LumenRadio AB (publ) (LUMEN.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

+123.1%

SEK 106.22

vs SEK 47.60 price

Levered DCF

SEK 72.70

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

9.46

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	FY2020	FY2019
P/E	37.57×	44.55×	39.21×	24.32×	25.78×	-69.06×	1,208.21×
P/B	2.8×	5.25×	8.84×	6.01×	10.47×	18.29×	19.54×
P/S	2.96×	5.13×	7.21×	4.11×	4.96×	10.75×	8.45×
EV / EBITDA	15.51×	22.28×	25.49×	15.83×	22.6×	-180.54×	130.43×
Gross margin	10.0%	61.3%	63.2%	60.4%	59.0%	56.6%	59.6%
Operating margin	10.0%	11.7%	23.2%	20.0%	17.2%	-14.5%	1.0%
Net margin	7.9%	11.5%	18.4%	16.9%	19.2%	-15.5%	0.7%
Current ratio	5.65×	2.71×	2.66×	3.41×	1.81×	0.9×	2.25×
Debt / equity	0.02×	0.03×	0.05×	0.11×	0.15×	0.5×	0.15×
Interest coverage	39.25×	51.34×	0×	0×	62.38×	0×	0×
Dividend yield	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%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.4%	11.8%	22.5%	24.7%	40.5%	-26.4%	1.6%
Return on invested capital	7.1%	7.8%	17.4%	21.3%	29.3%	-14.7%	1.8%
Return on assets	6.3%	8.0%	14.7%	17.7%	25.9%	-12.2%	1.0%
Free cash flow yield	0.9%	2.9%	3.4%	3.7%	2.1%	-0.7%	1.2%
Earnings yield	2.7%	2.2%	2.6%	4.1%	3.9%	-1.4%	0.1%
Enterprise value	SEK 615.2M	SEK 1.1B	SEK 1.8B	SEK 752.8M	SEK 623M	SEK 632.1M	SEK 606.5M
Net debt / EBITDA	-2.6×	-2.15×	-1.05×	-1.5×	-0.29×	-1.96×	-3.37×
Cash conversion cycle (days)	56	60	72	51	57	40	-40