Neovici Holding AB ser. B (NEO-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

-2410.9%

-SEK 40.21

vs SEK 1.74 price

Levered DCF

-SEK 30.89

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.2

Grey 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
P/E	-8.72×	-9.31×	-15.42×	-25.1×	347.83×
P/B	2.85×	8.91×	15.89×	7.79×	10.02×
P/S	0.87×	4.19×	8.74×	23.13×	24.91×
EV / EBITDA	31.38×	-13.12×	-18.32×	-24.76×	167.58×
Gross margin	55.4%	63.3%	47.7%	91.9%	24.4%
Operating margin	-4.7%	-41.3%	-56.3%	-91.9%	15.7%
Net margin	-9.8%	-44.9%	-56.9%	-92.5%	7.2%
Current ratio	0.76×	0.68×	0.65×	2.99×	3×
Debt / equity	0.16×	0.01×	0.03×	0.01×	0.11×
Interest coverage	0×	-11.56×	-52.72×	-36.64×	3.56×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	-32.1%	-95.5%	-103.4%	-31.2%	2.9%
Return on invested capital	-9.1%	-53.5%	-74.8%	-28.5%	4.0%
Return on assets	-9.3%	-29.5%	-50.9%	-23.6%	2.0%
Free cash flow yield	2.1%	-9.2%	-5.7%	-8.1%	0.4%
Earnings yield	-11.3%	-10.7%	-6.5%	-4.0%	0.3%
Enterprise value	SEK 100.8M	SEK 262.5M	SEK 539.3M	SEK 512.7M	SEK 502.7M
Net debt / EBITDA	-4.25×	0.54×	-0.02×	1.26×	-12.02×
Cash conversion cycle (days)	7	-162	-14	-1,299	86