CellaVision AB (publ) (CEVI.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

-41.1%

SEK 112.17

vs SEK 190.60 price

Levered DCF

SEK 123.71

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

12.04

Safe zone

Rating

A-

Overall 4 / 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	24.49×	36.86×	38.83×	46.17×	61.94×	81.87×	76.8×	52.39×
P/B	4.22×	6.36×	7.06×	8.51×	14.28×	17.04×	21.88×	16.01×
P/S	4.94×	7.17×	7.47×	8.54×	13.72×	15.53×	16.5×	12.74×
EV / EBITDA	15.12×	22.41×	24.12×	28.59×	40.1×	51.67×	50.98×	37.67×
Gross margin	68.5%	67.3%	68.4%	68.6%	69.4%	66.4%	72.9%	74.2%
Operating margin	26.6%	24.6%	24.7%	24.8%	28.8%	23.4%	27.4%	30.6%
Net margin	20.2%	19.5%	19.2%	18.5%	22.2%	19.0%	21.5%	24.3%
Current ratio	3.98×	3.72×	3.07×	2.83×	2.71×	2.86×	2.11×	4.1×
Debt / equity	0.03×	0.03×	0.09×	0.16×	0.25×	0.31×	0.5×	0.02×
Interest coverage	18.86×	21.78×	51.24×	67.64×	87.21×	43.31×	84.67×	701.93×
Dividend yield	1.6%	1.0%	1.1%	0.9%	0.2%	0.0%	0.5%	0.8%
Payout ratio	39.0%	38.1%	41.2%	40.3%	14.3%	0.0%	36.1%	40.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.2%	17.3%	18.2%	18.4%	23.1%	20.8%	28.5%	30.5%
Return on invested capital	16.0%	15.4%	15.7%	15.8%	17.6%	14.2%	16.8%	29.7%
Return on assets	14.0%	13.9%	14.0%	13.3%	15.2%	13.4%	15.5%	23.8%
Free cash flow yield	4.8%	3.6%	2.2%	1.2%	1.0%	0.5%	1.4%	1.1%
Earnings yield	4.1%	2.7%	2.6%	2.2%	1.6%	1.2%	1.3%	1.9%
Enterprise value	SEK 3.6B	SEK 5.1B	SEK 5B	SEK 5.5B	SEK 7.8B	SEK 7.4B	SEK 7.7B	SEK 4.5B
Net debt / EBITDA	-0.69×	-0.54×	-0.27×	-0.03×	0.03×	0.21×	0.47×	-1.38×
Cash conversion cycle (days)	184	206	220	242	222	222	97	115