Elanders AB (publ) (ELAN-B.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

+2219.0%

SEK 1,231.39

vs SEK 53.10 price

Levered DCF

SEK 913.48

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.14

Distress zone

Rating

C+

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	FY2018
P/E	-44.44×	17.63×	13.65×	11.29×	19.08×	14.73×	20.81×	12.12×
P/B	0.69×	0.76×	0.88×	1.38×	1.88×	1.46×	1.11×	1.14×
P/S	0.2×	0.22×	0.24×	0.35×	0.52×	0.38×	0.27×	0.29×
EV / EBITDA	5.69×	5.5×	5.85×	6.43×	7.7×	4.95×	5.43×	7.77×
Gross margin	17.8%	17.1%	16.9%	14.9%	14.0%	14.2%	13.1%	13.1%
Operating margin	5.1%	5.6%	5.2%	5.7%	4.9%	4.9%	3.2%	4.3%
Net margin	-0.4%	1.2%	1.8%	3.1%	2.7%	2.6%	1.3%	2.4%
Current ratio	1.15×	1.18×	1.11×	1.32×	1.22×	1.32×	1.21×	1.45×
Debt / equity	2.54×	2.47×	2.4×	2.11×	1.85×	1.33×	1.62×	1.17×
Interest coverage	1.32×	1.52×	2.07×	4.27×	5.9×	4.53×	2.49×	4.92×
Dividend yield	6.1%	5.0%	4.3%	2.6%	1.8%	0.0%	3.4%	3.0%
Payout ratio	-272.2%	88.6%	59.2%	29.0%	34.8%	0.0%	70.2%	36.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.6%	4.3%	6.5%	12.3%	9.8%	9.9%	5.3%	9.4%
Return on invested capital	4.9%	3.5%	3.5%	5.0%	4.1%	5.5%	3.3%	5.3%
Return on assets	-0.4%	1.0%	1.6%	3.2%	2.7%	3.3%	1.6%	3.3%
Free cash flow yield	43.4%	39.3%	47.0%	16.4%	15.0%	38.6%	38.7%	9.1%
Earnings yield	-2.2%	5.7%	7.3%	8.9%	5.2%	6.8%	4.8%	8.3%
Enterprise value	SEK 10.3B	SEK 12.1B	SEK 11.5B	SEK 12.5B	SEK 11.3B	SEK 7B	SEK 6.9B	SEK 5.5B
Net debt / EBITDA	4.36×	4.08×	4.13×	3.7×	3.51×	1.95×	3.02×	3.44×
Cash conversion cycle (days)	-6	55	47	49	50	38	56	63