CombinedX AB (publ) (CX.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

+309.6%

SEK 106.51

vs SEK 26.00 price

Levered DCF

SEK 85.75

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.27

Safe 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	FY2018	FY2017
P/E	18.49×	11.38×	8.41×	13.53×	11.17×	-45.05×	51.25×	22.78×
P/B	1.46×	1.36×	1.59×	1.47×	3.05×	4.33×	3.87×	6.11×
P/S	0.74×	0.62×	0.78×	0.72×	1.24×	1.3×	1.16×	1.53×
EV / EBITDA	6.22×	4.55×	4.37×	5.78×	7.17×	12.16×	21.55×	14.46×
Gross margin	20.0%	19.6%	23.6%	22.1%	38.4%	35.0%	39.2%	39.1%
Operating margin	6.0%	6.8%	10.4%	8.1%	11.0%	-1.0%	3.2%	8.7%
Net margin	4.0%	5.4%	9.3%	5.4%	8.8%	-2.9%	2.3%	6.7%
Current ratio	1.03×	1.4×	1.55×	1.46×	1.49×	1.06×	1.07×	1.3×
Debt / equity	0.32×	0.25×	0.24×	0.36×	0.24×	0.67×	0.24×	0.37×
Interest coverage	4.09×	6.37×	15.09×	11.69×	19.25×	-1.31×	16.71×	43.2×
Dividend yield	3.7%	6.3%	3.0%	5.4%	4.4%	0.0%	2.0%	0.9%
Payout ratio	67.9%	71.9%	25.4%	71.9%	61.3%	0.0%	103.7%	20.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2018	FY2017
Return on equity	7.9%	11.9%	18.9%	11.1%	21.7%	-9.6%	7.5%	26.8%
Return on invested capital	6.5%	9.1%	13.4%	8.7%	22.9%	-1.7%	10.5%	19.3%
Return on assets	4.3%	6.8%	11.2%	5.9%	11.5%	-3.8%	3.5%	10.7%
Free cash flow yield	12.9%	20.5%	13.0%	7.9%	9.7%	7.9%	4.5%	2.1%
Earnings yield	5.4%	8.8%	11.9%	7.5%	7.1%	-2.2%	2.0%	4.4%
Enterprise value	SEK 743.8M	SEK 548.6M	SEK 568.2M	SEK 461.4M	SEK 639.1M	SEK 728.3M	SEK 420.1M	SEK 373M
Net debt / EBITDA	0.39×	-0.22×	-0.22×	-0.1×	-0.59×	0.61×	0×	-0.37×
Cash conversion cycle (days)	47	49	57	53	36	73	63	96