Kentima Holding AB (publ) (KENH.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

+41.4%

SEK 3.45

vs SEK 2.44 price

Levered DCF

SEK 1.52

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.42

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	FY2019	FY2018	FY2017
P/E	11.73×	-28.38×	33×	65.5×	45.45×	-33.33×	29.52×	14×
P/B	2.04×	2.06×	1.76×	2.46×	45×	1.42×	1.75×	2.37×
P/S	1.03×	1.16×	0.94×	1.21×	2.44×	0.83×	0.96×	1.31×
EV / EBITDA	7.16×	18.01×	8.51×	12.79×	42.93×	14.24×	10.96×	7.85×
Gross margin	9.0%	60.6%	59.4%	53.8%	50.1%	55.7%	51.2%	50.6%
Operating margin	9.0%	-1.1%	5.2%	3.2%	5.6%	-1.9%	3.5%	9.6%
Net margin	8.7%	-4.1%	2.8%	2.0%	5.1%	-2.5%	3.2%	9.3%
Current ratio	1.39×	1.11×	1.43×	1.42×	1.78×	1.68×	2×	1.92×
Debt / equity	0.11×	0.27×	0.31×	0.29×	1.07×	0.07×	0.07×	0.08×
Interest coverage	5.49×	-0.38×	2.11×	2.6×	11.27×	-3.58×	9.73×	23.07×
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	FY2019	FY2018	FY2017
Return on equity	17.2%	-7.3%	5.1%	4.0%	94.6%	-4.2%	5.9%	16.8%
Return on invested capital	16.1%	-1.6%	7.4%	5.1%	10.4%	-3.1%	6.0%	15.9%
Return on assets	11.7%	-4.5%	3.3%	2.6%	7.1%	-3.2%	4.4%	11.7%
Free cash flow yield	11.9%	12.5%	-1.6%	-7.4%	-1.3%	0.8%	1.4%	0.4%
Earnings yield	8.4%	-3.5%	2.9%	1.6%	2.1%	-3.0%	3.4%	7.1%
Enterprise value	SEK 78.8M	SEK 70.7M	SEK 67.3M	SEK 85M	SEK 148.7M	SEK 38.4M	SEK 49M	SEK 62.8M
Net debt / EBITDA	0.32×	1.97×	1.21×	1.29×	0.84×	0.39×	0.19×	0.19×
Cash conversion cycle (days)	90	107	247	-50	-62	109	81	32