Mangold Fondkommission AB (MANG.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

-43.5%

SEK 751.92

vs SEK 1,330.00 price

Levered DCF

-SEK 53.89

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.14

Distress zone

Rating

D+

Overall 1 / 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	40.69×	-237.75×	-117.17×	-74.54×	21.28×	27.1×	41.39×	29.27×
P/B	3.96×	5.32×	5.78×	7.03×	10.44×	5.71×	4.5×	3.43×
P/S	4.42×	5.44×	6.68×	11.65×	6.59×	3.72×	2.96×	2.24×
EV / EBITDA	15.64×	64.46×	69.24×	-606.53×	16.84×	16.01×	18.27×	2.65×
Gross margin	93.3%	89.5%	92.9%	98.2%	99.3%	98.3%	97.7%	98.2%
Operating margin	12.4%	-3.2%	-5.3%	-15.6%	36.1%	17.5%	9.6%	9.6%
Net margin	10.9%	-2.3%	-5.7%	-15.6%	31.0%	13.7%	7.2%	7.6%
Current ratio	0.68×	0.06×	0.07×	0.09×	0.07×	0.05×	0.1×	13.37×
Debt / equity	0.16×	0.29×	0.37×	0.44×	0.04×	0.21×	0.35×	0.18×
Interest coverage	1.85×	-0.3×	-0.75×	-8.54×	50.38×	10.59×	4.24×	5.42×
Dividend yield	0.0%	0.9%	0.0%	1.5%	0.3%	0.5%	0.5%	0.8%
Payout ratio	0.0%	-208.6%	0.0%	-109.4%	7.0%	12.7%	19.0%	22.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.7%	-2.2%	-4.9%	-9.4%	49.1%	21.1%	10.9%	11.7%
Return on invested capital	7.0%	-1.5%	-2.9%	-5.8%	29.5%	12.8%	6.4%	3.5%
Return on assets	1.7%	-0.4%	-1.0%	-2.4%	11.1%	4.4%	2.0%	2.1%
Free cash flow yield	7.1%	-8.8%	5.7%	-8.3%	8.3%	3.6%	-2.6%	-0.0%
Earnings yield	2.5%	-0.4%	-0.9%	-1.3%	4.7%	3.7%	2.4%	3.4%
Enterprise value	SEK 822.6M	SEK 1.1B	SEK 1.3B	SEK 1.6B	SEK 2.4B	SEK 742.8M	SEK 496.5M	SEK 48.4M
Net debt / EBITDA	-1.99×	2.81×	3.64×	-32.59×	0.06×	0.58×	1.32×	-14.17×
Cash conversion cycle (days)	-385	-187	-329	-1,460	-945	-282	-438	-116,156