Netel Holding AB (NETEL.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

+635.5%

SEK 23.54

vs SEK 3.20 price

Levered DCF

SEK 1.54

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.94

Distress zone

Rating

C+

Overall 2 / 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	-2.06×	-13.69×	16.15×	13.18×	24.62×	20.21×	114.05×	-3,303.45×
P/B	0.25×	0.59×	0.63×	1.47×	1.78×	2.58×	3.98×	4.14×
P/S	0.08×	0.2×	0.21×	0.52×	0.67×	0.68×	1.2×	1.2×
EV / EBITDA	16.31×	6.4×	5.49×	9.72×	11.44×	13.65×	23.02×	41.5×
Gross margin	-0.8%	35.7%	35.1%	36.9%	35.6%	31.7%	31.6%	30.1%
Operating margin	-0.8%	4.4%	3.7%	5.6%	5.2%	7.0%	2.8%	0.9%
Net margin	-4.0%	-1.4%	1.3%	3.9%	2.7%	3.3%	1.1%	-0.0%
Current ratio	1.47×	1.6×	1.64×	2.1×	1.74×	1.36×	1.38×	1.5×
Debt / equity	1.16×	0.92×	0.93×	0.99×	0.65×	0.65×	0.92×	0.94×
Interest coverage	-0.29×	1.75×	1.71×	6.52×	4.67×	6.69×	1.93×	0.66×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	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	-12.0%	-4.3%	3.9%	11.1%	7.2%	12.8%	3.5%	-0.1%
Return on invested capital	-1.1%	5.5%	3.9%	5.5%	5.2%	10.7%	2.8%	0.1%
Return on assets	-4.2%	-1.6%	1.4%	3.9%	3.1%	5.1%	1.2%	-0.0%
Free cash flow yield	-29.4%	9.2%	31.3%	-5.5%	5.6%	8.2%	5.5%	3.3%
Earnings yield	-48.5%	-7.3%	6.2%	7.6%	4.1%	4.9%	0.9%	-0.0%
Enterprise value	SEK 1.2B	SEK 1.4B	SEK 1.3B	SEK 2.3B	SEK 1.9B	SEK 1.9B	SEK 2.7B	SEK 2.7B
Net debt / EBITDA	12.92×	3.43×	2.53×	2.99×	1.87×	2.21×	3.64×	6.81×
Cash conversion cycle (days)	39	62	58	72	45	42	-63	58