Ependion AB (EPEN.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

-54.4%

SEK 70.47

vs SEK 154.40 price

Levered DCF

SEK 168.48

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.86

Grey 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	23.89×	17.82×	18.12×	21.78×	62.9×	-203.5×	30.93×	24.8×
P/B	2.23×	2.12×	3.14×	3.22×	3.08×	1.83×	2.93×	1.65×
P/S	1.63×	1.25×	1.47×	1.5×	1.39×	0.81×	1.29×	0.76×
EV / EBITDA	12.84×	10.03×	10.53×	10.41×	16.18×	16.06×	13.79×	11.6×
Gross margin	53.5%	50.8%	49.5%	47.4%	48.2%	49.6%	54.6%	52.5%
Operating margin	10.8%	11.1%	13.2%	9.3%	4.2%	2.3%	6.4%	5.1%
Net margin	6.6%	7.0%	8.1%	6.9%	2.2%	-0.4%	4.2%	3.1%
Current ratio	1.61×	1.73×	1.73×	1.47×	1.18×	1.35×	1.3×	1.58×
Debt / equity	0.43×	0.53×	0.63×	0.78×	1.07×	0.98×	1.04×	0.58×
Interest coverage	6.04×	5.64×	6.91×	8.12×	3.39×	2.05×	7.16×	6.71×
Dividend yield	1.0%	1.0%	0.4%	0.5%	0.0%	0.0%	0.7%	0.0%
Payout ratio	24.7%	18.3%	7.2%	9.8%	0.0%	0.0%	22.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.0%	11.9%	17.3%	14.8%	4.9%	-0.9%	9.5%	6.7%
Return on invested capital	6.4%	8.2%	11.0%	7.9%	2.8%	2.1%	4.1%	4.1%
Return on assets	4.5%	5.7%	7.8%	6.0%	1.7%	-0.3%	3.2%	2.9%
Free cash flow yield	5.3%	14.9%	4.4%	2.5%	0.4%	9.6%	4.3%	1.5%
Earnings yield	4.0%	5.6%	5.5%	4.6%	1.6%	-0.5%	3.2%	4.0%
Enterprise value	SEK 4.2B	SEK 3.3B	SEK 4.2B	SEK 3.8B	SEK 2.9B	SEK 1.7B	SEK 2.6B	SEK 1.4B
Net debt / EBITDA	1.66×	1.58×	1.46×	1.67×	3.55×	4.85×	3.12×	2.44×
Cash conversion cycle (days)	145	147	150	150	149	116	126	108