Calviks AB (publ) (CALVIK.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

+2778.6%

SEK 1,802.03

vs SEK 62.60 price

Levered DCF

SEK 8,554.60

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.17

Grey zone

Rating

C+

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
P/E	43.01×	7.88×	74.15×	11.38×	15.83×	30.93×	0×
P/B	2.65×	1.43×	3.1×	3.05×	8.2×	14.53×	0×
P/S	0.18×	0.25×	1.53×	1.99×	3.74×	6.39×	0×
EV / EBITDA	5.48×	4.33×	17.92×	6.36×	10.32×	22.74×	0×
Gross margin	2.9%	10.7%	18.9%	43.3%	52.8%	51.8%	0.0%
Operating margin	2.9%	4.9%	5.3%	23.0%	33.8%	26.6%	0.0%
Net margin	0.4%	3.1%	2.1%	16.8%	23.6%	20.7%	0.0%
Current ratio	0.88×	0.97×	1.4×	2.45×	3.71×	4.21×	0×
Debt / equity	2.24×	0.57×	0.88×	0.16×	0.41×	0×	0×
Interest coverage	1.32×	4.94×	2.68×	29.52×	458.11×	4,003×	0×
Dividend yield	0.0%	0.0%	5.4%	6.6%	1.0%	1.7%	0.0%
Payout ratio	0.0%	0.0%	400.1%	77.5%	16.5%	52.2%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.1%	17.7%	4.1%	25.8%	51.7%	47.1%	148.5%
Return on invested capital	5.2%	12.1%	3.5%	20.1%	50.3%	47.2%	0.0%
Return on assets	0.8%	5.4%	1.5%	14.7%	35.8%	36.1%	148.5%
Free cash flow yield	19.6%	17.8%	3.8%	7.6%	7.9%	1.2%	0.0%
Earnings yield	2.3%	12.4%	1.3%	8.5%	6.3%	3.2%	0.0%
Enterprise value	SEK 329.8M	SEK 111.4M	SEK 117.3M	SEK 70.6M	SEK 90.4M	SEK 92.1M	-SEK 110.4K
Net debt / EBITDA	1.57×	0.4×	0.65×	-1.2×	-0.67×	-1.02×	0×
Cash conversion cycle (days)	7	64	68	91	73	100	0