Creades AB (CRED-A.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

-53.7%

SEK 37.93

vs SEK 82.00 price

Levered DCF

SEK 6.79

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

32.56

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	8.37×	8.15×	17.49×	-2.68×	4.6×	3.22×	5.49×	5.96×
P/B	0.91×	0.96×	1.06×	1.2×	1.49×	1.48×	1.29×	0.85×
P/S	7.81×	7.68×	18.14×	-2.53×	4.32×	2.93×	5.27×	2.46×
EV / EBITDA	8.12×	7.56×	16.9×	-2.52×	4.46×	3.04×	5.11×	5.53×
Gross margin	97.8%	99.9%	100.0%	100.0%	99.9%	100.0%	100.0%	99.8%
Operating margin	93.4%	94.2%	103.7%	94.3%	94.4%	91.1%	95.2%	41.5%
Net margin	93.4%	94.2%	103.7%	94.3%	93.8%	90.9%	96.0%	41.3%
Current ratio	0×	5.41×	0×	6.49×	4.45×	15.25×	503×	0×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	1,202×	0×	0×	1,406.33×	3,656×	0×	266×
Dividend yield	2.1%	2.1%	1.9%	1.8%	0.9%	2.2%	2.9%	5.8%
Payout ratio	17.9%	17.5%	34.1%	-4.8%	4.3%	7.2%	16.1%	34.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	11.8%	6.1%	-44.8%	32.4%	45.9%	23.6%	14.3%
Return on invested capital	10.8%	11.8%	6.0%	-44.1%	31.3%	44.1%	23.4%	14.2%
Return on assets	10.8%	11.7%	6.0%	-43.6%	31.0%	43.7%	23.3%	14.2%
Free cash flow yield	1.3%	1.9%	2.1%	0.2%	0.5%	0.1%	-0.5%	1.1%
Earnings yield	12.0%	12.3%	5.7%	-37.3%	21.7%	31.0%	18.2%	16.8%
Enterprise value	SEK 9.9B	SEK 9.1B	SEK 9.5B	SEK 10B	SEK 18.8B	SEK 11.1B	SEK 5.5B	SEK 2.9B
Net debt / EBITDA	-0.23×	-0.59×	-0.53×	0.15×	-0.11×	-0.17×	-0.42×	-0.41×
Cash conversion cycle (days)	20	0	111	0	0	-16,059	4	1