Duni AB (publ) (DUNI.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

+284.4%

SEK 259.07

vs SEK 67.40 price

Levered DCF

SEK 310.86

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.73

Distress 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	15.84×	17.24×	12.55×	20.23×	72.1×	1,266.75×	22.59×	19.23×
P/B	1.45×	1.26×	1.43×	1.26×	2.09×	1.99×	2.37×	1.86×
P/S	0.64×	0.58×	0.63×	0.58×	1.08×	1.13×	1.09×	0.96×
EV / EBITDA	8.1×	7.51×	5.66×	8.45×	15.07×	17.78×	10.55×	10.82×
Gross margin	24.5%	22.8%	22.2%	17.1%	18.4%	18.1%	25.3%	25.9%
Operating margin	7.2%	5.5%	8.2%	4.6%	3.4%	1.6%	7.4%	7.1%
Net margin	4.1%	3.4%	5.1%	2.9%	1.5%	0.1%	4.8%	5.0%
Current ratio	1.68×	1.45×	1.51×	1.66×	0.95×	1.56×	1.57×	1.79×
Debt / equity	0.53×	0.32×	0.28×	0.49×	0.61×	0.58×	0.62×	0.6×
Interest coverage	11.85×	5.85×	8.67×	7.07×	4.33×	1.35×	15.11×	25.07×
Dividend yield	4.8%	5.3%	2.9%	0.0%	0.0%	0.0%	3.9%	5.0%
Payout ratio	75.3%	91.4%	36.2%	0.0%	0.0%	0.0%	87.4%	95.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.2%	7.3%	11.4%	6.2%	2.9%	0.2%	10.5%	9.7%
Return on invested capital	6.6%	5.6%	9.1%	4.0%	2.0%	0.8%	5.9%	5.4%
Return on assets	3.9%	3.4%	5.6%	2.7%	1.2%	0.1%	4.3%	4.1%
Free cash flow yield	3.8%	5.0%	20.9%	-2.0%	-0.2%	3.9%	7.9%	3.0%
Earnings yield	6.3%	5.8%	8.0%	4.9%	1.4%	0.1%	4.4%	5.2%
Enterprise value	SEK 6.4B	SEK 5.2B	SEK 5.4B	SEK 5.2B	SEK 6.7B	SEK 6.2B	SEK 7.4B	SEK 6B
Net debt / EBITDA	1.86×	1.13×	0.49×	1.92×	2.74×	3.22×	1.84×	2.26×
Cash conversion cycle (days)	108	96	86	116	92	94	94	100