Meko AB (publ) (MEKO.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

+1185.3%

SEK 897.76

vs SEK 69.85 price

Levered DCF

SEK 768.66

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.58

Distress 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	113.91×	17.31×	14.61×	13.87×	15.39×	11.88×	12.69×	13.94×
P/B	0.69×	1.16×	1.01×	1.08×	1.7×	1.13×	1.22×	0.95×
P/S	0.22×	0.4×	0.35×	0.44×	0.7×	0.44×	0.44×	0.46×
EV / EBITDA	6.75×	6.47×	6.41×	7.2×	7.61×	6.08×	7.01×	9.91×
Gross margin	42.9%	44.7%	6.7%	46.2%	46.6%	46.3%	45.6%	50.9%
Operating margin	2.7%	4.9%	5.0%	5.3%	7.1%	6.3%	5.9%	5.1%
Net margin	0.2%	2.3%	2.4%	3.2%	4.6%	3.7%	3.4%	3.3%
Current ratio	1.55×	1.63×	1.7×	1.8×	1.65×	1.41×	1.4×	1.39×
Debt / equity	1.12×	0.83×	0.93×	1.02×	0.93×	1.04×	1.36×	1.12×
Interest coverage	1.44×	3.11×	3.05×	4.99×	8.36×	5.55×	4.22×	5.5×
Dividend yield	5.4%	2.8%	3.0%	2.7%	0.2%	0.1%	0.2%	7.2%
Payout ratio	605.6%	47.8%	44.2%	37.0%	3.3%	0.9%	2.2%	100.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.6%	6.7%	6.9%	7.8%	11.1%	9.5%	9.6%	6.8%
Return on invested capital	1.9%	5.4%	5.4%	5.0%	6.6%	5.7%	5.0%	2.6%
Return on assets	0.2%	2.6%	2.6%	2.9%	4.3%	3.5%	3.2%	2.4%
Free cash flow yield	19.7%	15.5%	16.7%	13.3%	12.0%	28.7%	19.3%	3.0%
Earnings yield	0.9%	5.8%	6.8%	7.2%	6.5%	8.4%	7.9%	7.2%
Enterprise value	SEK 10.1B	SEK 12.2B	SEK 11.1B	SEK 11.5B	SEK 12.7B	SEK 9.4B	SEK 10.7B	SEK 7.7B
Net debt / EBITDA	4.02×	2.5×	2.87×	3.25×	2.34×	2.76×	3.59×	5.26×
Cash conversion cycle (days)	115	123	74	148	123	126	132	203