Cheffelo AB (CHEF.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

-45.0%

SEK 50.31

vs SEK 91.40 price

Levered DCF

SEK 60.32

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.7

Safe zone

Rating

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	17.83×	9.84×	11.45×	-1×	7.62×	2.38×	-0.87×	-0.42×
P/B	2.33×	0.72×	0.5×	0.35×	0.22×	0.56×	0.59×	0.35×
P/S	0.86×	0.3×	0.22×	0.14×	0.1×	0.13×	0.14×	0.12×
EV / EBITDA	8.23×	3.39×	3.17×	-2.57×	0.95×	2.45×	-4.09×	-1.38×
Gross margin	42.4%	43.2%	43.3%	-3.1%	2.8%	7.7%	2.7%	-6.0%
Operating margin	6.1%	3.9%	3.1%	-3.1%	2.8%	7.7%	2.7%	-6.0%
Net margin	4.8%	3.1%	1.9%	-14.3%	1.3%	5.3%	-16.3%	-27.7%
Current ratio	1.21×	1.02×	0.89×	0.73×	1.16×	0.53×	0.3×	0.31×
Debt / equity	0.19×	0.25×	0.3×	0.34×	0.19×	0.93×	1.02×	0.65×
Interest coverage	8.16×	4.63×	4.08×	-4.63×	1.83×	3.41×	1.23×	-3.91×
Dividend yield	4.1%	7.1%	1.7%	14.3%	0.0%	0.0%	0.0%	0.0%
Payout ratio	73.3%	69.6%	19.7%	-14.4%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.0%	7.3%	4.4%	-34.5%	2.9%	23.7%	-67.6%	-83.6%
Return on invested capital	9.6%	5.4%	3.4%	-5.0%	3.1%	14.8%	4.3%	-8.8%
Return on assets	8.0%	4.3%	2.5%	-19.9%	1.8%	7.8%	-22.1%	-36.1%
Free cash flow yield	12.0%	23.2%	32.1%	-40.4%	21.4%	72.6%	12.0%	-25.6%
Earnings yield	5.6%	10.1%	8.7%	-99.9%	13.1%	42.0%	-114.7%	-237.2%
Enterprise value	SEK 950.8M	SEK 316.1M	SEK 261.4M	SEK 250.9M	SEK 88.9M	SEK 329.3M	SEK 413M	SEK 427.7M
Net debt / EBITDA	-0.64×	-0.04×	0.5×	-0.99×	-0.46×	1.3×	-2.56×	-0.88×
Cash conversion cycle (days)	-18	-19	-25	-13	-16	-16	-15	-22