KABE Group AB (publ.) (KABE-B.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

+48.0%

SEK 405.53

vs SEK 274.00 price

Levered DCF

SEK 177.91

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.14

Safe zone

Rating

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	25.12×	13.94×	12.23×	7.73×	11.71×	22.18×	10.95×	7.82×
P/B	1.07×	1.53×	1.73×	1.19×	1.91×	1.29×	1.18×	1.21×
P/S	0.59×	0.71×	0.69×	0.48×	0.76×	0.7×	0.55×	0.45×
EV / EBITDA	12.27×	8.83×	7.81×	3.76×	6.36×	10.12×	7.62×	5.13×
Gross margin	11.2%	13.4%	14.4%	14.2%	14.3%	10.9%	13.2%	14.5%
Operating margin	2.8%	6.0%	6.9%	7.6%	7.9%	3.5%	5.8%	7.1%
Net margin	2.4%	5.1%	5.6%	6.2%	6.5%	3.1%	5.0%	5.7%
Current ratio	3.56×	3.08×	2.67×	2.16×	2.29×	2.99×	2.6×	2.43×
Debt / equity	0.03×	0.04×	0.05×	0.05×	0.07×	0.02×	0.11×	0.03×
Interest coverage	17.8×	76.33×	70×	139.5×	85.67×	18.75×	45.67×	48.75×
Dividend yield	1.9%	2.7%	2.6%	3.6%	2.7%	0.0%	3.8%	4.0%
Payout ratio	47.4%	37.1%	31.3%	27.8%	32.1%	0.0%	41.5%	31.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.3%	11.0%	14.2%	15.5%	16.3%	5.8%	10.8%	15.5%
Return on invested capital	3.6%	9.2%	11.6%	13.3%	13.5%	4.8%	8.5%	13.8%
Return on assets	3.2%	7.8%	9.4%	9.1%	9.9%	4.1%	7.2%	9.8%
Free cash flow yield	9.2%	-4.5%	-6.1%	3.4%	16.7%	17.2%	4.1%	-7.1%
Earnings yield	4.0%	7.2%	8.2%	13.0%	8.5%	4.5%	9.1%	12.8%
Enterprise value	SEK 1.8B	SEK 2.7B	SEK 2.6B	SEK 1.3B	SEK 2B	SEK 1.2B	SEK 1.4B	SEK 1.2B
Net debt / EBITDA	-0.81×	-0.05×	-0.59×	-1.42×	-1.55×	-2.16×	0.49×	-0.01×
Cash conversion cycle (days)	133	143	110	84	66	133	152	120