engcon AB (publ) (ENGCON-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

-27.3%

SEK 41.23

vs SEK 56.70 price

Levered DCF

SEK 33.33

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

11.93

Safe 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	58.18×	73.66×	51.55×	33.11×	42.6×	67.29×	72.73×	0×
P/B	18.52×	22.91×	23.14×	21.68×	18.49×	20.58×	25.9×	0×
P/S	6.72×	9.63×	7.46×	5.21×	7.34×	10.15×	9.15×	0×
EV / EBITDA	32.67×	45.2×	33.33×	22.37×	28.48×	42.75×	48.51×	0×
Gross margin	42.3%	44.0%	42.3%	43.0%	42.1%	42.6%	37.4%	0.0%
Operating margin	18.0%	18.2%	19.8%	21.8%	21.8%	20.0%	15.6%	0.0%
Net margin	11.5%	13.1%	14.5%	15.7%	19.7%	15.1%	12.6%	0.0%
Current ratio	2.13×	2.7×	2.79×	1.56×	2.37×	2.27×	2.15×	1.83×
Debt / equity	0.38×	0.17×	0.22×	0.57×	0.21×	0.26×	0.23×	0.27×
Interest coverage	22.67×	16.67×	23.5×	52.88×	162.5×	215×	31×	0×
Dividend yield	1.2%	0.9%	1.0%	4.4%	1.5%	0.5%	0.9%	0.0%
Payout ratio	69.7%	65.7%	51.6%	146.9%	55.6%	30.7%	66.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	31.8%	31.2%	44.9%	65.5%	49.6%	30.7%	35.5%	0.0%
Return on invested capital	25.8%	26.3%	35.2%	41.3%	33.8%	23.0%	25.4%	0.0%
Return on assets	18.0%	19.4%	27.2%	25.7%	28.9%	17.6%	20.9%	0.0%
Free cash flow yield	0.6%	1.2%	3.0%	1.7%	1.5%	2.0%	1.0%	0.0%
Earnings yield	1.7%	1.4%	1.9%	3.0%	2.7%	1.5%	1.4%	0.0%
Enterprise value	SEK 12.9B	SEK 15.9B	SEK 14.2B	SEK 10.3B	SEK 10.8B	SEK 10.9B	SEK 11B	SEK 31M
Net debt / EBITDA	0.55×	-0.03×	0.08×	0.51×	-0.28×	-0.28×	0.15×	0×
Cash conversion cycle (days)	200	156	111	174	140	140	127	0