Freemelt Holding AB (publ) (FREEM.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

-2234.7%

-SEK 27.58

vs SEK 1.29 price

Levered DCF

-SEK 52.83

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.57

Safe zone

Rating

C-

Overall 1 / 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
P/E	-2.7×	-0.7×	-3.77×	-3.81×	-18.55×	-108.92×	1,333.67×
P/B	1.3×	0.31×	1.31×	1×	1.36×	20.37×	17.38×
P/S	4.52×	3.12×	14.06×	6.91×	1,461.58×	74.66×	45.26×
EV / EBITDA	-6.6×	-1.29×	-9.29×	-17.28×	-32.83×	-149.07×	213.77×
Gross margin	-156.2%	207.8%	157.1%	101.8%	2506.0%	206.6%	134.8%
Operating margin	-171.5%	-453.9%	-376.6%	-181.2%	-8907.0%	-87.2%	4.7%
Net margin	-167.2%	-449.2%	-371.4%	-181.1%	-7937.7%	-68.9%	3.4%
Current ratio	3.39×	1.7×	3.33×	3.33×	6.49×	1.78×	4.4×
Debt / equity	0×	0×	0×	0×	0×	0×	0×
Interest coverage	-779.47×	-5,049.78×	-3,501×	-9,663.86×	-289.24×	-274.67×	684.22×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	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
Return on equity	-48.2%	-44.6%	-34.6%	-26.2%	-7.4%	-18.8%	1.3%
Return on invested capital	-49.4%	-45.1%	-35.1%	-26.3%	-7.3%	-14.9%	1.3%
Return on assets	-44.2%	-40.3%	-32.5%	-25.2%	-7.1%	-13.1%	1.2%
Free cash flow yield	-15.9%	-72.6%	-13.3%	-17.9%	-6.6%	-0.1%	0.1%
Earnings yield	-37.0%	-143.8%	-26.4%	-26.2%	-5.4%	-0.9%	0.1%
Enterprise value	SEK 214.2M	SEK 45.9M	SEK 279.7M	SEK 247.1M	SEK 384.5M	SEK 473.8M	SEK 467.1M
Net debt / EBITDA	0.99×	0.47×	1.13×	0.76×	4.86×	1.42×	-5.13×
Cash conversion cycle (days)	107	-64	84	-2,411	4,280	0	-78