Brilliant Future AB (BRILL.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

+707.6%

SEK 25.68

vs SEK 3.18 price

Levered DCF

SEK 31.70

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.89

Distress zone

Rating

C-

Overall 1 / 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	-9.91×	-14.29×	-5.91×	-1.52×	-3.85×	-22.4×	81.2×	7.83×
P/B	2.33×	2.12×	1.67×	2.79×	2.47×	3.64×	3.13×	3.14×
P/S	0.72×	0.81×	0.75×	0.62×	1.01×	1.04×	0.96×	0.92×
EV / EBITDA	8.64×	8.84×	-11.46×	-1.9×	-4.2×	-80.52×	37.64×	5.94×
Gross margin	-3.5%	107.0%	104.7%	110.1%	90.6%	90.6%	89.9%	90.1%
Operating margin	-3.5%	-6.4%	-13.1%	-40.4%	-26.5%	-4.1%	1.6%	15.2%
Net margin	-7.1%	-5.6%	-12.6%	-40.9%	-26.2%	-4.6%	1.2%	11.7%
Current ratio	0.63×	0.77×	0.91×	0.68×	1.19×	0.79×	1.07×	1.45×
Debt / equity	0×	0×	0×	1.13×	0×	0.06×	0×	0×
Interest coverage	-602×	-390.43×	-37.15×	-48.66×	-284.42×	-8.89×	9.4×	99.89×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.5%	16.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	124.3%	127.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-23.3%	-14.7%	-28.3%	-183.4%	-64.0%	-16.2%	3.8%	40.0%
Return on invested capital	-11.4%	-16.8%	-29.3%	-85.1%	-64.0%	-13.4%	3.9%	39.9%
Return on assets	-7.4%	-5.3%	-12.4%	-36.9%	-34.0%	-5.5%	1.8%	16.2%
Free cash flow yield	15.4%	-6.6%	-19.1%	-50.8%	-40.5%	8.2%	-27.2%	18.8%
Earnings yield	-10.0%	-6.9%	-16.9%	-65.8%	-26.0%	-4.4%	1.2%	12.8%
Enterprise value	SEK 47.1M	SEK 50.9M	SEK 43.8M	SEK 47.5M	SEK 82.5M	SEK 78.4M	SEK 96M	SEK 96M
Net debt / EBITDA	-2.64×	-3.14×	5.86×	0.08×	0.88×	18.07×	0×	0×
Cash conversion cycle (days)	69	339	354	282	-110	-92	-124	67