GARO Ab (GARO.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

-7.3%

SEK 11.22

vs SEK 12.10 price

Levered DCF

-SEK 6.30

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.43

Grey zone

Rating

Overall 2 / 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	-48.91×	-19.25×	69.08×	45.06×	64.86×	66.49×	35.91×	21.26×
P/B	1.62×	2.08×	3.57×	8.84×	19.58×	14.76×	8.95×	5.92×
P/S	0.82×	1×	1.59×	3.91×	8.33×	6.11×	3.05×	1.94×
EV / EBITDA	25.08×	2,873.2×	21.92×	29.03×	43.49×	41.17×	22.79×	14.74×
Gross margin	45.9%	41.8%	4.4%	48.1%	50.2%	49.8%	48.8%	49.7%
Operating margin	-1.0%	-4.8%	3.7%	13.8%	18.9%	15.0%	13.4%	12.6%
Net margin	-1.7%	-5.2%	2.3%	8.7%	12.9%	9.2%	8.5%	9.2%
Current ratio	1.48×	1.61×	1.52×	1.74×	2.09×	2.01×	1.77×	1.74×
Debt / equity	0.49×	0.54×	0.45×	0.28×	0.13×	0.19×	0.25×	0.18×
Interest coverage	-0.56×	-3.03×	3.87×	73.62×	62.79×	33.93×	32.19×	59.89×
Dividend yield	0.0%	0.0%	1.8%	1.3%	0.4%	0.0%	1.3%	2.3%
Payout ratio	0.0%	0.0%	127.8%	58.1%	28.5%	0.0%	47.0%	48.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.3%	-10.8%	5.1%	19.6%	30.2%	22.2%	25.0%	27.9%
Return on invested capital	-1.0%	-5.8%	3.8%	18.9%	31.1%	23.5%	24.3%	26.6%
Return on assets	-1.7%	-5.4%	2.6%	10.4%	17.8%	12.8%	13.0%	14.6%
Free cash flow yield	5.4%	-4.8%	-3.8%	-0.6%	0.7%	0.7%	3.0%	2.9%
Earnings yield	-2.0%	-5.2%	1.4%	2.2%	1.5%	1.5%	2.8%	4.7%
Enterprise value	SEK 1.1B	SEK 1.4B	SEK 2.4B	SEK 5.6B	SEK 10.8B	SEK 6.4B	SEK 3.1B	SEK 1.8B
Net debt / EBITDA	5.49×	563.2×	2.03×	0.75×	-0.04×	0.07×	0.33×	0.37×
Cash conversion cycle (days)	227	225	139	175	140	126	115	136