Carasent AB (CARA.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

-133.9%

-SEK 8.94

vs SEK 26.40 price

Levered DCF

-SEK 26.48

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.4

Safe zone

Rating

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	54.9×	-39.64×	-19.02×	40.01×	-17,038×	-44.14×	83.96×	-40.64×
P/B	2.36×	1.85×	0.93×	1.01×	2.15×	4.2×	2.98×	3.07×
P/S	5.54×	6.02×	3.64×	6.35×	18.35×	23.86×	5.62×	11.71×
EV / EBITDA	24.49×	73.83×	193.57×	9.88×	58.24×	-66.3×	23.43×	-90.79×
Gross margin	84.1%	84.5%	81.1%	82.7%	82.3%	80.5%	81.8%	79.0%
Operating margin	2.7%	-19.8%	-31.8%	2.8%	7.0%	4.9%	9.3%	-28.2%
Net margin	10.1%	-15.4%	-19.0%	16.0%	-0.1%	-54.0%	6.7%	-29.4%
Current ratio	1.95×	2.7×	4.69×	7.81×	8.34×	5.78×	0.93×	1.02×
Debt / equity	0.04×	0.05×	0.05×	0.03×	0.01×	0.05×	0.21×	0.04×
Interest coverage	4.95×	0×	-37.04×	4.35×	14.93×	4.99×	17.17×	-87.65×
Dividend yield	0.0%	0.0%	15.0%	0.0%	0.0%	0.0%	0.0%	10.2%
Payout ratio	0.0%	0.0%	-286.5%	0.0%	0.0%	0.0%	0.0%	-405.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.3%	-4.7%	-4.9%	2.5%	-0.0%	-9.5%	3.5%	-7.7%
Return on invested capital	1.1%	-5.2%	-7.1%	0.4%	-0.0%	0.7%	2.9%	-6.6%
Return on assets	3.7%	-3.9%	-4.2%	2.3%	-0.0%	-7.6%	2.4%	-5.9%
Free cash flow yield	-0.0%	-0.3%	-8.3%	-4.7%	-0.2%	0.2%	0.5%	-0.9%
Earnings yield	1.8%	-2.6%	-5.2%	2.5%	-0.0%	-2.3%	1.2%	-2.5%
Enterprise value	SEK 1.8B	SEK 1.4B	SEK 563.5M	SEK 583.7M	SEK 1.6B	SEK 1.5B	SEK 277.3M	SEK 275.2M
Net debt / EBITDA	-1.47×	-11.36×	-111.2×	-11.1×	-30.59×	9.02×	0.66×	1.83×
Cash conversion cycle (days)	-0	-126	-64	-135	-57	-54	-18	-101