Ework Group AB (EWRK.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

+545.0%

SEK 324.46

vs SEK 50.30 price

Levered DCF

SEK 237.00

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.84

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	21.75×	17.88×	18.82×	15.12×	23.38×	20.1×	18.54×	18.08×
P/B	6.64×	8.22×	8.64×	8.06×	11.51×	6.57×	8.83×	9.17×
P/S	0.12×	0.16×	0.14×	0.13×	0.17×	0.11×	0.11×	0.13×
EV / EBITDA	9.57×	10.97×	10.38×	10.5×	14.69×	11.41×	12.9×	14.55×
Gross margin	0.9%	2.2%	2.1%	2.6%	2.4%	2.4%	2.7%	2.7%
Operating margin	0.9%	1.2%	1.1%	1.1%	1.0%	0.8%	0.9%	1.0%
Net margin	0.6%	0.9%	0.7%	0.9%	0.7%	0.6%	0.6%	0.7%
Current ratio	1.06×	1.06×	1.04×	1.03×	1.03×	1.04×	1.02×	1.04×
Debt / equity	0.76×	0.74×	0.93×	1.77×	1.18×	1.2×	3.79×	2.25×
Interest coverage	6.17×	7.89×	5.1×	27.91×	30.21×	12.93×	10.8×	20.81×
Dividend yield	7.3%	4.9%	4.6%	4.1%	4.9%	0.0%	5.6%	5.4%
Payout ratio	158.7%	87.4%	87.1%	61.9%	114.4%	0.0%	103.0%	98.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	30.5%	46.0%	45.9%	53.4%	49.3%	32.7%	47.6%	50.7%
Return on invested capital	22.4%	28.7%	27.8%	20.1%	23.0%	16.1%	11.1%	17.3%
Return on assets	2.4%	3.7%	3.1%	2.9%	2.6%	2.1%	2.0%	2.4%
Free cash flow yield	7.4%	6.7%	6.1%	3.9%	2.3%	25.8%	0.1%	1.2%
Earnings yield	4.6%	5.6%	5.3%	6.6%	4.3%	5.0%	5.4%	5.5%
Enterprise value	SEK 1.8B	SEK 2.6B	SEK 2.6B	SEK 2.2B	SEK 2.4B	SEK 1.4B	SEK 1.8B	SEK 1.6B
Net debt / EBITDA	0.69×	0.41×	0.53×	0.61×	0.5×	0.12×	2.66×	1.88×
Cash conversion cycle (days)	8	8	6	6	5	4	11	-96