Mentice AB (publ) (MNTC.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

-148.3%

-SEK 7.59

vs SEK 15.70 price

Levered DCF

-SEK 4.40

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.93

Grey zone

Rating

C-

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	-11.61×	-35.42×	-433.64×	-30.98×	-83.56×	-154.63×	-70×	81.45×
P/B	2.71×	4.54×	7.67×	5.86×	17.84×	12.42×	11.52×	24.46×
P/S	1.34×	2.25×	4.46×	4.37×	13.19×	14.75×	9.62×	10.39×
EV / EBITDA	-208.97×	33.22×	40.52×	3,467.48×	1,692.36×	-510.68×	-108.78×	87.11×
Gross margin	-11.8%	88.6%	86.4%	86.7%	81.0%	75.7%	84.9%	81.2%
Operating margin	-11.8%	-4.3%	-0.2%	-10.4%	-10.0%	-23.0%	-18.6%	10.3%
Net margin	-11.6%	-6.3%	-1.0%	-14.1%	-15.8%	-9.5%	-13.8%	12.8%
Current ratio	1.07×	1.05×	1.1×	1.02×	0.99×	1.38×	2.21×	1.27×
Debt / equity	0.12×	0.06×	0.06×	0.1×	0.11×	0.07×	0.12×	0×
Interest coverage	-28.38×	-10.18×	-0.58×	-16.57×	-34.35×	-57.86×	-26.74×	358.4×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	-9.8%	4.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-23.4%	-12.8%	-1.8%	-18.9%	-21.3%	-8.0%	-16.5%	30.2%
Return on invested capital	-21.3%	-8.1%	-0.4%	-12.6%	-12.2%	-12.7%	-15.6%	24.1%
Return on assets	-10.4%	-5.7%	-0.9%	-9.2%	-11.1%	-5.3%	-11.0%	15.4%
Free cash flow yield	-6.8%	0.2%	2.4%	0.2%	-1.3%	0.3%	-2.9%	0.2%
Earnings yield	-8.6%	-2.8%	-0.2%	-3.2%	-1.2%	-0.6%	-1.4%	1.2%
Enterprise value	SEK 358.8M	SEK 607.9M	SEK 1.2B	SEK 922.4M	SEK 2.4B	SEK 2B	SEK 1.4B	SEK 1.6B
Net debt / EBITDA	9.64×	-2.43×	-1.72×	-115.08×	1.39×	9.55×	2.52×	-0.96×
Cash conversion cycle (days)	154	179	109	180	164	-120	36	-80