Indutrade AB (publ) (INDT.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

-38.4%

SEK 162.84

vs SEK 264.20 price

Levered DCF

SEK 131.80

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.61

Safe zone

Rating

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	34.2×	36.69×	33.31×	28.68×	48.13×	38.3×	27.32×	18.67×
P/B	5.12×	6.06×	6.59×	6.03×	9.8×	7.41×	5.66×	4.11×
P/S	2.72×	3.1×	3×	2.85×	4.65×	3.33×	2.2×	1.51×
EV / EBITDA	17.28×	18.72×	17.82×	17.38×	27.27×	20.98×	15.89×	12.39×
Gross margin	35.4%	35.0%	34.7%	34.7%	35.0%	34.0%	34.1%	34.1%
Operating margin	11.7%	12.4%	13.1%	13.4%	13.0%	11.8%	10.9%	10.8%
Net margin	7.9%	8.4%	9.0%	9.9%	9.6%	8.7%	8.0%	8.1%
Current ratio	1.98×	1.97×	1.99×	1.83×	1.86×	1.86×	1.55×	1.55×
Debt / equity	0.56×	0.65×	0.72×	0.78×	0.64×	0.61×	0.9×	0.7×
Interest coverage	8.93×	6.84×	8.01×	17.49×	24.15×	18.42×	16.52×	23.1×
Dividend yield	1.2%	1.0%	1.0%	1.1%	0.6%	0.0%	1.3%	1.8%
Payout ratio	42.7%	37.9%	33.0%	31.2%	31.3%	0.0%	36.7%	33.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.0%	16.5%	19.8%	21.0%	20.4%	19.4%	20.7%	22.0%
Return on invested capital	10.2%	10.8%	12.1%	11.6%	11.9%	11.8%	10.7%	12.4%
Return on assets	7.7%	8.0%	9.2%	9.3%	9.5%	9.3%	8.4%	9.7%
Free cash flow yield	4.0%	3.6%	4.1%	2.4%	2.5%	3.7%	3.7%	4.1%
Earnings yield	2.9%	2.7%	3.0%	3.5%	2.1%	2.6%	3.7%	5.4%
Enterprise value	SEK 94.7B	SEK 108.7B	SEK 102.8B	SEK 85.2B	SEK 106B	SEK 68.4B	SEK 46.3B	SEK 29.1B
Net debt / EBITDA	1.31×	1.33×	1.29×	1.7×	1.32×	1.37×	1.98×	1.54×
Cash conversion cycle (days)	119	123	125	147	129	62	65	55