Bonesupport Holding AB (publ) (BONEX.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

-199.8%

-SEK 306.54

vs SEK 307.00 price

Levered DCF

-SEK 170.48

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

71.33

Safe 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	FY2018
P/E	87.04×	189.61×	49.92×	-75.9×	-32.84×	-45.12×	-10.48×	-5.87×
P/B	14.28×	34.9×	22.42×	19.28×	10.6×	11.49×	13.57×	3.71×
P/S	10.54×	28.25×	20.68×	15.77×	13.23×	25.35×	10.85×	10.71×
EV / EBITDA	41.68×	135.53×	417.25×	-92.03×	-36.34×	-47.08×	-10.68×	-4.49×
Gross margin	92.6%	92.6%	91.5%	91.5%	89.3%	89.4%	87.4%	84.3%
Operating margin	23.6%	18.5%	2.4%	-19.6%	-37.9%	-53.2%	-101.5%	-180.5%
Net margin	12.1%	14.9%	41.5%	-20.7%	-40.2%	-56.1%	-103.6%	-182.6%
Current ratio	4.85×	4.32×	3.1×	3.76×	5×	7.31×	2.62×	6.69×
Debt / equity	0.01×	0.02×	0.03×	0.06×	0.08×	0.03×	0.08×	0×
Interest coverage	82.93×	72.43×	4.47×	-66.53×	-69.07×	-216.16×	-573.52×	-163.15×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	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	16.4%	18.4%	44.9%	-25.3%	-32.2%	-25.4%	-129.6%	-63.3%
Return on invested capital	22.4%	17.3%	2.5%	-22.5%	-28.1%	-23.5%	-136.7%	-62.6%
Return on assets	13.7%	15.2%	35.6%	-18.3%	-24.9%	-21.8%	-82.0%	-54.1%
Free cash flow yield	1.7%	0.2%	-0.2%	-0.9%	-3.1%	-2.2%	-10.0%	-16.8%
Earnings yield	1.1%	0.5%	2.0%	-1.3%	-3.0%	-2.2%	-9.6%	-17.0%
Enterprise value	SEK 12B	SEK 25.2B	SEK 12.1B	SEK 5B	SEK 2.6B	SEK 4.2B	SEK 1.6B	SEK 773.2M
Net debt / EBITDA	-1.27×	-1.14×	-5.18×	3.38×	2.56×	3.81×	0.54×	1.52×
Cash conversion cycle (days)	604	736	535	499	599	701	562	341