CTT Systems AB (CTT.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

+87.6%

SEK 264.15

vs SEK 140.80 price

Levered DCF

SEK 207.19

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

11.57

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	64.68×	41.2×	30.05×	40.36×	191.59×	61.37×	23.92×	21.91×
P/B	9.53×	12.13×	9.14×	9.93×	12.73×	8.65×	9.23×	7.7×
P/S	9.44×	11.74×	9.29×	11.12×	17.93×	9.5×	6.24×	4.84×
EV / EBITDA	45.22×	29.18×	21.89×	26.39×	71.8×	40.38×	16.9×	15.38×
Gross margin	20.9%	80.5%	80.2%	82.0%	78.3%	74.3%	69.9%	68.6%
Operating margin	20.9%	37.5%	38.3%	38.2%	17.7%	19.1%	33.7%	28.6%
Net margin	14.6%	28.5%	30.9%	27.6%	9.4%	15.5%	26.1%	22.1%
Current ratio	2.53×	4.62×	4.88×	4.16×	4.93×	3.96×	3.19×	2.83×
Debt / equity	0.14×	0.15×	0.13×	0.17×	0.34×	0.17×	0.14×	0.16×
Interest coverage	22.08×	35.19×	34.82×	45.9×	3.01×	32×	66.44×	75.17×
Dividend yield	2.7%	3.1%	1.8%	0.4%	0.8%	2.7%	2.3%	2.3%
Payout ratio	173.8%	127.5%	53.1%	14.9%	153.5%	163.0%	54.8%	49.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.7%	29.4%	30.4%	24.6%	6.7%	14.1%	38.6%	35.2%
Return on invested capital	14.5%	26.6%	26.2%	22.8%	7.4%	12.1%	33.4%	29.7%
Return on assets	10.8%	21.7%	22.9%	17.6%	4.3%	10.1%	25.5%	21.8%
Free cash flow yield	1.4%	1.7%	3.8%	2.0%	0.8%	-2.3%	3.9%	2.4%
Earnings yield	1.5%	2.4%	3.3%	2.5%	0.5%	1.6%	4.2%	4.6%
Enterprise value	SEK 2.5B	SEK 3.5B	SEK 2.8B	SEK 2.7B	SEK 2.7B	SEK 1.9B	SEK 2.1B	SEK 1.5B
Net debt / EBITDA	0.16×	-0.21×	-0.6×	-0.14×	0.6×	0.32×	-0.61×	-0.39×
Cash conversion cycle (days)	231	737	621	943	1,048	694	250	281