Dustin Group AB (publ) (DUST.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

+1055.2%

SEK 18.34

vs SEK 1.59 price

Levered DCF

SEK 5.10

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.03

Grey zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-3.17×	-0.55×	77.14×	28.12×	27.94×	49.1×	35.47×	38.89×
P/B	0.53×	0.26×	0.6×	0.91×	2.62×	3.74×	4×	5.62×
P/S	0.12×	0.07×	0.19×	0.21×	0.56×	1.1×	0.74×	1.1×
EV / EBITDA	3.12×	7.29×	9.79×	10.86×	15.24×	24.16×	17.15×	25.86×
Gross margin	13.5%	13.6%	14.9%	14.5%	14.7%	15.6%	15.5%	16.7%
Operating margin	1.4%	0.4%	1.7%	2.3%	3.2%	3.6%	3.2%	3.8%
Net margin	-3.8%	-12.9%	0.2%	0.7%	2.0%	2.2%	2.1%	2.8%
Current ratio	1.21×	1.18×	1.15×	1.11×	1.12×	1.09×	1.07×	0.99×
Debt / equity	0.64×	0.56×	0.6×	1.09×	1.04×	1.08×	1.09×	0.82×
Interest coverage	2×	0.42×	1.7×	2.28×	5.99×	5.32×	7.93×	11.73×
Dividend yield	0.0%	0.0%	0.0%	0.0%	1.9%	1.1%	2.7%	1.7%
Payout ratio	0.0%	0.0%	0.0%	0.0%	52.3%	54.6%	95.9%	67.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-16.8%	-47.8%	0.8%	3.2%	9.4%	7.6%	11.3%	14.5%
Return on invested capital	3.7%	1.0%	1.5%	3.4%	5.4%	4.4%	6.4%	7.8%
Return on assets	-6.5%	-19.6%	0.3%	1.1%	3.0%	2.5%	3.6%	4.9%
Free cash flow yield	25.8%	-6.0%	-2.3%	7.7%	3.0%	0.5%	7.7%	1.3%
Earnings yield	-31.5%	-181.5%	1.3%	3.5%	3.6%	2.0%	2.8%	2.6%
Enterprise value	SEK 4.5B	SEK 3.8B	SEK 7.5B	SEK 9.7B	SEK 17.8B	SEK 21.7B	SEK 11.8B	SEK 15.5B
Net debt / EBITDA	1.38×	4.54×	4.33×	5.36×	3.85×	4.69×	2.83×	2.87×
Cash conversion cycle (days)	19	12	10	11	11	6	4	5