Bulten AB (publ) (BULTEN.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

+228.2%

SEK 281.62

vs SEK 85.80 price

Levered DCF

SEK 1,281.58

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.46

Grey zone

Rating

Overall 2 / 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	-98.85×	11.31×	16.29×	16.86×	13.66×	34.02×	29.74×	12.27×
P/B	0.63×	0.76×	0.93×	0.69×	1.18×	1.24×	1.07×	1.19×
P/S	0.21×	0.26×	0.29×	0.28×	0.52×	0.59×	0.51×	0.57×
EV / EBITDA	6.29×	5.51×	7.05×	6.39×	6.56×	8.72×	8.63×	6.78×
Gross margin	18.4%	18.4%	16.8%	18.5%	19.0%	17.7%	17.6%	18.7%
Operating margin	2.3%	5.2%	4.0%	5.8%	6.2%	3.6%	3.2%	6.7%
Net margin	-0.2%	2.3%	1.8%	1.7%	3.8%	1.7%	1.7%	4.7%
Current ratio	1.67×	1.94×	1.47×	1.57×	1.81×	1.75×	2.26×	2.28×
Debt / equity	0.83×	0.86×	0.92×	0.76×	0.53×	0.45×	0.41×	0.12×
Interest coverage	1.46×	2.64×	3.11×	10.44×	10.09×	6.44×	8.91×	52.5×
Dividend yield	5.4%	3.4%	3.1%	3.8%	2.2%	0.0%	5.1%	4.2%
Payout ratio	-527.3%	38.5%	50.5%	63.5%	29.4%	0.0%	150.9%	52.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.6%	6.7%	5.7%	4.1%	8.6%	3.7%	3.6%	9.7%
Return on invested capital	1.1%	5.7%	4.2%	3.8%	6.5%	3.0%	2.7%	8.8%
Return on assets	-0.2%	2.6%	2.1%	1.7%	4.2%	1.8%	2.0%	6.2%
Free cash flow yield	24.0%	7.5%	12.2%	2.5%	-6.3%	21.0%	-0.7%	-2.2%
Earnings yield	-1.0%	8.8%	6.1%	5.9%	7.3%	2.9%	3.4%	8.2%
Enterprise value	SEK 2.2B	SEK 2.9B	SEK 3B	SEK 2.2B	SEK 2.6B	SEK 2.3B	SEK 2.1B	SEK 2B
Net debt / EBITDA	3.24×	2.62×	3.11×	2.69×	1.62×	1.66×	2.19×	0.58×
Cash conversion cycle (days)	81	89	72	107	119	101	123	120