Case Group AB (publ) (CASE.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

-181.4%

-SEK 16.00

vs SEK 19.65 price

Levered DCF

-SEK 37.11

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

9.18

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
P/E	18.17×	31.7×	520×	-116.64×	29.53×	31.07×	24.21×
P/B	2.33×	1.87×	0.85×	5.52×	14.96×	11.76×	15.65×
P/S	3.61×	3.24×	1.78×	6.16×	8.71×	6.02×	4.81×
EV / EBITDA	13.02×	23.69×	69.92×	-135.8×	22.41×	23.07×	17.35×
Gross margin	52.5%	46.5%	34.0%	46.6%	57.6%	55.0%	58.4%
Operating margin	25.1%	13.2%	2.1%	1.5%	35.9%	23.5%	25.2%
Net margin	19.8%	10.3%	0.3%	-5.3%	29.5%	19.3%	19.8%
Current ratio	7.66×	1.43×	1.47×	5.06×	4.3×	4.54×	3.02×
Debt / equity	0.06×	0.1×	0.15×	0.79×	0×	0×	0×
Interest coverage	41.48×	9.54×	0.93×	3.87×	0×	775.91×	23,945×
Dividend yield	0.0%	0.0%	0.0%	0.0%	2.5%	1.1%	1.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	74.1%	34.1%	31.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	12.8%	5.9%	0.2%	-4.7%	50.7%	37.7%	64.6%
Return on invested capital	10.6%	5.6%	0.8%	0.7%	50.7%	35.9%	57.2%
Return on assets	10.6%	4.8%	0.1%	-2.3%	38.9%	28.2%	38.7%
Free cash flow yield	5.3%	4.9%	-9.3%	-24.4%	4.2%	2.3%	4.8%
Earnings yield	5.5%	3.2%	0.2%	-0.9%	3.4%	3.2%	4.1%
Enterprise value	SEK 709.6M	SEK 522.5M	SEK 239.1M	SEK 376.4M	SEK 916M	SEK 415.7M	SEK 420.8M
Net debt / EBITDA	-1.04×	-0.83×	2.54×	-9.82×	-1.88×	-2.32×	-1.52×
Cash conversion cycle (days)	-13	28	-5	11	14	30	0