Elon AB (publ) (ELON.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

+100.0%

SEK 86.21

vs SEK 43.10 price

Levered DCF

SEK 61.61

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.12

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	FY2018
P/E	-2.52×	105×	-23.48×	13.82×	15.2×	11.55×	14.2×	11.95×
P/B	0.68×	0.61×	0.7×	0.79×	2.07×	1.23×	1.24×	1.06×
P/S	0.05×	0.07×	0.08×	0.1×	0.23×	0.13×	0.14×	0.11×
EV / EBITDA	9.51×	5.37×	5.54×	5.41×	3.5×	5.49×	8.51×	8.29×
Gross margin	5.9%	14.4%	13.5%	15.3%	13.0%	12.8%	12.5%	10.4%
Operating margin	-1.2%	-0.4%	0.0%	1.2%	1.8%	1.6%	1.3%	1.2%
Net margin	-2.1%	0.1%	-0.3%	0.7%	1.5%	1.1%	1.0%	1.0%
Current ratio	1.08×	1.18×	1.22×	1.26×	1.69×	1.5×	1.53×	1.51×
Debt / equity	0.64×	0.63×	0.5×	0.46×	0.25×	0.48×	0.87×	0.31×
Interest coverage	-1.75×	-0.94×	0.16×	6.06×	16.95×	6.15×	6.55×	7.4×
Dividend yield	7.4%	5.4%	7.6%	6.0%	20.1%	4.5%	6.8%	10.3%
Payout ratio	-18.7%	556.7%	-178.5%	89.3%	305.2%	52.0%	96.2%	123.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-27.0%	0.6%	-3.0%	5.3%	13.6%	10.6%	8.7%	8.9%
Return on invested capital	-8.7%	-1.9%	0.3%	4.9%	9.4%	7.2%	4.3%	6.1%
Return on assets	-5.5%	0.2%	-0.8%	1.5%	5.4%	3.7%	2.8%	3.2%
Free cash flow yield	52.2%	-6.6%	35.5%	2.0%	24.1%	44.8%	-1.1%	4.8%
Earnings yield	-39.7%	1.0%	-4.3%	6.8%	6.6%	8.7%	7.0%	8.4%
Enterprise value	SEK 460.8M	SEK 640.2M	SEK 539M	SEK 728.9M	SEK 384.2M	SEK 308.5M	SEK 402.7M	SEK 247.2M
Net debt / EBITDA	4.35×	2.51×	1.52×	1.76×	-0.58×	0.86×	3.23×	1.12×
Cash conversion cycle (days)	32	34	13	33	-12	44	64	51