Exsitec Holding AB (publ) (EXS.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

+167.4%

SEK 307.53

vs SEK 115.00 price

Levered DCF

SEK 303.15

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.14

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	23.94×	31.97×	27.37×	31.24×	-128.49×	289.13×	-93.95×	-71.31×
P/B	4.04×	4.15×	4.68×	4.82×	12.3×	5.5×	7.56×	6.88×
P/S	2.3×	2.33×	2.58×	2.67×	5.3×	2.66×	2.65×	3.9×
EV / EBITDA	12.36×	14.95×	13.75×	15.54×	35.16×	13.38×	19.06×	23.86×
Gross margin	13.4%	28.6%	30.5%	27.4%	25.2%	27.5%	26.4%	29.3%
Operating margin	13.4%	11.1%	13.4%	12.1%	-0.8%	5.0%	0.8%	-1.1%
Net margin	9.6%	7.3%	9.4%	8.5%	-4.1%	0.9%	-2.8%	-5.4%
Current ratio	1.13×	0.94×	0.99×	0.89×	1.18×	2.02×	1.11×	1.13×
Debt / equity	0.7×	0.85×	0.36×	0.45×	0.62×	0.02×	0.43×	0.51×
Interest coverage	5.92×	5.67×	11.72×	15.44×	-1.44×	12.69×	1.57×	-1.06×
Dividend yield	1.1%	1.2%	1.2%	1.1%	0.6%	0.0%	0.0%	0.0%
Payout ratio	27.4%	39.7%	31.8%	34.1%	-74.3%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.9%	13.0%	17.1%	15.4%	-9.6%	1.9%	-8.1%	-9.6%
Return on invested capital	9.8%	7.4%	12.7%	10.4%	-1.1%	1.7%	-13.3%	-1.2%
Return on assets	7.7%	5.2%	8.8%	7.5%	-4.0%	1.3%	-3.8%	-4.8%
Free cash flow yield	7.2%	3.0%	5.0%	4.8%	1.5%	6.1%	0.1%	0.8%
Earnings yield	4.2%	3.1%	3.7%	3.2%	-0.8%	0.4%	-1.1%	-1.4%
Enterprise value	SEK 2.4B	SEK 2.3B	SEK 2B	SEK 1.9B	SEK 2.9B	SEK 721.6M	SEK 727M	SEK 732.5M
Net debt / EBITDA	1.58×	2.41×	0.67×	0.98×	0.74×	-1.05×	0.9×	1.29×
Cash conversion cycle (days)	35	31	50	59	49	44	51	-39