MilDef Group AB (publ) (MILDEF.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

-244.9%

-SEK 361.19

vs SEK 249.30 price

Levered DCF

-SEK 139.55

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

6.26

Safe zone

Rating

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	37.91×	-22.98×	37.92×	212.63×	-1,958.8×	32.09×	70.96×	75.31×
P/B	3.69×	4.6×	3.1×	3.84×	2.42×	6.86×	8.98×	10.36×
P/S	2.74×	4.22×	2.27×	4.09×	2.92×	2.28×	2.72×	3.73×
EV / EBITDA	19.72×	-131.77×	16.42×	56.69×	56.51×	13.55×	26.51×	34.02×
Gross margin	45.0%	49.1%	48.3%	47.7%	44.7%	45.7%	37.4%	37.6%
Operating margin	10.4%	-17.4%	9.4%	4.0%	-0.1%	14.3%	7.5%	7.3%
Net margin	7.2%	-18.3%	6.0%	1.9%	-0.1%	10.7%	5.7%	5.0%
Current ratio	2.06×	3×	1.7×	1.91×	3.25×	1.67×	1.73×	1.87×
Debt / equity	0.63×	0.2×	0.43×	0.4×	0.18×	0.5×	0.71×	0.03×
Interest coverage	4.96×	-8.53×	3.71×	3.74×	-0.1×	35.56×	49.8×	59.33×
Dividend yield	0.4%	0.4%	0.0%	0.9%	1.3%	1.0%	0.6%	1.6%
Payout ratio	15.9%	-9.0%	0.0%	192.3%	-2485.7%	20.7%	30.5%	117.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.7%	-20.0%	8.2%	1.8%	-0.1%	32.1%	18.8%	13.8%
Return on invested capital	7.6%	-15.4%	6.8%	1.9%	-0.0%	21.0%	10.5%	11.5%
Return on assets	5.1%	-13.1%	4.5%	1.0%	-0.1%	11.6%	6.7%	6.8%
Free cash flow yield	-0.6%	2.4%	0.3%	-3.1%	-5.2%	5.8%	-1.2%	2.5%
Earnings yield	2.6%	-4.3%	2.6%	0.5%	-0.1%	4.7%	2.1%	1.3%
Enterprise value	SEK 6.4B	SEK 4.8B	SEK 2.9B	SEK 3.3B	SEK 1.3B	SEK 929.8M	SEK 973M	SEK 881.1M
Net debt / EBITDA	2.48×	8.59×	1.62×	4.41×	-2.9×	0.29×	1.72×	-1.11×
Cash conversion cycle (days)	234	202	223	281	186	148	147	172