Midsona AB (publ) (MSON-A.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

+304.2%

SEK 38.97

vs SEK 9.64 price

Levered DCF

SEK 56.18

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.86

Grey 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	123.26×	24.69×	-24.92×	-1.41×	41.3×	28.71×	24.46×	21.17×
P/B	0.42×	0.37×	0.44×	0.23×	1.28×	2.19×	1.02×	1.67×
P/S	0.34×	0.31×	0.34×	0.18×	0.97×	1.36×	0.77×	0.96×
EV / EBITDA	7.44×	5.61×	9.84×	-4.72×	16.51×	17.25×	14×	15.62×
Gross margin	28.5%	28.7%	26.1%	22.4%	26.8%	28.0%	29.3%	30.6%
Operating margin	3.7%	3.4%	1.3%	-11.9%	4.3%	6.9%	5.5%	6.2%
Net margin	0.3%	1.3%	-1.4%	-12.8%	2.4%	4.7%	3.1%	4.5%
Current ratio	2.1×	1.73×	1.75×	1.9×	1.76×	1.32×	1.63×	1.52×
Debt / equity	0.21×	0.19×	0.24×	0.29×	0.52×	0.77×	0.66×	0.75×
Interest coverage	3.44×	2.21×	0.69×	-7.5×	4.24×	7.56×	4.72×	0×
Dividend yield	2.4%	0.0%	0.0%	0.0%	2.3%	1.6%	2.4%	2.1%
Payout ratio	290.0%	0.0%	0.0%	0.0%	96.6%	46.0%	59.8%	45.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.3%	1.5%	-1.8%	-16.3%	3.1%	7.6%	4.2%	7.9%
Return on invested capital	1.4%	2.0%	1.3%	-10.2%	2.6%	5.0%	3.3%	4.4%
Return on assets	0.2%	1.0%	-1.2%	-10.2%	1.7%	3.4%	2.0%	3.5%
Free cash flow yield	16.3%	10.3%	23.9%	23.8%	-3.4%	3.9%	6.6%	5.5%
Earnings yield	0.8%	4.1%	-4.1%	-70.8%	2.4%	3.5%	4.1%	4.7%
Enterprise value	SEK 1.5B	SEK 1.6B	SEK 1.8B	SEK 1.5B	SEK 5.1B	SEK 6.6B	SEK 3.7B	SEK 3.8B
Net debt / EBITDA	1.45×	1.58×	2.71×	-2.46×	4.65×	4.11×	5.09×	4.54×
Cash conversion cycle (days)	77	81	66	86	102	33	40	23