Fractal Gaming Group AB (publ) (FRACTL.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

+23.1%

SEK 17.24

vs SEK 14.00 price

Levered DCF

SEK 32.14

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

3.07

Safe zone

Rating

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	26.67×	20.49×	11.23×	58.24×	-196.67×	21.17×	41.77×	58.08×
P/B	2.1×	2.35×	2.74×	2.26×	3.22×	6.56×	7.92×	9.79×
P/S	1.07×	1.4×	1.3×	1.29×	1.8×	2.79×	4.42×	5.46×
EV / EBITDA	11.4×	10.62×	7.3×	18.83×	82.28×	14.76×	27.61×	33.13×
Gross margin	6.1%	42.1%	40.8%	38.7%	34.9%	38.8%	38.3%	38.3%
Operating margin	6.1%	8.4%	15.0%	4.3%	-0.4%	18.2%	14.4%	15.2%
Net margin	4.0%	6.8%	11.6%	2.2%	-0.9%	13.2%	10.6%	9.4%
Current ratio	1.5×	1.52×	1.38×	1.02×	1.04×	1.13×	1.04×	0.87×
Debt / equity	0.07×	0.02×	0.06×	0.44×	0.54×	0.24×	0.21×	0.37×
Interest coverage	5.86×	24.42×	33.1×	2.88×	-0.38×	40.23×	14.35×	5.6×
Dividend yield	4.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	112.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.9%	11.5%	24.4%	3.8%	-1.6%	30.9%	19.0%	16.8%
Return on invested capital	8.6%	10.5%	22.9%	4.0%	-0.3%	25.5%	16.0%	14.4%
Return on assets	5.1%	7.2%	15.0%	2.0%	-0.8%	15.5%	9.0%	8.0%
Free cash flow yield	0.8%	6.4%	11.7%	4.0%	-8.6%	1.1%	1.3%	3.3%
Earnings yield	3.8%	4.9%	8.9%	1.7%	-0.5%	4.7%	2.4%	1.7%
Enterprise value	SEK 874.5M	SEK 936.5M	SEK 1B	SEK 745.2M	SEK 999.9M	SEK 1.8B	SEK 1.8B	SEK 1.8B
Net debt / EBITDA	0.13×	-0.47×	0.02×	2.97×	11.6×	0.41×	0.5×	0.99×
Cash conversion cycle (days)	70	27	55	125	133	7	13	3