CAG Group AB (publ) (CAG.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

+259.8%

SEK 304.37

vs SEK 84.60 price

Levered DCF

SEK 371.49

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.51

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	15.82×	16.08×	13.54×	12.96×	22.25×	16.49×	15.83×	12.77×
P/B	2.25×	2.45×	2.42×	2.3×	2.88×	2.24×	2.24×	1.93×
P/S	0.89×	0.9×	0.81×	0.78×	1.04×	0.87×	0.89×	0.72×
EV / EBITDA	7.17×	7.32×	6.74×	6.46×	9.14×	6.22×	5.76×	5.88×
Gross margin	39.2%	19.3%	20.0%	38.0%	39.6%	40.3%	21.5%	22.6%
Operating margin	7.5%	7.7%	8.3%	8.1%	6.2%	7.0%	7.7%	6.7%
Net margin	5.7%	5.6%	6.0%	6.1%	4.7%	5.3%	5.6%	5.6%
Current ratio	1.73×	1.56×	1.43×	1.41×	1.44×	1.76×	1.86×	2.03×
Debt / equity	0.11×	0.18×	0.32×	0.41×	0.25×	0.21×	0.24×	0.29×
Interest coverage	19.5×	10.58×	11×	17.82×	17.92×	26.11×	23.52×	24.3×
Dividend yield	3.9%	3.6%	3.6%	3.5%	3.1%	4.2%	3.9%	3.9%
Payout ratio	61.5%	57.5%	48.3%	45.3%	69.2%	68.9%	62.2%	49.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.2%	15.2%	17.9%	17.7%	12.9%	13.6%	14.1%	15.1%
Return on invested capital	12.2%	12.8%	13.5%	12.3%	10.1%	10.3%	10.9%	10.4%
Return on assets	8.9%	8.9%	9.1%	8.2%	6.7%	7.2%	7.6%	8.0%
Free cash flow yield	11.1%	10.0%	8.6%	14.0%	7.6%	12.5%	11.9%	3.1%
Earnings yield	6.3%	6.2%	7.4%	7.7%	4.5%	6.1%	6.3%	7.8%
Enterprise value	SEK 669.2M	SEK 731.8M	SEK 715.5M	SEK 609.1M	SEK 650.9M	SEK 390M	SEK 353.8M	SEK 280.1M
Net debt / EBITDA	-0.93×	-0.5×	-0.08×	-0.17×	-0.31×	-1.14×	-1.25×	-1.48×
Cash conversion cycle (days)	39	40	45	37	57	38	61	-35