Image Systems AB (IS.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

+280.9%

SEK 2.22

vs SEK 0.58 price

Levered DCF

SEK 1.96

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

0.55

Distress 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	-7.5×	29.36×	-19.03×	17.84×	1,436.36×	-6.71×	-19.81×	11.46×
P/B	0.98×	2.03×	1.12×	1.25×	1.24×	1.11×	1.05×	0.46×
P/S	0.64×	1.37×	0.8×	0.9×	0.93×	0.77×	0.67×	0.41×
EV / EBITDA	12.08×	9.67×	8.86×	5.27×	8.18×	31.24×	13.7×	7.76×
Gross margin	-1.2%	76.3%	76.4%	72.4%	72.1%	63.1%	59.6%	65.4%
Operating margin	-8.4%	4.8%	-3.3%	5.3%	0.5%	-7.7%	-2.1%	-1.2%
Net margin	-8.7%	4.7%	-4.2%	5.0%	0.1%	-11.2%	-3.4%	3.5%
Current ratio	0.7×	0.93×	1.03×	1.11×	0.93×	0.85×	1.01×	1.24×
Debt / equity	0.11×	0.16×	0.13×	0.15×	0.22×	0.27×	0.29×	0.08×
Interest coverage	-15.67×	9.78×	-2.52×	8.27×	0.62×	-3.32×	-1.79×	-0.79×
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	-13.3%	6.9%	-5.9%	7.0%	0.1%	-16.1%	-5.3%	4.0%
Return on invested capital	-10.8%	5.9%	-3.6%	6.2%	-0.1%	-8.3%	-2.4%	1.5%
Return on assets	-7.7%	3.8%	-3.7%	4.4%	0.1%	-9.5%	-2.9%	2.5%
Free cash flow yield	4.0%	5.5%	-7.5%	14.7%	6.7%	16.2%	-3.2%	-25.9%
Earnings yield	-13.6%	3.4%	-5.3%	5.6%	0.1%	-14.5%	-5.0%	8.7%
Enterprise value	SEK 109.9M	SEK 259.3M	SEK 137.4M	SEK 149.7M	SEK 158.7M	SEK 153.1M	SEK 174M	SEK 66M
Net debt / EBITDA	0.32×	0.25×	0.52×	-0.13×	0.92×	5.57×	2.78×	0.32×
Cash conversion cycle (days)	71	77	90	60	48	37	68	70