Lyko Group AB (LYKO-A.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

+3.5%

SEK 118.23

vs SEK 114.20 price

Levered DCF

SEK 760.65

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.21

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	-698×	70.88×	51.1×	101.97×	121.36×	475.68×	142.86×	-64.76×
P/B	4.68×	3.17×	3.68×	5.77×	14.8×	15.81×	4.19×	2.57×
P/S	0.54×	0.42×	0.54×	0.95×	2.68×	3.24×	1.18×	0.9×
EV / EBITDA	12.35×	8.67×	11.26×	17×	37.92×	51.72×	17.62×	42.75×
Gross margin	41.9%	44.0%	44.1%	46.1%	44.0%	44.9%	46.1%	47.8%
Operating margin	1.9%	3.3%	2.2%	2.3%	3.5%	2.7%	1.8%	-1.0%
Net margin	-0.1%	0.6%	1.0%	0.9%	2.2%	0.7%	0.8%	-1.4%
Current ratio	0.78×	0.76×	0.76×	0.83×	0.94×	0.95×	0.96×	1.27×
Debt / equity	3.1×	2.49×	1.58×	1.01×	0.98×	0.76×	0.75×	0.29×
Interest coverage	0.93×	1.42×	2.28×	3.66×	7.22×	4.44×	2.8×	-1.88×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.9%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-59.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.7%	4.5%	7.2%	5.6%	12.2%	3.3%	3.0%	-4.0%
Return on invested capital	4.1%	3.9%	4.7%	4.0%	6.7%	4.9%	2.7%	-2.0%
Return on assets	-0.1%	0.9%	1.8%	1.7%	3.8%	1.2%	1.1%	-2.2%
Free cash flow yield	10.1%	0.4%	-1.1%	2.1%	1.6%	1.2%	6.4%	-4.1%
Earnings yield	-0.1%	1.4%	2.0%	1.0%	0.8%	0.2%	0.7%	-1.5%
Enterprise value	SEK 3.1B	SEK 2.5B	SEK 2.3B	SEK 2.7B	SEK 6.1B	SEK 5.6B	SEK 1.6B	SEK 906.3M
Net debt / EBITDA	3.84×	3.55×	3.13×	2.26×	2.13×	2.05×	2.19×	3.65×
Cash conversion cycle (days)	-14	47	41	58	53	42	20	64