FM Mattsson Mora Group AB (publ) (FMM-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

-19.2%

SEK 98.16

vs SEK 121.50 price

Levered DCF

SEK 88.55

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

5.39

Safe zone

Rating

A-

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	19.24×	21.33×	15.8×	13.26×	14.47×	29.65×	15.48×	16.36×
P/B	2.61×	2.05×	2.28×	2.56×	4.25×	4.42×	2.39×	2.01×
P/S	1.42×	1.16×	1.2×	1.33×	1.88×	1.67×	1.03×	0.89×
EV / EBITDA	9.2×	8.57×	7.82×	7.47×	8.29×	11.4×	6.61×	6.12×
Gross margin	38.0%	37.1%	36.1%	36.9%	38.5%	36.0%	34.1%	33.2%
Operating margin	9.5%	7.8%	10.0%	13.4%	17.4%	8.9%	8.9%	7.1%
Net margin	7.4%	5.4%	7.6%	10.0%	13.0%	5.6%	6.6%	5.5%
Current ratio	2.46×	2.41×	2.35×	2.14×	1.87×	1.03×	1.01×	1.63×
Debt / equity	0.08×	0.09×	0.1×	0.09×	0.06×	0.14×	0.13×	0.01×
Interest coverage	32.89×	20.83×	20.94×	41.72×	51.74×	27.5×	23.13×	21.16×
Dividend yield	3.0%	4.9%	4.5%	4.1%	1.8%	1.9%	3.0%	4.0%
Payout ratio	58.3%	103.8%	71.8%	54.7%	26.7%	56.1%	46.3%	64.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.5%	9.6%	14.4%	19.3%	29.4%	14.9%	15.5%	12.3%
Return on invested capital	10.1%	7.8%	10.6%	14.5%	20.1%	14.8%	14.5%	12.1%
Return on assets	7.9%	5.6%	8.3%	10.8%	13.7%	6.3%	7.1%	6.3%
Free cash flow yield	7.7%	8.7%	9.3%	1.3%	6.6%	5.8%	10.3%	10.3%
Earnings yield	5.2%	4.7%	6.3%	7.5%	6.9%	3.4%	6.5%	6.1%
Enterprise value	SEK 2.6B	SEK 2.1B	SEK 2.3B	SEK 2.6B	SEK 3.3B	SEK 2.5B	SEK 1.3B	SEK 806.8M
Net debt / EBITDA	-0.56×	-0.28×	-0.11×	0.06×	-0.38×	-0.55×	-0.31×	-1.59×
Cash conversion cycle (days)	150	160	163	175	123	-4	-67	57