Cedergrenska AB (publ) (CEDER.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

+341.0%

SEK 205.94

vs SEK 46.70 price

Levered DCF

SEK 183.93

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.19

Safe zone

Rating

B-

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	27.27×	21.24×	38.25×	-20.83×	109.47×	26.65×	7.62×	10.48×
P/B	4.81×	2.44×	1.88×	1.09×	1.72×	2.99×	2.03×	2.98×
P/S	0.39×	0.35×	0.3×	0.18×	0.33×	0.71×	0.24×	0.39×
EV / EBITDA	4.88×	3.76×	3.23×	3.34×	5.1×	7.97×	3.44×	6.84×
Gross margin	3.6%	32.2%	25.0%	22.8%	24.6%	28.2%	29.2%	23.2%
Operating margin	3.6%	3.6%	2.3%	0.3%	1.9%	4.2%	6.0%	6.6%
Net margin	1.4%	1.7%	0.8%	-0.9%	0.3%	2.7%	3.2%	3.7%
Current ratio	1.16×	1.2×	0.84×	0.75×	0.61×	0.8×	0.45×	0.36×
Debt / equity	1.45×	0.5×	0.19×	0.37×	0.56×	0.63×	1.48×	1.85×
Interest coverage	9.27×	19.3×	5.65×	0.75×	5.15×	9.07×	11.97×	15.64×
Dividend yield	3.9%	9.8%	2.3%	0.0%	0.0%	4.0%	2.4%	15.8%
Payout ratio	106.6%	208.4%	88.3%	0.0%	0.0%	107.6%	18.1%	165.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.6%	11.5%	4.9%	-5.3%	1.6%	11.2%	26.6%	28.5%
Return on invested capital	8.1%	7.8%	4.7%	1.5%	1.2%	9.4%	11.9%	10.8%
Return on assets	4.3%	4.4%	2.2%	-2.3%	0.7%	4.5%	6.7%	6.5%
Free cash flow yield	10.7%	16.2%	26.9%	12.3%	13.2%	8.0%	39.8%	21.3%
Earnings yield	3.7%	4.7%	2.6%	-4.8%	0.9%	3.8%	13.1%	9.5%
Enterprise value	SEK 678.5M	SEK 397.9M	SEK 216.3M	SEK 159.7M	SEK 277.9M	SEK 419.9M	SEK 181.9M	SEK 172.8M
Net debt / EBITDA	0.44×	-0.36×	-0.55×	0.31×	0.67×	0.16×	1.21×	2.17×
Cash conversion cycle (days)	14	10	-13	-9	-14	-29	-0	-8