Björn Borg AB (publ) (BORG.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

+25.2%

SEK 71.73

vs SEK 57.30 price

Levered DCF

SEK 56.50

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.32

Safe 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	17.16×	17.86×	14.77×	15.25×	14.71×	26.37×	16.29×	8.28×
P/B	4.31×	3.61×	3.14×	2.34×	3.72×	1.68×	2.35×	1.73×
P/S	1.51×	1.31×	1.29×	0.93×	1.59×	0.71×	0.84×	0.7×
EV / EBITDA	12.61×	10.06×	8.32×	7.68×	8.85×	8.99×	7.86×	7.06×
Gross margin	33.8%	52.6%	33.8%	50.8%	55.8%	52.5%	53.7%	57.4%
Operating margin	9.8%	10.3%	11.5%	8.7%	13.1%	3.4%	6.8%	10.0%
Net margin	8.8%	7.3%	8.7%	6.1%	10.8%	2.7%	5.1%	8.5%
Current ratio	1.41×	1.37×	1.52×	1.33×	1.9×	1.93×	2.04×	2.85×
Debt / equity	0.25×	0.16×	0.12×	0.25×	0.4×	0.53×	1.07×	0.52×
Interest coverage	16.36×	13.3×	16.42×	17.09×	20.8×	3.71×	6.27×	19.24×
Dividend yield	4.8%	5.8%	4.5%	8.1%	3.0%	0.0%	7.9%	10.1%
Payout ratio	82.0%	103.8%	66.2%	123.6%	43.8%	0.0%	129.1%	83.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.1%	20.2%	21.3%	15.4%	25.3%	6.4%	14.4%	20.9%
Return on invested capital	16.2%	18.2%	18.0%	11.8%	16.4%	4.9%	6.9%	12.0%
Return on assets	12.8%	10.3%	12.0%	7.8%	12.6%	3.0%	5.6%	10.2%
Free cash flow yield	2.9%	4.8%	9.8%	6.7%	8.2%	26.9%	15.7%	1.8%
Earnings yield	5.8%	5.6%	6.8%	6.6%	6.8%	3.8%	6.1%	12.1%
Enterprise value	SEK 1.7B	SEK 1.3B	SEK 1.1B	SEK 840.2M	SEK 1.3B	SEK 583.3M	SEK 896.5M	SEK 611M
Net debt / EBITDA	0.6×	0.37×	0.12×	0.6×	0.27×	1.32×	2.29×	1.31×
Cash conversion cycle (days)	107	102	31	137	105	50	138	115