Eniro Group AB (publ) (ENRO.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

+523.6%

SEK 239.94

vs SEK 38.48 price

Levered DCF

SEK 107.16

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-6.5

Distress 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	6.17×	4.79×	-82.19×	17.31×	-0.65×	-1.15×	-0.1×	-0.22×
P/B	0.83×	1.15×	1.23×	1.7×	0.84×	0.45×	-0.21×	0.37×
P/S	0.3×	0.34×	0.35×	0.56×	0.08×	0.09×	0.06×	0.1×
EV / EBITDA	1.09×	1.29×	2.47×	2.46×	-7.63×	-0.99×	-4.23×	-3.02×
Gross margin	5.3%	89.5%	30.8%	91.0%	89.1%	62.2%	62.1%	71.4%
Operating margin	5.3%	7.6%	-0.4%	7.0%	-12.8%	63.3%	-6.6%	-36.8%
Net margin	4.8%	7.2%	-0.4%	5.2%	-12.7%	-7.5%	-59.8%	-42.5%
Current ratio	1×	0.91×	0.82×	0.88×	0.93×	0.71×	0.66×	0.58×
Debt / equity	0.1×	0.08×	0.16×	0.15×	0.6×	0.33×	-3.75×	2.87×
Interest coverage	3.19×	4.5×	-0.33×	5×	-13.25×	10.94×	-0.96×	-5.46×
Dividend yield	0.0%	8.9%	11.2%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	42.6%	-925.0%	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	13.4%	24.0%	-1.5%	15.7%	-129.6%	-38.8%	202.6%	-165.4%
Return on invested capital	7.8%	11.8%	-0.3%	9.4%	-15.3%	48.3%	-4.2%	-24.0%
Return on assets	4.7%	7.2%	-0.4%	4.4%	-10.3%	-5.5%	-30.1%	-22.0%
Free cash flow yield	26.4%	33.5%	10.6%	8.1%	76.6%	58.0%	50.9%	-15.8%
Earnings yield	16.2%	20.9%	-1.2%	9.2%	-154.7%	-87.0%	-978.0%	-445.6%
Enterprise value	SEK 129.9M	SEK 186.4M	SEK 210.3M	SEK 341.9M	-SEK 122.1M	-SEK 86.1M	SEK 1B	SEK 995.9M
Net debt / EBITDA	-1.29×	-0.97×	-1.42×	-1.28×	-11.88×	-1.86×	-3.96×	-2.62×
Cash conversion cycle (days)	47	-38	-32	-72	-58	-50	-25	-88