CDON Ab (CDON.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

+194.2%

SEK 141.21

vs SEK 48.00 price

Levered DCF

SEK 99.76

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.62

Distress 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	FY2018
P/E	-12.12×	-8.53×	-21.94×	-7.82×	-46.4×	-244.76×	-477.92×	-20.46×
P/B	1.23×	1.64×	2.19×	26.33×	15.3×	25.24×	4.8×	4.75×
P/S	1.55×	2.17×	3.21×	2.54×	5.36×	1.94×	0.64×	0.46×
EV / EBITDA	18.39×	230.95×	66.89×	-8.33×	-64.82×	88.15×	-1,274.75×	37.55×
Gross margin	82.3%	76.5%	69.0%	49.2%	41.8%	31.5%	18.8%	13.3%
Operating margin	-12.7%	-25.6%	-12.4%	-32.9%	-11.5%	0.3%	-0.1%	1.5%
Net margin	-12.8%	-25.5%	-14.6%	-32.5%	-11.5%	-0.8%	-0.1%	-2.2%
Current ratio	0.97×	0.81×	0.9×	0.94×	1.53×	1×	1.23×	1.24×
Debt / equity	0×	0.01×	0.01×	0×	0×	0×	2.37×	2.56×
Interest coverage	-93.83×	-26.52×	-27.71×	-1,518×	-624×	20×	-12×	5.33×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	5.5%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-1339.7%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-10.1%	-19.3%	-10.0%	-336.9%	-33.0%	-10.3%	-1.0%	-23.2%
Return on invested capital	-10.0%	-18.9%	-8.3%	-233.2%	-31.6%	3.2%	-0.2%	15.2%
Return on assets	-7.1%	-12.8%	-7.2%	-63.1%	-16.9%	-2.1%	-0.3%	-6.5%
Free cash flow yield	-0.9%	-0.9%	-0.1%	-6.7%	-4.4%	0.4%	5.9%	0.0%
Earnings yield	-8.2%	-11.7%	-4.6%	-12.8%	-2.2%	-0.4%	-0.2%	-4.9%
Enterprise value	SEK 538.9M	SEK 808.3M	SEK 1.4B	SEK 1B	SEK 2.7B	SEK 1.4B	SEK 873.2M	SEK 898.2M
Net debt / EBITDA	-5.11×	-39.37×	-7.26×	0.98×	4.87×	-11.18×	-229.78×	7.62×
Cash conversion cycle (days)	-94	-11	-39	-44	8	-34	3	12