Mycronic AB (publ) (MYCR.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

-9.3%

SEK 262.59

vs SEK 289.40 price

Levered DCF

SEK 341.53

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

9.16

Safe zone

Rating

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	27.94×	23.14×	14.06×	12.9×	12.44×	17.28×	10.6×	7.32×
P/B	6.13×	2.98×	2.67×	2.05×	2.6×	3.57×	3.05×	2.43×
P/S	5.49×	2.76×	2.46×	1.87×	2.22×	3.09×	2.1×	1.53×
EV / EBITDA	18.08×	7.06×	8×	7.4×	7.8×	9.8×	6.63×	4.51×
Gross margin	51.8%	52.7%	47.7%	44.7%	49.3%	53.6%	55.7%	55.5%
Operating margin	24.9%	28.5%	21.2%	17.5%	22.6%	23.3%	26.1%	27.0%
Net margin	19.7%	23.8%	17.5%	14.5%	17.9%	17.9%	19.9%	20.9%
Current ratio	2.3×	2.15×	2.12×	2.03×	2.05×	2.39×	2.2×	1.67×
Debt / equity	0.05×	0.03×	0.04×	0.06×	0.06×	0.08×	0.11×	0×
Interest coverage	0×	134.2×	0×	68.77×	74.93×	64.57×	102.18×	88.5×
Dividend yield	1.7%	2.3%	2.4%	3.1%	2.9%	1.6%	3.2%	4.2%
Payout ratio	47.1%	26.2%	34.3%	39.7%	35.5%	28.2%	34.4%	31.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.9%	25.8%	19.0%	15.9%	20.9%	20.6%	28.8%	33.2%
Return on invested capital	19.1%	22.4%	16.1%	13.8%	17.9%	18.0%	23.6%	30.3%
Return on assets	14.3%	16.2%	12.0%	10.1%	13.5%	13.0%	17.8%	18.8%
Free cash flow yield	3.0%	8.4%	10.1%	7.5%	8.8%	8.3%	4.3%	11.0%
Earnings yield	3.6%	8.6%	7.1%	7.8%	8.0%	5.8%	9.4%	13.7%
Enterprise value	SEK 41.6B	SEK 16.7B	SEK 12.1B	SEK 8.6B	SEK 9.9B	SEK 11B	SEK 8.7B	SEK 4.9B
Net debt / EBITDA	-0.86×	-1.18×	-1.26×	-0.87×	-0.35×	-0.93×	-0.26×	-0.75×
Cash conversion cycle (days)	252	252	232	247	239	272	243	221