Epiroc AB (publ) (EPI-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

-60.7%

SEK 95.28

vs SEK 242.70 price

Levered DCF

SEK 85.81

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

6.48

Safe 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	29.52×	26.6×	25.73×	27.28×	39.18×	32.9×	23.03×	18.82×
P/B	6.01×	5.44×	6.59×	6.94×	10.75×	7.49×	5.94×	5.43×
P/S	4.09×	3.66×	4.02×	4.61×	6.97×	4.91×	3.31×	2.67×
EV / EBITDA	17.62×	15.97×	15.92×	17.56×	25.34×	19×	13.26×	11.59×
Gross margin	37.1%	36.1%	38.4%	38.3%	39.0%	37.9%	37.5%	36.5%
Operating margin	20.5%	19.5%	21.8%	22.4%	22.7%	20.4%	19.9%	19.3%
Net margin	13.9%	13.7%	15.6%	16.9%	17.8%	14.9%	14.4%	14.2%
Current ratio	2.38×	2.48×	2.42×	2.21×	2.65×	3.64×	3.07×	2.34×
Debt / equity	0.48×	0.5×	0.37×	0.33×	0.36×	0.42×	0.37×	0.36×
Interest coverage	18.42×	9.4×	15.81×	31.14×	48.89×	29.65×	22.92×	23.98×
Dividend yield	1.8%	2.0%	1.7%	1.6%	1.1%	1.6%	1.9%	0.0%
Payout ratio	53.4%	52.6%	43.5%	43.1%	42.7%	53.6%	43.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.4%	20.4%	25.6%	25.4%	27.4%	22.8%	25.8%	28.9%
Return on invested capital	15.0%	14.1%	19.4%	18.7%	19.3%	15.8%	18.9%	21.2%
Return on assets	10.7%	10.4%	13.9%	13.6%	14.5%	12.3%	14.3%	15.0%
Free cash flow yield	3.5%	3.7%	2.2%	2.0%	2.4%	4.1%	4.6%	3.2%
Earnings yield	3.4%	3.8%	3.9%	3.7%	2.6%	3.0%	4.3%	5.3%
Enterprise value	SEK 264.5B	SEK 247B	SEK 249.8B	SEK 232.6B	SEK 274.9B	SEK 172.5B	SEK 135.1B	SEK 103B
Net debt / EBITDA	0.72×	0.93×	0.46×	0.27×	-0.15×	-0.55×	-0.01×	0.1×
Cash conversion cycle (days)	213	214	191	197	164	149	160	167