Ferronordic AB (publ) (FNM.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

-627.1%

-SEK 475.44

vs SEK 90.20 price

Levered DCF

SEK 136.20

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.57

Distress 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	-3.17×	-9.64×	-9.65×	5.66×	14.44×	10.31×	9.44×	8.78×
P/B	0.48×	0.57×	0.64×	0.6×	4.45×	2.84×	2.66×	2.8×
P/S	0.14×	0.18×	0.36×	0.56×	0.79×	0.51×	0.71×	0.6×
EV / EBITDA	4.88×	6.03×	595.44×	0.45×	-89.39×	4.43×	5.84×	4.63×
Gross margin	17.3%	18.1%	13.2%	12.7%	17.9%	15.3%	11.1%	14.9%
Operating margin	1.5%	0.4%	-4.1%	12.5%	7.8%	7.2%	10.7%	8.9%
Net margin	-4.4%	-1.9%	-3.7%	10.0%	5.5%	4.9%	7.5%	6.8%
Current ratio	1.01×	1.07×	1.22×	2.82×	1.23×	1.47×	1.31×	1.36×
Debt / equity	1.4×	1.56×	1.09×	0.39×	0.88×	0.72×	1.25×	0.08×
Interest coverage	0.55×	0.14×	-2.42×	13×	11.78×	5.4×	5.78×	17.16×
Dividend yield	0.0%	0.0%	10.6%	0.0%	2.2%	2.7%	4.6%	1.6%
Payout ratio	0.0%	0.0%	-101.9%	0.0%	32.2%	27.8%	43.5%	14.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-15.2%	-5.9%	-6.6%	10.5%	30.8%	27.5%	28.2%	31.9%
Return on invested capital	1.8%	0.5%	-2.2%	6.8%	17.3%	18.9%	14.0%	30.0%
Return on assets	-5.0%	-1.8%	-2.3%	6.1%	8.5%	8.4%	8.4%	12.1%
Free cash flow yield	101.8%	32.1%	-17.1%	-12.3%	4.3%	27.6%	-21.0%	5.7%
Earnings yield	-31.6%	-10.4%	-10.4%	17.7%	6.9%	9.7%	10.6%	11.4%
Enterprise value	SEK 2.3B	SEK 2.8B	SEK 2.4B	SEK 157.6M	SEK 5.1B	SEK 2.3B	SEK 3B	SEK 1.5B
Net debt / EBITDA	3.54×	4.21×	337.5×	-2.73×	-3.47×	-0.04×	1.17×	-0.91×
Cash conversion cycle (days)	57	109	175	65	31	6	67	-16