Botnia Gold AB (publ) (BOTX.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

-4592.4%

-SEK 430.82

vs SEK 9.59 price

Levered DCF

-SEK 707.92

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

7.4

Safe zone

Rating

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	9.21×	22.14×	-48×	-20×	-44.33×	-49.88×	-36.27×	-31.92×
P/B	2.14×	3.08×	2.54×	1.08×	2.82×	2.8×	2.34×	2.6×
P/S	1.84×	8.62×	1,605.26×	1,081.49×	70.06×	69.25×	112.38×	31.75×
EV / EBITDA	4.12×	173.41×	718.85×	45,509.5×	-45.09×	-50.7×	-44.38×	-38.01×
Gross margin	27.1%	-11.4%	-126.8%	-51.1%	-6.7%	-1.1%	68.3%	75.1%
Operating margin	27.1%	-11.7%	-3550.7%	-5253.2%	-150.4%	-133.5%	-251.4%	-94.4%
Net margin	20.0%	38.6%	-3416.4%	-5382.3%	-160.3%	-143.4%	-313.2%	-99.5%
Current ratio	2×	1.05×	4.32×	15.11×	11.38×	8.32×	11.28×	9.88×
Debt / equity	0.01×	0.09×	0.06×	0.03×	0.05×	0.05×	0.05×	0.06×
Interest coverage	82.21×	-15.76×	-28.76×	-40.26×	-30.48×	-26.95×	-8.13×	0×
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	23.2%	13.8%	-5.4%	-5.4%	-6.5%	-5.8%	-6.5%	-8.1%
Return on invested capital	23.9%	12.4%	-5.1%	-5.1%	-5.8%	-5.1%	-5.0%	-7.3%
Return on assets	18.7%	10.2%	-4.8%	-5.0%	-6.1%	-5.4%	-6.1%	-7.6%
Free cash flow yield	11.8%	-8.0%	-5.9%	-5.3%	-2.9%	-4.5%	-2.6%	-5.7%
Earnings yield	10.9%	4.5%	-2.1%	-5.0%	-2.3%	-2.1%	-2.8%	-3.1%
Enterprise value	SEK 395.8M	SEK 495.4M	SEK 304.8M	SEK 91M	SEK 241.5M	SEK 230.3M	SEK 188.2M	SEK 195.4M
Net debt / EBITDA	-0.57×	-0.98×	-87.57×	-30,735.5×	1.82×	1.63×	3.7×	1.5×
Cash conversion cycle (days)	-5	84	-1,834	-4,379	51	-25	-155	-178