JM AB (publ) (JM.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

+32.8%

SEK 162.37

vs SEK 122.30 price

Levered DCF

SEK 32.02

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

1.1

Distress zone

Rating

Overall 2 / 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	160.11×	30.51×	11.13×	7.72×	15.68×	13.14×	12.65×	8.45×
P/B	1.13×	1.32×	1.44×	1.32×	3.37×	2.66×	2.71×	1.81×
P/S	0.84×	0.75×	0.72×	0.73×	1.81×	1.24×	1.24×	0.77×
EV / EBITDA	34.57×	24.33×	16.12×	8.8×	14.07×	11.67×	11.22×	8.35×
Gross margin	11.8%	11.4%	17.3%	19.9%	20.5%	18.1%	18.3%	18.5%
Operating margin	3.2%	4.8%	9.5%	12.8%	14.2%	12.4%	12.7%	12.0%
Net margin	0.5%	2.5%	6.4%	9.5%	11.5%	9.4%	9.8%	9.1%
Current ratio	1.76×	1.73×	1.61×	2.03×	2.02×	2.12×	2.14×	2.01×
Debt / equity	1.36×	1.44×	2.01×	0.97×	1×	1.01×	0.94×	0.77×
Interest coverage	1.62×	3.91×	14.11×	18.71×	25.9×	18.86×	18.7×	23.75×
Dividend yield	2.3%	1.8%	7.9%	8.0%	3.1%	4.3%	4.3%	6.4%
Payout ratio	375.0%	55.0%	87.8%	61.7%	49.2%	56.5%	54.7%	53.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.7%	4.3%	12.9%	17.1%	21.5%	20.3%	21.4%	21.4%
Return on invested capital	0.7%	2.0%	4.1%	5.7%	9.3%	8.6%	9.1%	9.3%
Return on assets	0.2%	1.4%	3.4%	6.1%	7.4%	6.7%	6.6%	6.9%
Free cash flow yield	15.4%	32.0%	9.2%	-22.9%	-3.4%	-3.5%	-7.3%	-30.2%
Earnings yield	0.6%	3.3%	9.0%	13.0%	6.4%	7.6%	7.9%	11.8%
Enterprise value	SEK 19.2B	SEK 22B	SEK 25.8B	SEK 18.2B	SEK 32.7B	SEK 24.8B	SEK 23.6B	SEK 15.5B
Net debt / EBITDA	18.38×	12.42×	8.97×	3.21×	1.9×	2.17×	2.04×	1.85×
Cash conversion cycle (days)	840	612	689	478	498	525	565	516