Eastnine AB (publ) (EAST.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

+1.4%

SEK 43.13

vs SEK 42.55 price

Levered DCF

SEK 239.29

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.61

Distress zone

Rating

A-

Overall 4 / 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	10.52×	61.21×	-4.75×	2.21×	4.73×	7.37×	7.75×	12.55×
P/B	0.97×	0.83×	0.85×	0.5×	0.91×	0.85×	1.03×	0.83×
P/S	7.72×	8.71×	9.46×	7.91×	15.82×	13.73×	20.72×	28.82×
EV / EBITDA	15.57×	0×	2,617.28×	2,999.09×	3,183.08×	2,506.01×	6,098.14×	12,652.62×
Gross margin	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	91.3%	89.6%	89.8%	86.1%	82.1%	81.7%	71.0%	63.2%
Net margin	72.5%	14.2%	-199.2%	358.3%	336.0%	188.4%	264.2%	225.4%
Current ratio	4.17×	0×	0×	5.82×	3.1×	59.41×	34.15×	107.8×
Debt / equity	1.09×	1.04×	0.72×	0.69×	0.64×	0.56×	0.52×	0.28×
Interest coverage	2.46×	2.51×	2.39×	2.78×	3.16×	4.23×	4.26×	15.32×
Dividend yield	0.6%	2.3%	1.9%	2.7%	1.4%	2.1%	1.6%	2.2%
Payout ratio	6.3%	140.3%	-9.2%	5.9%	6.8%	14.9%	12.8%	28.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	1.4%	-18.0%	22.7%	19.2%	11.7%	13.1%	6.5%
Return on invested capital	4.1%	1.8%	21.3%	76.3%	10.0%	10.8%	6.9%	1.3%
Return on assets	4.1%	0.6%	-10.1%	13.0%	11.1%	7.2%	8.4%	4.9%
Free cash flow yield	1.2%	6.8%	4.9%	8.1%	5.1%	-20.4%	-40.8%	-1.5%
Earnings yield	9.4%	1.6%	-21.1%	45.3%	21.2%	13.7%	12.8%	7.8%
Enterprise value	SEK 914.2M	SEK 785.5M	SEK 499.9M	SEK 548.8M	SEK 553.9M	SEK 413.5M	SEK 378.1M	SEK 202.4M
Net debt / EBITDA	7.86×	0×	826.26×	1,690.04×	1,225.39×	909.38×	1,637.74×	151.94×
Cash conversion cycle (days)	41	53	44	43	170	35	54	32