Kakel Max AB (publ) (KAKEL.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

+7.5%

SEK 11.82

vs SEK 11.00 price

Levered DCF

SEK 12.77

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.43

Grey 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	-19.13×	-6.08×	41.07×	10.63×	39.78×	9.35×	7.15×	7.96×
P/B	0.54×	0.65×	0.61×	1.01×	1.1×	1.42×	0.79×	0.89×
P/S	0.15×	0.23×	0.23×	0.32×	0.37×	0.49×	0.22×	0.22×
EV / EBITDA	7.45×	14.89×	4.98×	4.55×	8.28×	5.57×	4.25×	5.54×
Gross margin	32.6%	32.3%	32.7%	34.3%	32.4%	30.0%	27.8%	28.0%
Operating margin	-2.5%	-3.2%	1.2%	4.3%	1.7%	6.4%	4.5%	4.3%
Net margin	-0.8%	-3.8%	0.5%	3.0%	0.9%	5.3%	3.1%	2.7%
Current ratio	1.36×	1.54×	1.92×	1.86×	1.78×	1.85×	1.61×	2.21×
Debt / equity	0.26×	0.31×	0.26×	0.2×	0.29×	0.42×	0.46×	0.32×
Interest coverage	-3.55×	-3.68×	1.82×	7.39×	2.91×	9.89×	5.79×	2.05×
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	-2.8%	-10.7%	1.5%	9.6%	2.7%	15.2%	11.0%	11.2%
Return on invested capital	-3.3%	-6.7%	1.9%	8.7%	2.9%	10.9%	8.1%	8.2%
Return on assets	-1.5%	-5.8%	0.9%	5.4%	1.5%	7.8%	4.9%	5.0%
Free cash flow yield	38.4%	-7.8%	3.6%	8.0%	-1.6%	26.4%	6.8%	6.7%
Earnings yield	-5.3%	-16.5%	2.4%	9.4%	2.5%	10.7%	14.0%	12.6%
Enterprise value	SEK 33.2M	SEK 48M	SEK 44.5M	SEK 63M	SEK 66.4M	SEK 78.9M	SEK 47M	SEK 37.2M
Net debt / EBITDA	1.45×	4.51×	1.07×	0.45×	1.34×	0.63×	1.28×	0.6×
Cash conversion cycle (days)	55	107	109	102	110	95	111	99