Camurus AB (CAMX.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

-60.8%

SEK 260.62

vs SEK 664.50 price

Levered DCF

SEK 577.28

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

40.92

Safe zone

Rating

B+

Overall 3 / 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	49.6×	76.52×	69.15×	250.1×	-90.84×	-58.62×	-13.56×	-10.38×
P/B	8.62×	9.97×	19.99×	13.92×	9.67×	11.59×	6.22×	9.65×
P/S	16.11×	17.56×	17.38×	14.54×	13.67×	29.22×	37.2×	49.38×
EV / EBITDA	36.15×	52.74×	50.8×	152.66×	-80.08×	-48.49×	-10.25×	-8.14×
Gross margin	93.1%	93.1%	92.9%	89.2%	85.8%	89.5%	77.9%	86.2%
Operating margin	39.0%	25.1%	30.6%	7.5%	-18.7%	-61.5%	-341.0%	-582.3%
Net margin	32.5%	22.9%	25.1%	5.8%	-15.1%	-49.8%	-274.5%	-475.8%
Current ratio	12.09×	8.09×	4.41×	3.36×	3.19×	3.79×	3.74×	1.48×
Debt / equity	0.03×	0.01×	0.02×	0.03×	0.03×	0.03×	0.04×	0×
Interest coverage	153.56×	432.81×	412.47×	47.15×	-82.31×	-134.05×	-227.18×	-11,488.72×
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	17.4%	13.0%	28.9%	5.6%	-10.7%	-19.7%	-45.9%	-93.0%
Return on invested capital	15.9%	10.9%	26.6%	5.2%	-10.4%	-18.0%	-45.6%	-93.1%
Return on assets	15.5%	11.4%	22.6%	4.3%	-8.4%	-16.0%	-37.5%	-64.3%
Free cash flow yield	2.0%	1.1%	2.0%	0.7%	-1.8%	-2.5%	-11.0%	-11.5%
Earnings yield	2.0%	1.3%	1.4%	0.4%	-1.1%	-1.7%	-7.4%	-9.6%
Enterprise value	SEK 32.9B	SEK 30B	SEK 28.7B	SEK 13.4B	SEK 7.8B	SEK 9.4B	SEK 3.6B	SEK 2.3B
Net debt / EBITDA	-3.98×	-4.99×	-2.06×	-6.16×	3.95×	2.25×	0.94×	0.48×
Cash conversion cycle (days)	105	164	72	163	326	1,035	389	-1,293