CTEK Ab (CTEK.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

+0.0%

SEK 14.15

vs SEK 14.14 price

Levered DCF

-SEK 2.78

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.06

Grey zone

Rating

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	33.32×	-23.17×	-5.46×	866.81×	2,333.72×	94.63×	236.59×	207.91×
P/B	1.23×	1.4×	1.91×	3.54×	15.68×	27.2×	38.68×	43.21×
P/S	1.07×	1.06×	1.59×	2.53×	11.47×	11.31×	12.64×	14.11×
EV / EBITDA	7.07×	6.48×	21.94×	25.87×	90.41×	38.89×	57.56×	61.32×
Gross margin	9.3%	53.0%	49.9%	49.0%	51.5%	52.0%	56.7%	59.4%
Operating margin	9.3%	-3.9%	-26.1%	6.1%	9.1%	20.8%	11.1%	18.5%
Net margin	3.2%	-4.6%	-29.1%	0.3%	0.5%	11.9%	5.4%	6.7%
Current ratio	3.03×	2.38×	3.39×	1.35×	1.62×	1.82×	2.14×	1.82×
Debt / equity	0.53×	0.59×	0.69×	1.05×	0.87×	2.96×	4.3×	5.08×
Interest coverage	3.58×	-1.08×	-5.02×	2.39×	1.82×	2.19×	2.03×	2.1×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	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	3.7%	-6.1%	-34.9%	0.4%	0.7%	28.7%	16.4%	20.6%
Return on invested capital	4.2%	-2.2%	-15.9%	0.5%	4.6%	9.2%	4.0%	6.0%
Return on assets	2.0%	-3.0%	-16.9%	0.2%	0.3%	5.6%	2.4%	2.7%
Free cash flow yield	16.3%	5.5%	3.5%	-7.0%	-0.9%	0.6%	0.4%	1.2%
Earnings yield	3.0%	-4.3%	-18.3%	0.1%	0.0%	1.1%	0.4%	0.5%
Enterprise value	SEK 1.1B	SEK 1.2B	SEK 1.7B	SEK 3B	SEK 10.8B	SEK 8.5B	SEK 8.6B	SEK 8.6B
Net debt / EBITDA	1.39×	1.4×	4.06×	5.85×	4.34×	3.43×	5.45×	6.06×
Cash conversion cycle (days)	103	138	186	236	152	112	101	134