Linc AB (LINC.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

-89.4%

SEK 7.30

vs SEK 69.00 price

Levered DCF

SEK 4.55

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

686.06

Safe 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	-10.1×	3.84×	6.04×	-4.76×	-165.93×	6.27×	8.75×	16.54×
P/B	0.91×	1.04×	1.06×	1.18×	1.38×	2.09×	3.14×	4.9×
P/S	415.95×	0×	1,024.93×	1,452.02×	1,212.19×	3,982.81×	1,127.02×	910.61×
EV / EBITDA	-9.22×	3.42×	4.84×	-3.17×	-113.4×	5.36×	8.6×	16.98×
Gross margin	64.8%	0.0%	-51.6%	-112.3%	-59.1%	47.6%	95.3%	99.6%
Operating margin	-4357.2%	0.0%	17771.2%	-37892.3%	-897.6%	73993.3%	12999.0%	5304.3%
Net margin	-4118.4%	0.0%	16971.5%	-30507.6%	-725.7%	63553.0%	12868.1%	5509.7%
Current ratio	28.37×	65.81×	188.41×	220.02×	176.01×	12.57×	191.87×	18×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	-1,747.2×	255.4×	0×	0×	-31.64×	121,256.5×	0×	12,165.88×
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	-9.0%	26.9%	17.6%	-24.9%	-0.8%	33.4%	35.9%	29.7%
Return on invested capital	-9.4%	26.4%	17.1%	-24.9%	-0.8%	31.6%	35.8%	28.6%
Return on assets	-9.0%	26.9%	17.5%	-24.8%	-0.8%	31.6%	35.8%	29.6%
Free cash flow yield	-6.6%	0.6%	-2.2%	-6.6%	-7.1%	-0.3%	0.0%	-0.4%
Earnings yield	-9.9%	26.0%	16.6%	-21.0%	-0.6%	16.0%	11.4%	6.1%
Enterprise value	SEK 3.8B	SEK 4.5B	SEK 3.2B	SEK 2.8B	SEK 4.2B	SEK 5.2B	SEK 5.2B	SEK 5.2B
Net debt / EBITDA	0.7×	-0.42×	-0.78×	0.67×	22.44×	-0.02×	-0.06×	-0.12×
Cash conversion cycle (days)	5,715	-4	-0	-11	-23	-309	0	-2,175