Firefly AB (publ) (FIRE.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

+80.2%

SEK 296.42

vs SEK 164.50 price

Levered DCF

SEK 251.25

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

8.4

Safe zone

Rating

Overall 4 / 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	25.25×	21.01×	23.08×	15.15×	27.07×	24.2×	24.52×	16.67×
P/B	6.35×	6.57×	7.07×	6.97×	7.25×	5.5×	6.56×	5.15×
P/S	2.39×	2.32×	2.18×	1.37×	1.7×	1.33×	1.25×	1.05×
EV / EBITDA	16.92×	13.92×	15.8×	10.71×	17.17×	15.47×	13.2×	9.81×
Gross margin	40.7%	41.2%	37.4%	34.9%	37.3%	37.3%	35.6%	34.8%
Operating margin	13.9%	14.1%	12.2%	11.3%	10.3%	7.0%	6.6%	10.1%
Net margin	9.5%	11.0%	9.5%	9.1%	6.3%	5.5%	5.1%	6.3%
Current ratio	3.25×	2.83×	2.37×	2.37×	2.39×	2.88×	2.56×	2.39×
Debt / equity	0.01×	0.01×	0.01×	0.03×	0×	0×	0×	0×
Interest coverage	443×	244.7×	313.17×	510.92×	6,161.2×	450.54×	140.27×	375.73×
Dividend yield	2.8%	2.5%	1.7%	2.8%	2.5%	0.0%	3.5%	3.4%
Payout ratio	69.4%	52.0%	39.8%	43.1%	67.0%	0.0%	86.1%	57.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.2%	31.3%	30.6%	46.0%	26.8%	22.7%	26.7%	30.9%
Return on invested capital	24.9%	26.1%	25.9%	25.5%	20.0%	13.8%	16.0%	23.9%
Return on assets	15.5%	18.1%	15.7%	15.9%	9.8%	9.2%	10.0%	11.9%
Free cash flow yield	3.8%	3.4%	3.5%	-1.1%	4.7%	5.0%	3.2%	7.1%
Earnings yield	4.0%	4.8%	4.3%	6.6%	3.7%	4.1%	4.1%	6.0%
Enterprise value	SEK 1.1B	SEK 1.1B	SEK 993.2M	SEK 497.3M	SEK 457.5M	SEK 312.2M	SEK 300.8M	SEK 220.2M
Net debt / EBITDA	-1.18×	-0.84×	-0.81×	-0.66×	-1.98×	-2.02×	-1.08×	-1.15×
Cash conversion cycle (days)	121	188	168	177	145	84	81	57