I-Tech AB (ITECH.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

+172.1%

SEK 157.54

vs SEK 57.90 price

Levered DCF

SEK 227.74

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

14.46

Safe zone

Rating

A-

Overall 4 / 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	18.78×	17.74×	32.47×	60.45×	-267.73×	-205×	93.8×	-56.43×
P/B	3.58×	4.39×	4.82×	5.52×	6.68×	9.16×	7.12×	7.5×
P/S	3.71×	3.85×	5.44×	7.66×	13.26×	18.49×	17.4×	26.7×
EV / EBITDA	9.05×	10.42×	18.92×	27.85×	418.4×	312.63×	-461.19×	-124.26×
Gross margin	28.2%	53.1%	52.6%	54.0%	51.9%	47.7%	46.5%	35.5%
Operating margin	26.5%	25.3%	20.2%	14.4%	-8.9%	-10.9%	-15.2%	-47.1%
Net margin	19.7%	21.7%	16.7%	12.7%	-5.0%	-9.1%	18.5%	-47.5%
Current ratio	9.11×	9.41×	6.8×	7.71×	6.54×	5.49×	4.85×	6.03×
Debt / equity	0×	0.05×	0×	0.02×	0.04×	0.08×	0.1×	0.13×
Interest coverage	47.44×	1,197.11×	0×	1,002×	-34.18×	-19.42×	-21.67×	-24.73×
Dividend yield	3.3%	2.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	62.8%	45.8%	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	19.0%	24.8%	14.8%	9.1%	-2.5%	-4.5%	7.6%	-13.3%
Return on invested capital	20.3%	21.8%	14.2%	8.0%	-3.6%	-4.1%	6.9%	-11.7%
Return on assets	17.1%	22.5%	13.3%	8.5%	-2.3%	-4.0%	6.4%	-11.1%
Free cash flow yield	10.3%	5.1%	5.0%	3.1%	-0.3%	0.5%	-0.7%	-1.6%
Earnings yield	5.3%	5.6%	3.1%	1.7%	-0.4%	-0.5%	1.1%	-1.8%
Enterprise value	SEK 476M	SEK 598.3M	SEK 574.1M	SEK 590.2M	SEK 670.7M	SEK 944.1M	SEK 765.6M	SEK 739.7M
Net debt / EBITDA	-2.82×	-1.61×	-2.74×	-2.38×	-19.16×	-10.72×	16.59×	5.57×
Cash conversion cycle (days)	51	58	30	68	125	78	53	16