Cloetta AB (publ) (CLA-B.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

+34.2%

SEK 81.03

vs SEK 60.40 price

Levered DCF

SEK 35.86

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.44

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	FY2018
P/E	14.55×	15.09×	11.97×	21.73×	15.98×	26.65×	18.22×	14.32×
P/B	2.02×	1.32×	1.03×	1.2×	1.67×	1.68×	2.16×	1.75×
P/S	1.35×	0.84×	0.63×	0.87×	1.25×	1.23×	1.4×	1.12×
EV / EBITDA	8.72×	7.82×	6.71×	12×	10.82×	13.05×	11.51×	10.66×
Gross margin	37.7%	33.3%	31.3%	31.0%	35.5%	34.7%	36.7%	36.7%
Operating margin	13.9%	9.4%	8.9%	6.8%	9.3%	8.1%	11.2%	10.6%
Net margin	9.3%	5.5%	5.3%	4.0%	7.8%	4.7%	7.7%	7.8%
Current ratio	1.59×	1.82×	1.66×	1.63×	1.56×	0.58×	0.75×	1.11×
Debt / equity	0.28×	0.46×	0.49×	0.5×	0.52×	0.59×	0.69×	0.65×
Interest coverage	12.59×	4.04×	3.93×	8.96×	17.12×	13.2×	18.64×	10×
Dividend yield	2.7%	4.0%	5.5%	4.8%	2.9%	2.0%	3.2%	6.2%
Payout ratio	39.6%	59.7%	65.2%	104.4%	45.6%	54.0%	57.6%	89.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.9%	8.8%	8.6%	5.5%	10.5%	6.3%	11.9%	12.2%
Return on invested capital	10.7%	6.2%	6.2%	4.2%	5.8%	4.0%	6.7%	8.2%
Return on assets	7.6%	4.3%	4.1%	2.7%	4.9%	2.9%	5.2%	5.3%
Free cash flow yield	8.0%	8.4%	9.5%	5.1%	8.8%	5.2%	5.9%	6.4%
Earnings yield	6.9%	6.6%	8.4%	4.6%	6.3%	3.8%	5.5%	7.0%
Enterprise value	SEK 12.4B	SEK 8.8B	SEK 7.1B	SEK 7.9B	SEK 9.2B	SEK 9.1B	SEK 11.4B	SEK 9B
Net debt / EBITDA	0.61×	1.39×	1.74×	2.89×	1.97×	2.98×	2.32×	2.41×
Cash conversion cycle (days)	23	95	82	96	79	92	6	68