Dedicare AB (publ) (DEDI.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

+136.2%

SEK 146.19

vs SEK 61.90 price

Levered DCF

SEK 137.36

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.8

Grey 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	12.28×	11.5×	9.51×	11.41×	9.86×	9.84×	14.01×	12.27×
P/B	1.4×	1.81×	3.39×	4.44×	3.62×	2.62×	3.98×	4.58×
P/S	0.28×	0.32×	0.53×	0.66×	0.52×	0.4×	0.48×	0.58×
EV / EBITDA	4.95×	5.2×	5.54×	7.38×	5.35×	4.81×	7.68×	8.08×
Gross margin	24.3%	25.9%	17.8%	29.9%	27.6%	14.2%	13.4%	14.3%
Operating margin	2.1%	3.5%	7.5%	7.7%	7.0%	5.0%	4.5%	6.2%
Net margin	2.3%	2.7%	5.6%	5.7%	5.2%	4.1%	3.4%	4.7%
Current ratio	1.4×	1.4×	1.43×	1.47×	1.63×	1.69×	1.66×	1.76×
Debt / equity	0.09×	0.13×	0.28×	0.44×	0.19×	0.3×	0.16×	0×
Interest coverage	10.2×	11.86×	20.66×	35.6×	48.98×	18.73×	31.33×	89.69×
Dividend yield	5.9%	11.5%	5.5%	3.3%	3.6%	0.0%	9.8%	9.7%
Payout ratio	72.2%	132.0%	52.0%	37.6%	35.8%	0.0%	137.0%	118.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.4%	15.7%	35.6%	38.6%	36.7%	26.6%	28.4%	37.3%
Return on invested capital	6.8%	13.5%	28.3%	26.3%	25.0%	14.5%	22.9%	37.7%
Return on assets	5.6%	7.5%	15.2%	13.6%	13.2%	9.4%	11.1%	17.7%
Free cash flow yield	15.8%	14.4%	13.4%	8.6%	10.4%	10.6%	12.2%	3.0%
Earnings yield	8.1%	8.7%	10.5%	8.7%	10.1%	10.2%	7.1%	8.2%
Enterprise value	SEK 317.4M	SEK 464.6M	SEK 950.3M	SEK 1.1B	SEK 547.5M	SEK 295.4M	SEK 322.2M	SEK 410.8M
Net debt / EBITDA	-1.39×	-0.86×	-0.58×	-0.17×	-0.97×	-0.97×	-1.15×	-1.14×
Cash conversion cycle (days)	54	55	-15	73	73	75	65	-12