EQT AB (publ) (EQT.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

-40.4%

SEK 187.70

vs SEK 314.80 price

Levered DCF

SEK 125.32

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.93

Safe zone

Rating

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	54.01×	40.9×	212.61×	115.78×	51.28×	69.5×	60.73×	46.48×
P/B	5.24×	3.89×	4.72×	3.18×	15.86×	15.74×	8.13×	16.56×
P/S	14.97×	11.87×	13.59×	13.57×	29.25×	28.05×	15.59×	13.94×
EV / EBITDA	27.82×	21.07×	25.91×	27.99×	43.56×	56.16×	32.84×	35.46×
Gross margin	51.2%	68.2%	66.2%	66.5%	77.2%	64.5%	61.6%	61.6%
Operating margin	39.8%	33.5%	13.2%	20.6%	55.0%	43.0%	29.6%	33.1%
Net margin	27.7%	29.2%	6.2%	11.8%	57.0%	53.5%	28.3%	30.7%
Current ratio	6.84×	6.85×	3.96×	4.11×	4.29×	4.53×	4.43×	2.7×
Debt / equity	0.35×	0.27×	0.36×	0.34×	0.21×	0.07×	0.09×	0.19×
Interest coverage	18.03×	177.6×	4.81×	8.75×	118.64×	76.23×	53.81×	76.53×
Dividend yield	1.2%	1.2%	1.1%	1.4%	0.5%	1.0%	0.3%	0.9%
Payout ratio	63.3%	48.1%	229.7%	165.1%	25.7%	51.9%	19.0%	42.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.7%	9.6%	2.2%	2.8%	30.9%	30.0%	14.8%	36.5%
Return on invested capital	8.2%	7.2%	1.9%	2.3%	24.7%	20.5%	13.1%	30.9%
Return on assets	6.4%	6.8%	1.4%	1.8%	23.4%	23.4%	11.2%	23.0%
Free cash flow yield	1.0%	1.4%	3.3%	2.5%	1.3%	0.8%	2.6%	2.4%
Earnings yield	1.8%	2.5%	0.5%	0.9%	1.9%	1.9%	1.8%	2.2%
Enterprise value	SEK 41.1B	SEK 32.7B	SEK 29.4B	SEK 21.8B	SEK 46.7B	SEK 19.1B	SEK 8B	SEK 5.3B
Net debt / EBITDA	1.13×	0.77×	0.91×	1.93×	0.02×	-2.32×	-3.33×	-1.36×
Cash conversion cycle (days)	60	61	151	212	-222	161	82	-10