Modern Times Group MTG AB (publ) (MTG-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

+261.0%

SEK 432.79

vs SEK 119.90 price

Levered DCF

SEK 638.13

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.94

Grey 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	-216.42×	-54.54×	64.77×	41.44×	-21.1×	-102.95×	-18.55×	7.46×
P/B	1.27×	0.83×	0.77×	0.75×	1.2×	2.57×	1.64×	1.36×
P/S	1.16×	1.9×	1.82×	1.88×	1.81×	2.47×	2×	0.39×
EV / EBITDA	7.61×	11.38×	5.7×	4.56×	19.22×	30.73×	-58.71×	32.59×
Gross margin	66.0%	74.2%	72.9%	72.5%	48.7%	55.5%	45.9%	37.8%
Operating margin	8.3%	15.0%	15.2%	17.1%	0.8%	1.9%	-5.8%	8.0%
Net margin	-0.5%	-3.5%	2.8%	4.6%	-8.6%	-2.4%	-10.8%	5.3%
Current ratio	0.59×	1.59×	2.01×	1.93×	0.57×	0.48×	2.06×	0.94×
Debt / equity	0.35×	0.05×	0.05×	0.06×	0.35×	0.8×	0.03×	0.65×
Interest coverage	3.32×	300.33×	885×	3.85×	0.24×	3.62×	-11.76×	27.74×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.8%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	80.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.6%	-1.5%	1.2%	1.8%	-5.7%	-2.5%	-8.8%	18.3%
Return on invested capital	-0.9%	-6.5%	1.6%	2.9%	0.3%	-0.9%	-3.2%	10.4%
Return on assets	-0.3%	-1.2%	0.9%	1.3%	-2.6%	-0.9%	-5.1%	5.1%
Free cash flow yield	11.1%	10.9%	9.9%	6.1%	0.6%	0.6%	-5.0%	3.7%
Earnings yield	-0.5%	-1.8%	1.5%	2.4%	-4.7%	-1.0%	-5.4%	13.4%
Enterprise value	SEK 16B	SEK 8.6B	SEK 8.4B	SEK 6.5B	SEK 11.4B	SEK 11.8B	SEK 6.8B	SEK 10.6B
Net debt / EBITDA	1.2×	-3.67×	-1.53×	-2.8×	3.07×	5.01×	14.52×	8.69×
Cash conversion cycle (days)	-8	-48	-38	-53	10	23	46	79