Mendus AB (publ) (IMMU.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

-84.5%

SEK 0.80

vs SEK 5.16 price

Levered DCF

SEK 0.88

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

-0.16

Distress zone

Rating

B-

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	-2.58×	-2.95×	-2.38×	-76.51×	-126.03×	-132.14×	-124.5×	-85.71×
P/B	0.5×	0.59×	0.34×	20.28×	26.07×	18.52×	61.89×	20.61×
P/S	0×	0×	8.48×	3,484.04×	2,853,093.12×	0×	1,012.79×	0×
EV / EBITDA	-2.16×	-2.49×	-1.53×	-81.38×	-132.53×	-143.78×	-383.8×	-81.05×
Gross margin	0.0%	0.0%	100.0%	-61.9%	-30750.0%	0.0%	90.2%	0.0%
Operating margin	0.0%	0.0%	-353.3%	-4463.6%	-2168333.3%	0.0%	-793.8%	0.0%
Net margin	0.0%	0.0%	-356.7%	-4574.0%	-2278233.3%	0.0%	-814.1%	0.0%
Current ratio	2.7×	4.29×	6.44×	0.79×	6.72×	3.99×	10.05×	10.36×
Debt / equity	0.03×	0.04×	0.03×	0.15×	0.06×	0.05×	0×	0×
Interest coverage	-36.63×	-110.87×	-32.31×	-25.4×	-39.62×	-26.72×	-7,783.76×	-6,989×
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	-19.4%	-19.9%	-14.4%	-26.6%	-20.8%	-14.0%	-49.7%	-24.1%
Return on invested capital	-19.9%	-20.2%	-13.8%	-22.3%	-18.8%	-12.4%	-48.2%	-24.0%
Return on assets	-18.0%	-18.4%	-13.4%	-22.1%	-19.0%	-12.7%	-44.7%	-21.7%
Free cash flow yield	-28.0%	-21.5%	-68.1%	-1.2%	-0.8%	-0.5%	-0.9%	-1.3%
Earnings yield	-38.7%	-33.8%	-42.1%	-1.3%	-0.8%	-0.8%	-0.8%	-1.2%
Enterprise value	SEK 246.5M	SEK 300.2M	SEK 145.3M	SEK 10.5B	SEK 17B	SEK 12.1B	SEK 16.6B	SEK 7.9B
Net debt / EBITDA	0.4×	0.66×	1.01×	-0.28×	0.92×	1.57×	6.85×	4.53×
Cash conversion cycle (days)	-386	-426	-459	-138	1,198,263	-2,131	-2,766	-181,265