KDventures AB (KDEV.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

-1015.0%

-SEK 1.24

vs SEK 0.14 price

Levered DCF

-SEK 2.20

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-2.69

Distress zone

Rating

B-

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	-0.61×	-31.77×	85×	-3.09×	2.97×	-0.92×	0.45×	14.86×
P/B	0.11×	0.21×	0.37×	0.36×	1.09×	0.45×	0.29×	1.53×
P/S	10.89×	139.91×	227.76×	193.62×	485.65×	134.5×	87.02×	147.07×
EV / EBITDA	-0.49×	-31.05×	-14.06×	-3.64×	6.39×	-1.78×	0.99×	0×
Gross margin	90.8%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	-1797.3%	-498.3%	-174.0%	-3800.9%	7405.5%	-7635.8%	10281.9%	2409.5%
Net margin	-1794.8%	-440.8%	267.4%	-6306.0%	16306.3%	-14540.8%	19435.8%	992.8%
Current ratio	24.45×	4.36×	8.42×	20.32×	0.7×	1.33×	0.73×	0.29×
Debt / equity	0×	0×	0×	0×	0.13×	0.1×	0.09×	1.62×
Interest coverage	0×	-86.4×	0×	-103.58×	25.57×	-35.59×	10.74×	1.5×
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	-18.6%	-0.7%	0.4%	-11.7%	36.4%	-48.2%	65.3%	10.3%
Return on invested capital	-18.4%	-0.7%	-0.3%	-7.0%	14.7%	-23.1%	31.7%	9.4%
Return on assets	-18.4%	-0.6%	0.4%	-11.6%	31.9%	-43.3%	56.4%	3.8%
Free cash flow yield	-22.2%	-10.8%	-5.5%	-7.3%	1.0%	-26.9%	13.4%	2.9%
Earnings yield	-164.8%	-3.2%	1.2%	-32.6%	33.6%	-108.1%	223.3%	6.8%
Enterprise value	SEK 94.8M	SEK 217.3M	SEK 376.5M	SEK 315M	SEK 1.1B	SEK 357.3M	SEK 333M	SEK 914.4M
Net debt / EBITDA	0.12×	5.7×	3.07×	1.51×	0.47×	-0×	0.11×	0×
Cash conversion cycle (days)	-1,036	929	0	0	0	5,821	0	0