ITAB Group AB (publ) (ITAB.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

+419.9%

SEK 82.24

vs SEK 15.82 price

Levered DCF

SEK 168.72

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.8

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	34.51×	15.14×	9.76×	9.91×	26.84×	-83.93×	14.08×	17.14×
P/B	1.07×	1.15×	0.87×	0.8×	0.97×	1.38×	0.99×	0.97×
P/S	0.35×	0.72×	0.43×	0.35×	0.41×	0.42×	0.28×	0.26×
EV / EBITDA	5.95×	5.97×	4.64×	5.02×	7.4×	11.18×	7.9×	9.64×
Gross margin	22.1%	28.2%	28.0%	23.0%	26.9%	26.6%	26.8%	26.7%
Operating margin	6.0%	7.0%	7.0%	5.9%	3.6%	2.1%	2.8%	3.8%
Net margin	1.0%	4.7%	4.4%	3.5%	1.5%	-0.4%	2.0%	1.5%
Current ratio	1.25×	2.05×	1.68×	1.79×	1.34×	0.93×	1.17×	1.34×
Debt / equity	0.97×	0.3×	0.41×	0.61×	0.54×	1.5×	1.59×	1.48×
Interest coverage	2.95×	5.74×	5.68×	5.68×	2.7×	1×	1.9×	2.91×
Dividend yield	0.0%	3.4%	4.1%	0.0%	0.0%	0.0%	0.0%	11.5%
Payout ratio	0.0%	51.8%	40.4%	0.0%	0.0%	0.0%	0.0%	198.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.1%	7.5%	8.9%	8.1%	3.6%	-1.4%	6.9%	5.6%
Return on invested capital	4.0%	6.0%	7.2%	5.5%	3.4%	-16.7%	2.5%	3.4%
Return on assets	1.1%	4.4%	4.7%	3.7%	1.6%	-0.4%	2.0%	1.7%
Free cash flow yield	15.0%	11.7%	27.4%	17.9%	-10.0%	34.5%	18.2%	22.4%
Earnings yield	2.9%	6.6%	10.2%	10.1%	3.7%	-1.0%	7.0%	5.8%
Enterprise value	SEK 7.6B	SEK 4.4B	SEK 3.3B	SEK 3.5B	SEK 3.8B	SEK 3.9B	SEK 4.2B	SEK 3.6B
Net debt / EBITDA	2.43×	-0.38×	0.93×	1.56×	2.4×	4.89×	4.67×	5.53×
Cash conversion cycle (days)	59	60	60	73	91	60	78	93