Dynavox Group AB (publ) (DYVOX.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

-107.9%

-SEK 5.54

vs SEK 69.80 price

Levered DCF

-SEK 29.20

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.43

Safe zone

Rating

B-

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
P/E	64.97×	45.04×	42.53×	46.33×	107.37×	23.08×	44.12×
P/B	17.82×	14.47×	14.82×	10.61×	23.2×	101.84×	101.84×
P/S	4.35×	3.33×	2.74×	1.84×	3.72×	3.34×	3.29×
EV / EBITDA	24.44×	16.99×	22.43×	13.76×	23.99×	14.39×	18.34×
Gross margin	68.4%	68.8%	67.8%	64.8%	65.4%	66.1%	65.3%
Operating margin	10.3%	11.6%	9.3%	6.8%	6.9%	14.2%	11.1%
Net margin	6.7%	7.4%	6.5%	4.0%	3.4%	14.5%	7.4%
Current ratio	1.57×	1.29×	1.18×	1.15×	1.46×	0.59×	0.59×
Debt / equity	1.83×	1.74×	2.6×	2.98×	4.35×	14.15×	14.15×
Interest coverage	6.12×	4.74×	3.75×	3.79×	3.09×	5.68×	4.32×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	27.5%	32.1%	35.0%	23.1%	21.4%	441.5%	230.3%
Return on invested capital	10.7%	13.1%	10.5%	7.7%	5.2%	23.8%	15.8%
Return on assets	6.7%	7.3%	6.1%	3.7%	2.6%	16.7%	8.7%
Free cash flow yield	-0.1%	1.5%	3.2%	-1.0%	-7.1%	5.7%	2.5%
Earnings yield	1.5%	2.2%	2.4%	2.2%	0.9%	4.3%	2.3%
Enterprise value	SEK 11.6B	SEK 7.2B	SEK 5B	SEK 2.8B	SEK 3.6B	SEK 3.2B	SEK 3.2B
Net debt / EBITDA	1.91×	1.55×	2.73×	2.6×	2.69×	1.08×	1.38×
Cash conversion cycle (days)	180	117	90	87	35	34	40