Kjell Group AB (KJELL.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

+827.5%

SEK 176.23

vs SEK 19.00 price

Levered DCF

SEK 30.99

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.17

Grey zone

Rating

C+

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	-1.5×	-15.36×	56.53×	11.33×	12.55×	10.74×	32.61×	37.49×
P/B	0.75×	0.3×	0.7×	0.81×	1.63×	4.65×	5.51×	6.69×
P/S	0.25×	0.12×	0.28×	0.31×	0.6×	0.75×	0.92×	1.02×
EV / EBITDA	14.51×	4.15×	4.93×	5.01×	7.41×	9.03×	9.85×	10.81×
Gross margin	39.2%	40.5%	42.1%	42.1%	42.7%	43.2%	44.9%	47.4%
Operating margin	-15.3%	0.5%	2.3%	4.5%	5.8%	7.3%	7.4%	7.5%
Net margin	-16.3%	-0.8%	0.5%	2.7%	2.6%	2.6%	2.8%	2.7%
Current ratio	0.62×	1.06×	1.1×	1.07×	0.9×	1.24×	1.2×	1.17×
Debt / equity	1.25×	0.72×	0.74×	0.79×	0.96×	3.09×	3.94×	5.11×
Interest coverage	-9.77×	0.33×	1.37×	4.24×	2.51×	2.72×	2.05×	1.67×
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	-49.6%	-2.0%	1.2%	7.1%	7.0%	15.9%	16.9%	17.9%
Return on invested capital	-21.0%	0.6%	2.2%	5.0%	5.8%	7.7%	6.2%	6.8%
Return on assets	-18.0%	-0.8%	0.5%	2.9%	2.4%	2.7%	2.5%	2.2%
Free cash flow yield	13.7%	39.8%	33.5%	24.5%	7.1%	11.4%	8.0%	11.4%
Earnings yield	-66.6%	-6.5%	1.8%	8.8%	4.3%	3.4%	3.1%	2.7%
Enterprise value	SEK 1.3B	SEK 854.1M	SEK 1.3B	SEK 1.5B	SEK 2.1B	SEK 2.5B	SEK 2.6B	SEK 2.7B
Net debt / EBITDA	7.96×	2.67×	2.17×	2.28×	2.33×	2.88×	3.45×	4.04×
Cash conversion cycle (days)	7	39	34	48	58	35	46	43