Inwido AB (INWI.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

+15.7%

SEK 221.66

vs SEK 191.60 price

Levered DCF

SEK 148.68

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.52

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	18.51×	19.97×	11.54×	8.06×	15.23×	13.95×	9.65×	7.47×
P/B	1.73×	1.9×	1.49×	1.21×	2.34×	1.68×	1.11×	0.92×
P/S	1.06×	1.22×	0.87×	0.67×	1.4×	1.05×	0.63×	0.48×
EV / EBITDA	9.44×	9.76×	6.6×	5.26×	9.87×	8.79×	7.15×	6.82×
Gross margin	25.1%	25.4%	25.6%	24.5%	26.2%	26.0%	25.5%	25.7%
Operating margin	9.6%	9.6%	10.9%	11.1%	11.7%	10.4%	9.1%	9.3%
Net margin	5.7%	6.1%	7.6%	8.3%	9.2%	7.5%	6.5%	6.5%
Current ratio	1.02×	1.09×	1.08×	1.27×	1.21×	1.35×	1.07×	1.19×
Debt / equity	0.51×	0.4×	0.42×	0.4×	0.38×	0.54×	0.62×	0.66×
Interest coverage	6.69×	5.64×	6.66×	14.91×	18×	11.11×	8.45×	9.36×
Dividend yield	3.3%	3.5%	4.8%	5.6%	2.4%	0.0%	3.5%	6.3%
Payout ratio	62.0%	70.0%	55.5%	44.8%	36.6%	0.0%	33.4%	46.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.3%	9.5%	12.9%	15.1%	15.4%	12.0%	11.5%	12.4%
Return on invested capital	7.6%	8.2%	9.9%	11.2%	11.1%	8.5%	7.5%	8.1%
Return on assets	4.9%	5.3%	7.0%	8.1%	8.4%	6.2%	5.8%	6.0%
Free cash flow yield	6.9%	5.3%	10.8%	13.7%	7.6%	14.7%	16.4%	6.7%
Earnings yield	5.4%	5.0%	8.7%	12.4%	6.6%	7.2%	10.4%	13.4%
Enterprise value	SEK 11.7B	SEK 12.1B	SEK 9.1B	SEK 7.2B	SEK 11.6B	SEK 8.1B	SEK 6.3B	SEK 5.4B
Net debt / EBITDA	1.74×	1.09×	0.93×	0.58×	0.6×	1.21×	2.39×	2.73×
Cash conversion cycle (days)	-41	5	-0	2	2	6	31	50