Embellence Group AB (publ) (EMBELL.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

+39.0%

SEK 45.87

vs SEK 33.00 price

Levered DCF

SEK 50.04

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.81

Safe zone

Rating

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	13.89×	11.8×	14.25×	7.82×	12.42×	21.53×	18.51×	21.01×
P/B	1.87×	1.25×	1.35×	1.12×	2.51×	4.4×	3.74×	2.41×
P/S	1.25×	0.87×	0.76×	0.62×	1.14×	1.63×	1.57×	1.63×
EV / EBITDA	7.77×	5.84×	6.42×	5.3×	7.86×	10.84×	11.07×	11.66×
Gross margin	61.7%	59.9%	58.4%	58.8%	55.5%	54.7%	54.2%	54.6%
Operating margin	11.6%	12.0%	9.5%	9.9%	12.4%	11.6%	11.3%	11.5%
Net margin	9.0%	7.3%	5.3%	8.0%	9.2%	7.6%	8.5%	7.8%
Current ratio	2.12×	1.66×	1.16×	1.16×	1.08×	0.92×	1.04×	1.61×
Debt / equity	0.21×	0.26×	0.58×	0.7×	0.62×	0.66×	0.6×	0.38×
Interest coverage	22.25×	6.2×	3.75×	5.48×	9.97×	12.59×	11.29×	12×
Dividend yield	3.0%	0.0%	3.2%	4.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	42.0%	0.0%	46.0%	31.5%	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	13.5%	10.6%	9.5%	14.4%	20.2%	20.4%	20.2%	11.5%
Return on invested capital	10.9%	10.6%	7.8%	8.0%	12.9%	13.9%	13.3%	9.2%
Return on assets	9.1%	6.9%	4.9%	6.7%	9.5%	8.4%	9.5%	6.7%
Free cash flow yield	7.2%	14.8%	8.7%	20.7%	5.9%	5.4%	4.1%	3.0%
Earnings yield	7.2%	8.5%	7.0%	12.8%	8.1%	4.6%	5.4%	4.8%
Enterprise value	SEK 1B	SEK 772.4M	SEK 764.4M	SEK 660.1M	SEK 861.2M	SEK 1B	SEK 1B	SEK 1.1B
Net debt / EBITDA	0.52×	0.74×	1.72×	1.7×	1.14×	0.97×	1.23×	1.42×
Cash conversion cycle (days)	165	156	153	160	49	112	132	232