Eltel AB (publ) (ELTEL.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

+144.6%

SEK 39.39

vs SEK 16.10 price

Levered DCF

SEK 37.28

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.77

Distress 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	263.46×	-2.66×	-11.27×	-7.79×	50.3×	74.32×	-11.28×	-8.79×
P/B	0.83×	0.48×	0.41×	0.57×	1.07×	1.65×	1.33×	0.85×
P/S	0.16×	0.11×	0.1×	0.14×	0.29×	0.37×	0.26×	0.17×
EV / EBITDA	5.8×	14.7×	7.63×	9.31×	7.89×	7.98×	17.89×	49.86×
Gross margin	12.9%	11.1%	8.9%	9.1%	10.8%	10.6%	7.6%	9.1%
Operating margin	2.2%	-2.2%	-0.6%	-0.6%	1.0%	0.7%	-1.2%	-0.8%
Net margin	0.3%	-3.6%	-0.9%	-1.8%	0.5%	0.5%	-2.3%	-2.0%
Current ratio	0.95×	0.71×	0.73×	0.77×	0.77×	0.76×	0.85×	1.02×
Debt / equity	1.16×	0.74×	0.58×	0.85×	0.7×	0.71×	1.24×	0.82×
Interest coverage	1.21×	-1.42×	-0.42×	-0.63×	1.8×	1.1×	-1.54×	-1.42×
Dividend yield	0.0%	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%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.4%	-16.4%	-3.7%	-7.3%	2.0%	2.2%	-11.8%	-9.5%
Return on invested capital	2.8%	-4.5%	-0.6%	-1.2%	1.1%	0.6%	-2.4%	-1.9%
Return on assets	0.3%	-5.1%	-1.3%	-2.4%	0.7%	0.7%	-3.1%	-2.8%
Free cash flow yield	18.2%	28.6%	33.2%	10.6%	7.6%	12.3%	13.8%	-7.7%
Earnings yield	1.7%	-33.9%	-8.9%	-12.8%	1.8%	1.3%	-8.9%	-11.3%
Enterprise value	SEK 274.3M	SEK 201.4M	SEK 189.3M	SEK 241M	SEK 358.2M	SEK 473.9M	SEK 481.3M	SEK 354M
Net debt / EBITDA	3.01×	8.3×	4.04×	4.83×	2.68×	2.1×	7.38×	20.77×
Cash conversion cycle (days)	14	45	48	46	50	41	44	57