Malmbergs Elektriska AB (publ) (MEAB-B.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

+262.3%

SEK 97.83

vs SEK 27.00 price

Levered DCF

SEK 58.34

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.26

Safe zone

Rating

B-

Overall 3 / 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	-15.54×	-13.86×	38.84×	11.48×	14.5×	17.06×	14.29×	16.67×
P/B	0.77×	1.03×	1.02×	1×	1.46×	1.41×	1.63×	2.26×
P/S	0.52×	0.66×	0.63×	0.57×	0.82×	0.75×	0.81×	1.07×
EV / EBITDA	10.67×	17.9×	6.91×	5.04×	6.58×	6.33×	7.04×	10.22×
Gross margin	43.8%	43.2%	43.3%	46.8%	45.9%	43.7%	44.7%	44.3%
Operating margin	-3.9%	-4.9%	1.9%	6.9%	7.1%	6.5%	7.4%	8.3%
Net margin	-3.4%	-4.7%	1.6%	4.9%	5.6%	4.4%	5.7%	6.4%
Current ratio	3.51×	3.3×	3.33×	3.04×	3.2×	3.14×	2.81×	4.24×
Debt / equity	0.28×	0.26×	0.28×	0.28×	0.28×	0.37×	0.49×	0.1×
Interest coverage	-6.83×	-9.16×	3.99×	17.83×	16.4×	10.76×	17.78×	44.09×
Dividend yield	0.0%	4.7%	4.3%	3.2%	2.3%	0.0%	4.0%	6.1%
Payout ratio	0.0%	-65.4%	165.8%	36.3%	33.5%	0.0%	57.7%	101.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.9%	-7.4%	2.6%	8.7%	10.1%	8.2%	11.4%	13.6%
Return on invested capital	-4.4%	-6.1%	2.0%	7.3%	7.9%	6.9%	7.8%	12.3%
Return on assets	-3.3%	-5.0%	1.7%	5.6%	6.6%	5.1%	6.4%	10.1%
Free cash flow yield	28.8%	1.4%	23.1%	5.7%	2.1%	15.3%	10.7%	7.0%
Earnings yield	-6.4%	-7.2%	2.6%	8.7%	6.9%	5.9%	7.0%	6.0%
Enterprise value	SEK 254M	SEK 384.6M	SEK 393.2M	SEK 434.8M	SEK 545.7M	SEK 468.6M	SEK 566.2M	SEK 597.1M
Net debt / EBITDA	0.59×	2.11×	0.3×	0.64×	0.33×	0.06×	0.87×	-1.01×
Cash conversion cycle (days)	274	295	234	292	237	200	214	183