Nepa AB (publ) (NEPA.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

+34.9%

SEK 10.52

vs SEK 7.80 price

Levered DCF

-SEK 2.23

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.54

Distress zone

Rating

D+

Overall 1 / 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	-3.56×	-86.36×	-15.19×	16.85×	17.84×	23.71×	-7.56×	-28.35×
P/B	3.6×	2.01×	2.53×	2.68×	6.7×	4.79×	3.43×	5.29×
P/S	0.54×	0.56×	0.75×	0.94×	2.33×	1.2×	0.66×	1.64×
EV / EBITDA	-8.66×	6.37×	-106.43×	6.99×	11.65×	10.86×	-10.55×	-45.82×
Gross margin	-5.6%	76.0%	82.4%	84.3%	82.0%	73.5%	76.8%	75.7%
Operating margin	-11.9%	-1.1%	-5.0%	6.3%	13.5%	4.8%	-8.7%	-5.5%
Net margin	-15.3%	-0.8%	-4.9%	5.6%	13.1%	5.1%	-8.7%	-5.8%
Current ratio	1.02×	1.37×	1.32×	1.6×	1.75×	1.32×	1.22×	1.76×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	-5.84×	-1.18×	-7,386.5×	728.19×	2,172.85×	42.5×	-605.31×	-98.55×
Dividend yield	8.0%	6.5%	4.4%	3.3%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-28.4%	-463.9%	-67.2%	55.3%	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	-101.3%	-2.8%	-16.6%	15.9%	37.5%	20.2%	-45.4%	-18.6%
Return on invested capital	-78.6%	-3.9%	-15.5%	14.4%	36.1%	19.1%	-44.9%	-17.6%
Return on assets	-34.6%	-1.3%	-8.0%	8.3%	19.6%	7.9%	-17.1%	-10.1%
Free cash flow yield	-11.3%	8.3%	-7.2%	-3.9%	2.1%	17.9%	-17.8%	-3.7%
Earnings yield	-28.1%	-1.4%	-6.6%	5.9%	5.6%	4.2%	-13.2%	-3.5%
Enterprise value	SEK 106.6M	SEK 108.3M	SEK 180.3M	SEK 230.3M	SEK 603.7M	SEK 241.9M	SEK 158.4M	SEK 350M
Net debt / EBITDA	1.18×	-2.41×	22.66×	-1.94×	-1.64×	-3.12×	0.97×	5.92×
Cash conversion cycle (days)	55	-50	-95	-92	-67	-23	-6	-309