Eolus Aktiebolag (publ) (EOLU-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

+247.1%

SEK 162.81

vs SEK 46.90 price

Levered DCF

-SEK 397.70

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.43

Safe zone

Rating

B-

Overall 2 / 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	-3.1×	7.72×	3.86×	22.47×	-128.85×	22.73×	14.77×	4.92×
P/B	0.94×	0.72×	1.46×	2.68×	3.13×	3.68×	2.21×	1.17×
P/S	0.27×	1.4×	0.96×	1.12×	1.18×	2.75×	0.96×	0.7×
EV / EBITDA	-3.29×	9.69×	3.06×	18.83×	155.41×	15.54×	7.25×	2.69×
Gross margin	-8.6%	76.6%	43.6%	13.1%	4.9%	19.0%	11.7%	21.1%
Operating margin	-8.6%	33.8%	33.2%	4.8%	0.5%	15.8%	5.8%	14.8%
Net margin	-8.8%	18.2%	24.9%	5.0%	-0.9%	12.1%	6.5%	14.2%
Current ratio	5.21×	2.16×	4.25×	3.1×	3.54×	3.12×	1.93×	1.8×
Debt / equity	0.48×	1.44×	0.46×	0.32×	0.19×	0.37×	0.34×	0.45×
Interest coverage	-3.36×	5.43×	20.11×	7×	0.63×	0×	7.09×	11.86×
Dividend yield	5.2%	4.7%	1.7%	1.4%	1.6%	1.0%	1.9%	3.9%
Payout ratio	-16.2%	36.1%	6.5%	31.6%	-208.3%	22.2%	28.1%	19.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-30.2%	9.3%	37.9%	11.9%	-2.4%	16.2%	15.0%	23.9%
Return on invested capital	-16.2%	3.9%	25.5%	7.8%	0.5%	14.5%	9.9%	16.1%
Return on assets	-15.7%	3.4%	20.4%	6.1%	-1.3%	9.3%	6.5%	10.3%
Free cash flow yield	166.2%	-150.4%	-7.0%	-7.5%	-3.3%	-10.1%	23.9%	25.1%
Earnings yield	-32.3%	13.0%	25.9%	4.4%	-0.8%	4.4%	6.8%	20.3%
Enterprise value	SEK 1.1B	SEK 3.2B	SEK 2.3B	SEK 2.4B	SEK 2.6B	SEK 3.5B	SEK 1.2B	SEK 585.3M
Net debt / EBITDA	0.01×	6.12×	0.15×	-2.05×	-25.82×	-1.34×	-5×	-1.71×
Cash conversion cycle (days)	92	6,061	391	154	146	236	116	147