Bokusgruppen AB (BOKUS.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

+618.4%

SEK 538.80

vs SEK 75.00 price

Levered DCF

SEK 538.84

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.25

Grey zone

Rating

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
P/E	14.5×	17.76×	12.03×	20.32×	11.99×	76.3×	7.2×
P/B	1.89×	1.15×	0.74×	0.92×	0.89×	0.69×	0.72×
P/S	0.59×	0.37×	0.26×	0.33×	0.32×	0.19×	0.18×
EV / EBITDA	4.75×	3.83×	2.84×	3.57×	2.91×	2.63×	2.16×
Gross margin	6.6%	42.9%	5.2%	52.9%	38.4%	37.7%	40.1%
Operating margin	5.2%	3.8%	3.7%	2.8%	4.3%	2.4%	2.8%
Net margin	4.1%	2.1%	2.2%	1.6%	2.7%	0.2%	2.6%
Current ratio	0.57×	0.53×	0.68×	0.66×	0.68×	0.42×	0.39×
Debt / equity	0.45×	0.55×	0.41×	0.37×	0.36×	0.54×	0.4×
Interest coverage	4.64×	3.41×	3.78×	4.84×	5.01×	1.52×	1.28×
Dividend yield	4.6%	7.2%	9.9%	8.0%	1.9%	1.5%	0.0%
Payout ratio	65.9%	127.2%	119.5%	162.8%	23.2%	112.8%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.1%	6.5%	6.2%	4.5%	7.4%	0.9%	9.9%
Return on invested capital	8.6%	5.3%	5.4%	4.0%	6.4%	1.3%	6.6%
Return on assets	5.3%	2.5%	2.7%	2.0%	3.4%	0.3%	3.3%
Free cash flow yield	21.1%	29.4%	44.8%	16.3%	35.8%	57.2%	64.2%
Earnings yield	6.9%	5.6%	8.3%	4.9%	8.3%	1.3%	13.9%
Enterprise value	SEK 1.5B	SEK 1B	SEK 646.1M	SEK 783M	SEK 716.5M	SEK 583.5M	SEK 512.4M
Net debt / EBITDA	0.72×	1.11×	0.7×	0.8×	0.45×	1.15×	0.77×
Cash conversion cycle (days)	1	-5	-3	-4	-8	-1	-6