MAG Interactive AB (publ) (MAGI.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

+41.0%

SEK 12.41

vs SEK 8.80 price

Levered DCF

SEK 34.15

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.15

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	229.46×	-38.75×	-71×	718.87×	44.74×	118.33×	-31.97×	-28.27×
P/B	0.72×	1.24×	0.67×	1.19×	1.52×	2.62×	1.77×	1.17×
P/S	0.81×	1.34×	0.8×	1.11×	1.56×	2.95×	2.55×	2.24×
EV / EBITDA	10.75×	23.36×	2.14×	5.36×	5.84×	14.03×	27.27×	28.44×
Gross margin	17.2%	8.9%	78.4%	52.6%	60.4%	63.9%	56.0%	61.3%
Operating margin	-0.2%	-5.6%	-1.6%	0.0%	16.6%	2.6%	-9.5%	-9.5%
Net margin	0.4%	-3.4%	-1.1%	0.2%	3.4%	2.5%	-8.0%	-8.0%
Current ratio	3.89×	3.15×	3.93×	3.31×	2.91×	2.83×	5.03×	6.84×
Debt / equity	0.1×	0.04×	0.06×	0.09×	0.12×	0.14×	0.17×	0.05×
Interest coverage	-0.25×	-3.8×	-2.88×	0.02×	47.5×	5.77×	-15.24×	-25.11×
Dividend yield	0.0%	7.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	-281.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.3%	-3.2%	-1.0%	0.2%	3.4%	2.2%	-5.5%	-4.2%
Return on invested capital	-0.1%	-4.0%	-1.1%	0.0%	8.7%	1.7%	-4.2%	-3.6%
Return on assets	0.3%	-2.6%	-0.8%	0.1%	2.5%	1.5%	-4.2%	-3.6%
Free cash flow yield	27.9%	14.7%	9.9%	2.2%	7.2%	1.5%	0.8%	-8.2%
Earnings yield	0.4%	-2.5%	-1.4%	0.1%	2.2%	0.8%	-3.1%	-3.6%
Enterprise value	SEK 158.9M	SEK 294.8M	SEK 123.8M	SEK 310.4M	SEK 424.4M	SEK 796.6M	SEK 449.6M	SEK 217.4M
Net debt / EBITDA	-3.77×	-5.93×	-1.76×	-1.61×	-1.17×	-0.88×	-6.45×	-22.17×
Cash conversion cycle (days)	31	20	-20	12	-21	-2	-7	21