High Coast Distillery AB (Publ) (HIGHCO-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

-42.4%

SEK 16.12

vs SEK 28.00 price

Levered DCF

-SEK 74.82

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.13

Grey zone

Rating

C+

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	276×	389.09×	286.67×	34.16×	29.32×	97.89×	-347.5×	-154.44×
P/B	2.22×	2.32×	2.35×	3.11×	5.12×	6.21×	6.73×	9.75×
P/S	4.13×	3.99×	4.25×	5.07×	5.76×	7.59×	6.91×	5.81×
EV / EBITDA	19.96×	26.74×	28.18×	19.06×	18.56×	36.29×	64.8×	127.26×
Gross margin	13.5%	24.2%	99.7%	21.3%	26.4%	12.5%	2.1%	-1.9%
Operating margin	13.5%	24.2%	17.7%	21.3%	26.4%	12.5%	2.1%	-2.0%
Net margin	1.5%	1.0%	1.5%	14.8%	19.7%	7.7%	-2.0%	-3.8%
Current ratio	6.1×	5.45×	4.65×	4.28×	3.31×	3.59×	3.63×	3.2×
Debt / equity	0.73×	0.65×	0.43×	0.44×	0.74×	0.85×	0.96×	1.4×
Interest coverage	2.22×	5.77×	3.99×	8.82×	9.13×	2.55×	0.51×	-0.67×
Dividend yield	0.0%	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%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.8%	0.6%	0.8%	9.1%	17.5%	6.3%	-1.9%	-6.3%
Return on invested capital	2.3%	4.6%	4.1%	5.8%	7.7%	3.0%	0.7%	-0.7%
Return on assets	0.3%	0.2%	0.4%	4.3%	6.3%	2.0%	-0.6%	-1.3%
Free cash flow yield	-7.3%	-9.8%	-2.7%	-2.8%	-1.3%	-0.5%	-6.8%	-3.8%
Earnings yield	0.4%	0.2%	0.3%	2.9%	3.4%	1.0%	-0.3%	-0.6%
Enterprise value	SEK 315.8M	SEK 305.8M	SEK 284.8M	SEK 339.6M	SEK 387.1M	SEK 381M	SEK 370.4M	SEK 306.6M
Net debt / EBITDA	4.93×	5.4×	3.86×	1.85×	2.12×	3.63×	6.84×	14.55×
Cash conversion cycle (days)	1,239	1,137	205,241	-33	-30	-20	605	466