Concejo AB (publ) (CNCJO-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

-251.4%

-SEK 68.57

vs SEK 45.30 price

Levered DCF

SEK 106.24

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.26

Grey zone

Rating

S-

Overall 5 / 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	11.09×	-11.18×	21.69×	-1.93×	-38.98×	-4.82×	-4.17×	-2.69×
P/B	0.84×	0.77×	0.46×	0.48×	0.85×	0.64×	5.27×	1.58×
P/S	0.99×	0.9×	0.66×	0.99×	3.09×	3.15×	4.52×	0.41×
EV / EBITDA	19.47×	-62.33×	5.31×	-2.19×	146.5×	-7.16×	-12.96×	-4.57×
Gross margin	42.5%	39.8%	43.9%	44.5%	10.8%	4.3%	20.6%	39.5%
Operating margin	0.5%	-9.0%	6.3%	-4.7%	8.6%	-43.6%	-65.1%	5.8%
Net margin	9.7%	-8.1%	3.0%	-51.5%	-7.9%	-65.3%	-108.3%	-15.3%
Current ratio	2.84×	2.24×	2.84×	2.79×	2.84×	10.77×	1.12×	1.79×
Debt / equity	0.06×	0.13×	0.11×	0.15×	0.33×	0.02×	3.82×	2.3×
Interest coverage	0.92×	-7.12×	4.8×	-3.45×	5.36×	-3.77×	-2.82×	1.24×
Dividend yield	15.8%	6.8%	0.0%	0.0%	21.7%	24.7%	0.0%	0.0%
Payout ratio	162.5%	-75.6%	0.0%	0.0%	-847.8%	-119.1%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.2%	-6.9%	2.1%	-24.8%	-2.2%	-13.2%	-126.2%	-58.7%
Return on invested capital	0.3%	-6.0%	3.4%	-1.7%	1.6%	-8.4%	-14.5%	3.6%
Return on assets	6.3%	-4.4%	1.5%	-16.5%	-1.4%	-11.7%	-15.9%	-11.6%
Free cash flow yield	4.6%	-5.3%	-2.6%	-16.3%	-6.2%	-13.4%	4.6%	-15.1%
Earnings yield	9.7%	-8.9%	4.6%	-51.8%	-2.6%	-20.8%	-24.0%	-37.2%
Enterprise value	SEK 477.1M	SEK 504.9M	SEK 261M	SEK 358.4M	SEK 1.1B	SEK 785.1M	SEK 2.2B	SEK 1.3B
Net debt / EBITDA	-1.71×	1.81×	-1.87×	0.07×	35.93×	0.18×	-5.42×	-2.58×
Cash conversion cycle (days)	121	160	109	147	129	135	274	149