Nimbus Group AB (BOAT.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

-1.3%

SEK 11.89

vs SEK 12.05 price

Levered DCF

-SEK 12.88

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.76

Distress zone

Rating

C+

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	-2.77×	-11.22×	25.09×	7.98×	21.13×	26.11×	110.32×	201.18×
P/B	0.47×	0.6×	1.31×	1.59×	4.65×	7.59×	18.63×	23.34×
P/S	0.34×	0.43×	0.6×	0.68×	1.93×	2.16×	2.85×	5.58×
EV / EBITDA	-65.33×	130.99×	9.92×	6.37×	13.36×	22.61×	58.45×	88.9×
Gross margin	8.6%	13.3%	15.1%	19.2%	20.2%	17.7%	31.5%	33.9%
Operating margin	-5.8%	-3.8%	5.2%	11.0%	11.4%	6.4%	4.5%	4.4%
Net margin	-12.3%	-3.8%	2.4%	8.5%	9.1%	8.3%	2.6%	2.8%
Current ratio	1.78×	1.65×	1.37×	1.53×	1.48×	1.42×	1.2×	1.18×
Debt / equity	0.17×	0.35×	0.37×	0.34×	0.2×	0.55×	0.66×	0.68×
Interest coverage	-3.01×	-1.47×	3.77×	20.75×	27.39×	5.3×	2.69×	3.38×
Dividend yield	0.0%	0.0%	5.6%	2.4%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	141.7%	19.4%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-17.0%	-5.3%	5.2%	20.0%	22.0%	29.0%	16.8%	11.6%
Return on invested capital	-6.2%	-2.9%	6.8%	16.3%	17.7%	13.1%	11.6%	6.7%
Return on assets	-9.4%	-2.6%	2.2%	9.5%	10.8%	11.1%	3.6%	2.0%
Free cash flow yield	-14.7%	-16.0%	-7.3%	-10.7%	3.5%	8.7%	-0.8%	1.9%
Earnings yield	-36.1%	-8.9%	4.0%	12.5%	4.7%	3.8%	0.9%	0.5%
Enterprise value	SEK 603.2M	SEK 1.1B	SEK 1.4B	SEK 1.4B	SEK 2.8B	SEK 2.1B	SEK 2.7B	SEK 2.7B
Net debt / EBITDA	-15.08×	48.11×	2.12×	1.12×	-0.17×	1.21×	1.79×	0.81×
Cash conversion cycle (days)	264	289	256	175	128	144	190	335