7.1%	2.7%	2.7%
Current ratio	0.79×	0.68×	0.65×	0.68×	0.72×	0.63×	0.53×	0.6×
Debt / equity	1.3×	1.03×	1.16×	1.22×	0.97×	0.88×	1.74×	0.85×
Interest coverage	3.65×	1.74×	1.01×	7.4×	21.92×	16.95×	4.62×	0×
Dividend yield	1.4%	1.1%	0.0%	8.1%	3.1%	0.0%	0.0%	7.4%
Payout ratio	23.0%	43.3%	0.0%	75.1%	27.1%	0.0%	0.0%	110.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.6%	2.8%	1.1%	13.3%	27.6%	24.6%	9.4%	10.2%
Return on invested capital	5.1%	2.8%	2.0%	6.6%	13.7%	13.2%	4.2%	5.6%
Return on assets	3.5%	1.1%	0.4%	4.8%	10.2%	9.8%	2.8%	3.8%
Free cash flow yield	23.4%	29.6%	28.5%	9.6%	10.8%	32.8%	9.7%	10.4%
Earnings yield	5.9%	2.5%	1.2%	10.7%	11.4%	15.5%	8.8%	6.7%
Enterprise value	SEK 6.5B	SEK 5.1B	SEK 5B	SEK 5.8B	SEK 7.6B	SEK 4.8B	SEK 4.2B	SEK 3.2B
Net debt / EBITDA	3.46×	2.88×	3.5×	2.66×	1.58×	1.47×	3.75×	3.2×
Cash conversion cycle (days)	45	63	50	88	67	22	42	20