Micro Systemation AB (MSAB-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

+34.5%

SEK 139.19

vs SEK 103.50 price

Levered DCF

SEK 295.96

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

7.42

Safe zone

Rating

A-

Overall 4 / 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	23.31×	23.07×	39.69×	44.89×	20.32×	46.14×	130.36×	37.15×
P/B	7.62×	6.61×	10.27×	6.64×	7.81×	8.49×	8.86×	9.39×
P/S	2.48×	2.13×	2.86×	2.12×	2.13×	2.42×	2.19×	3.4×
EV / EBITDA	11.33×	11.98×	19.75×	22.61×	11.48×	19.01×	34.89×	27.85×
Gross margin	15.6%	35.3%	90.4%	103.6%	32.4%	29.2%	29.0%	34.6%
Operating margin	14.7%	11.4%	9.8%	5.2%	13.3%	7.4%	2.1%	10.7%
Net margin	10.7%	9.2%	7.2%	4.7%	10.5%	5.2%	1.7%	9.1%
Current ratio	1.76×	1.93×	1.76×	1.74×	1.68×	1.78×	1.38×	2.3×
Debt / equity	0.11×	0.35×	0.39×	0.48×	0.11×	0.22×	0.37×	0×
Interest coverage	8.59×	22.87×	19.82×	1,253.2×	143.46×	46.08×	9.72×	1,632.35×
Dividend yield	2.4%	3.2%	2.3%	0.0%	5.2%	0.0%	6.0%	3.9%
Payout ratio	56.3%	74.1%	92.4%	0.0%	106.1%	0.0%	797.6%	145.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	32.8%	28.7%	25.9%	14.8%	38.4%	18.4%	6.7%	25.2%
Return on invested capital	32.0%	20.7%	19.6%	8.8%	34.7%	24.6%	5.0%	23.4%
Return on assets	15.5%	13.0%	10.8%	5.9%	16.9%	8.6%	2.7%	14.4%
Free cash flow yield	6.3%	4.7%	6.2%	6.5%	1.4%	6.9%	2.4%	0.4%
Earnings yield	4.3%	4.3%	2.5%	2.2%	4.9%	2.2%	0.8%	2.7%
Enterprise value	SEK 1B	SEK 769.5M	SEK 1.1B	SEK 722.1M	SEK 653.2M	SEK 667.9M	SEK 638.5M	SEK 935.3M
Net debt / EBITDA	-1.62×	-1.45×	-1.56×	-1.53×	-0.99×	-2.33×	-1.95×	-2.94×
Cash conversion cycle (days)	71	74	94	210	119	61	3	100