Clas Ohlson AB (publ) (CLAS-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

-11.0%

SEK 452.12

vs SEK 508.00 price

Levered DCF

SEK 499.96

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

6.82

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	21.65×	19.71×	16.69×	27.12×	13.59×	13.61×	14.38×	69.73×
P/B	8.02×	7.24×	4.59×	3.41×	3.2×	2.62×	3.08×	2.57×
P/S	2.02×	1.5×	0.83×	0.54×	0.81×	0.69×	0.62×	0.57×
EV / EBITDA	11.29×	9.34×	6.29×	6.13×	5.72×	5.48×	6.14×	15.54×
Gross margin	47.7%	39.1%	39.2%	37.5%	41.0%	40.5%	39.9%	39.8%
Operating margin	12.2%	10.1%	7.0%	3.4%	8.2%	7.3%	6.3%	1.1%
Net margin	9.3%	7.6%	5.0%	2.0%	5.9%	5.1%	4.3%	0.8%
Current ratio	1.51×	1.36×	1.11×	1.04×	1.23×	1.13×	0.98×	1.28×
Debt / equity	0.6×	0.71×	0.99×	1.31×	0.81×	0.93×	1.29×	0.15×
Interest coverage	19.23×	16.83×	10.24×	4.62×	11.05×	9.56×	8.11×	28.48×
Dividend yield	1.8%	1.5%	1.1%	16.8%	5.6%	6.9%	7.3%	7.9%
Payout ratio	38.0%	30.5%	18.7%	456.0%	75.8%	93.9%	105.2%	551.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	37.1%	36.8%	27.5%	12.6%	23.5%	19.2%	21.4%	3.7%
Return on invested capital	22.2%	21.3%	14.4%	6.5%	13.6%	10.6%	10.1%	3.0%
Return on assets	14.8%	13.6%	8.7%	3.5%	8.8%	6.9%	6.5%	1.8%
Free cash flow yield	7.7%	9.6%	16.1%	16.7%	11.7%	18.5%	19.9%	2.0%
Earnings yield	4.6%	5.1%	6.0%	3.7%	7.4%	7.3%	6.9%	1.4%
Enterprise value	SEK 25.4B	SEK 18.1B	SEK 10.2B	SEK 6.6B	SEK 8.4B	SEK 7.2B	SEK 7.6B	SEK 5.2B
Net debt / EBITDA	0.03×	0.36×	1.03×	1.6×	0.9×	1.14×	1.77×	0.54×
Cash conversion cycle (days)	84	80	93	96	104	84	91	98