DevPort AB (publ) (DEVP-B.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

+440.2%

SEK 50.78

vs SEK 9.40 price

Levered DCF

SEK 41.02

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.11

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	-25.79×	10.46×	10.4×	9.35×	16.48×	28.02×	18.24×	16.16×
P/B	1.27×	2.01×	2.88×	3.2×	4.26×	3.16×	5.85×	4.57×
P/S	0.35×	0.52×	0.67×	0.64×	0.79×	0.53×	0.63×	1.1×
EV / EBITDA	43.02×	6.05×	6.46×	6.21×	10.82×	11.4×	12.6×	12.14×
Gross margin	-1.4%	62.1%	12.0%	13.0%	11.0%	8.5%	62.0%	14.5%
Operating margin	-1.4%	6.4%	8.3%	8.9%	6.3%	2.8%	4.6%	9.0%
Net margin	-1.4%	5.0%	6.4%	6.8%	4.8%	1.9%	3.4%	6.8%
Current ratio	1.64×	1.74×	1.64×	1.47×	1.34×	1.19×	1.32×	1.48×
Debt / equity	0.19×	0.18×	0.11×	0.09×	0.22×	0.79×	1.18×	0.1×
Interest coverage	-3.7×	19.29×	36.89×	53.78×	24.1×	8.76×	21.94×	77.37×
Dividend yield	10.2%	5.5%	3.4%	2.3%	0.0%	0.0%	2.6%	0.0%
Payout ratio	-263.0%	57.1%	35.6%	21.1%	0.0%	0.0%	47.3%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.9%	19.2%	27.7%	34.2%	25.8%	11.3%	32.0%	28.3%
Return on invested capital	-3.7%	15.7%	23.7%	29.1%	19.8%	6.2%	14.1%	23.3%
Return on assets	-2.4%	9.5%	12.5%	13.6%	9.3%	3.4%	7.5%	11.6%
Free cash flow yield	6.9%	10.9%	12.2%	10.8%	-2.2%	25.0%	8.5%	0.3%
Earnings yield	-3.9%	9.6%	9.6%	10.7%	6.1%	3.6%	5.5%	6.2%
Enterprise value	SEK 139.6M	SEK 256.6M	SEK 340.1M	SEK 328M	SEK 352M	SEK 186.4M	SEK 332.5M	SEK 368.1M
Net debt / EBITDA	-2.63×	-0.48×	-0.53×	-0.14×	0.82×	0.52×	1.52×	-0.04×
Cash conversion cycle (days)	73	43	65	93	110	66	38	108