Nelly Group AB (NELLY.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

+661.6%

SEK 259.11

vs SEK 34.02 price

Levered DCF

SEK 172.86

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.06

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	19.32×	10.4×	-274.39×	-2.1×	-11.93×	-7.97×	-9.48×	528.33×
P/B	8.02×	3.66×	2.3×	1.13×	2.79×	2.27×	1.18×	1.43×
P/S	2.58×	0.79×	0.39×	0.12×	0.4×	0.41×	0.36×	0.44×
EV / EBITDA	14.61×	6.57×	8.55×	-15.47×	-22.27×	-12.2×	-31.18×	91.52×
Gross margin	54.3%	53.1%	48.9%	43.6%	44.7%	22.2%	27.3%	23.3%
Operating margin	13.2%	8.5%	1.2%	-4.2%	-2.6%	-3.3%	-3.2%	-1.6%
Net margin	13.3%	7.6%	-0.1%	-5.5%	-3.3%	-5.1%	-3.8%	0.1%
Current ratio	1.54×	1.17×	0.83×	0.84×	1×	1.24×	1.29×	1.72×
Debt / equity	0.71×	1.21×	1.59×	2.21×	1.55×	0.16×	0.53×	0.71×
Interest coverage	10.74×	5.38×	0.75×	-4.17×	-5.58×	-8.77×	-9.38×	-1.74×
Dividend yield	0.0%	2.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	29.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	41.5%	35.2%	-0.8%	-53.7%	-23.4%	-28.4%	-12.4%	0.3%
Return on invested capital	23.5%	16.4%	1.8%	-12.8%	-7.2%	-15.8%	-6.9%	-3.1%
Return on assets	17.0%	9.3%	-0.2%	-8.6%	-5.2%	-10.8%	-2.7%	0.1%
Free cash flow yield	3.4%	17.7%	12.4%	-50.5%	-0.8%	-57.4%	4.3%	-21.9%
Earnings yield	5.2%	9.6%	-0.4%	-47.7%	-8.4%	-12.5%	-10.5%	0.2%
Enterprise value	SEK 3.3B	SEK 957.4M	SEK 544M	SEK 348.1M	SEK 688.3M	SEK 375.8M	SEK 966.7M	SEK 1.4B
Net debt / EBITDA	0.15×	0.62×	2.08×	-8.79×	-3.85×	6.19×	2.54×	1.19×
Cash conversion cycle (days)	80	76	59	58	39	22	3	5