Hexatronic Group AB (publ) (HTRO.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

+22.0%

SEK 53.21

vs SEK 43.60 price

Levered DCF

SEK 59.43

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.91

Grey 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	-338.33×	21.41×	5.98×	35.84×	76.36×	22.47×	33.72×	28.91×
P/B	1.38×	1.84×	1.49×	10.29×	11.77×	4.41×	3.92×	3.5×
P/S	0.65×	0.98×	0.62×	4.33×	5.54×	1.38×	1.22×	1.08×
EV / EBITDA	14.22×	8.96×	4.74×	24.05×	42.27×	12.43×	14.01×	15.23×
Gross margin	1.2%	41.8%	43.0%	43.8%	43.9%	45.3%	44.5%	43.3%
Operating margin	1.0%	9.0%	13.8%	15.6%	10.2%	8.5%	5.8%	5.8%
Net margin	-0.2%	4.6%	10.4%	12.1%	7.2%	6.1%	3.6%	3.7%
Current ratio	1.97×	2.25×	2.32×	1.86×	1.87×	1.58×	1.68×	1.8×
Debt / equity	0.78×	0.76×	1.03×	0.85×	1.17×	1.15×	1.01×	0.89×
Interest coverage	0.52×	3.45×	6.8×	25.13×	17.41×	14.8×	7.86×	9.84×
Dividend yield	0.0%	0.0%	0.4%	0.1%	0.1%	0.0%	0.7%	0.8%
Payout ratio	0.0%	0.0%	2.4%	2.5%	7.5%	0.0%	22.2%	24.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.4%	8.6%	24.9%	28.7%	15.4%	19.5%	11.7%	12.0%
Return on invested capital	-0.1%	6.0%	11.3%	13.8%	7.0%	9.3%	6.5%	6.7%
Return on assets	-0.2%	3.9%	9.7%	10.8%	5.4%	6.5%	4.5%	4.5%
Free cash flow yield	10.3%	8.1%	8.4%	0.7%	-0.5%	6.5%	4.1%	-1.5%
Earnings yield	-0.3%	4.7%	16.7%	2.8%	1.3%	4.4%	3.0%	3.4%
Enterprise value	SEK 6.8B	SEK 9.8B	SEK 7.8B	SEK 30.3B	SEK 20.6B	SEK 3.4B	SEK 2.7B	SEK 2.1B
Net debt / EBITDA	4.27×	2.22×	1.64×	1.43×	2.56×	1.95×	2.45×	2.58×
Cash conversion cycle (days)	86	125	125	141	144	51	112	126