Desenio Group AB (publ) (DSNO.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

+86.1%

SEK 0.24

vs SEK 0.13 price

Levered DCF

-SEK 0.12

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.11

Distress zone

Rating

Overall 2 / 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
P/E	-0.52×	-2.31×	-0.24×	-19.51×	60.65×	-125.35×	247.22×
P/B	0.4×	-0.76×	-1.48×	1.8×	13.36×	138.91×	116.23×
P/S	0.19×	0.06×	0.07×	0.45×	2.84×	9.65×	20.89×
EV / EBITDA	2.05×	8.35×	-1.13×	19.54×	60.34×	137.41×	289.46×
Gross margin	84.4%	85.1%	84.0%	84.0%	82.2%	59.6%	66.6%
Operating margin	44.0%	11.2%	-18.1%	5.5%	11.7%	1.5%	11.0%
Net margin	-37.7%	-2.6%	-29.4%	-2.3%	4.7%	-7.7%	14.4%
Current ratio	1.14×	0.17×	0.19×	1.39×	1.32×	0.98×	0.89×
Debt / equity	1.11×	-16.51×	-1.42×	4.84×	4.37×	11.88×	1.15×
Interest coverage	4.49×	0.77×	-1.61×	0.65×	2.1×	0.23×	19.29×
Dividend yield	0.0%	0.0%	0.0%	0.0%	8.2%	0.8%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	498.4%	-100.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-77.5%	32.4%	615.2%	-9.4%	21.9%	-111.5%	79.9%
Return on invested capital	38.2%	8.4%	-162.2%	3.5%	7.1%	1.5%	19.4%
Return on assets	-28.1%	-1.7%	-21.3%	-1.4%	3.4%	-5.0%	20.9%
Free cash flow yield	12.8%	-33.9%	60.8%	1.7%	-1.2%	2.0%	0.8%
Earnings yield	-195.8%	-42.5%	-416.1%	-5.2%	1.6%	-0.8%	0.7%
Enterprise value	SEK 710.2M	SEK 1.2B	SEK 123.2M	SEK 2.3B	SEK 11.6B	SEK 38.3B	SEK 37.8B
Net debt / EBITDA	0.8×	7.22×	0.77×	8.47×	5.11×	1.5×	-0.04×
Cash conversion cycle (days)	35	41	-40	50	31	-15	-17