New Wave Group AB (publ) (NEWA-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

-15.1%

SEK 85.36

vs SEK 100.50 price

Levered DCF

SEK 33.34

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.85

Grey zone

Rating

B+

Overall 3 / 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	19.42×	14.65×	24.17×	23.43×	29.28×	19.82×	21.13×	17.52×
P/B	2.23×	3.57×	4.19×	4.65×	4.88×	1.88×	2.11×	1.87×
P/S	1.52×	2.71×	2.84×	3.1×	3.31×	1.19×	1.15×	1.01×
EV / EBITDA	12.27×	17.37×	15.63×	16.75×	18.77×	11.43×	13.75×	14.19×
Gross margin	11.7%	49.4%	50.3%	49.5%	48.1%	43.2%	46.4%	46.6%
Operating margin	11.7%	13.2%	16.6%	17.0%	15.0%	9.0%	7.7%	7.7%
Net margin	7.8%	9.2%	11.8%	13.2%	11.3%	6.0%	5.4%	5.8%
Current ratio	3.46×	4.38×	3.97×	3.14×	2.72×	3.48×	3.23×	2.91×
Debt / equity	0.53×	0.33×	0.37×	0.47×	0.31×	0.56×	0.88×	0.63×
Interest coverage	9.83×	9.22×	11.58×	27.67×	22.45×	8.39×	7.02×	10.95×
Dividend yield	3.1%	1.8%	1.6%	1.0%	1.2%	0.0%	1.7%	1.8%
Payout ratio	59.3%	52.7%	38.5%	24.1%	34.9%	0.0%	35.3%	31.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.5%	12.2%	17.3%	19.8%	16.6%	9.5%	10.0%	10.6%
Return on invested capital	8.3%	10.0%	13.5%	13.7%	13.0%	6.7%	5.8%	6.6%
Return on assets	6.1%	7.8%	10.4%	10.7%	9.9%	5.1%	4.5%	5.1%
Free cash flow yield	0.3%	3.8%	2.7%	-1.8%	4.9%	15.9%	-0.6%	0.9%
Earnings yield	5.1%	3.4%	4.1%	4.3%	3.4%	5.1%	4.7%	5.7%
Enterprise value	SEK 18.3B	SEK 27.6B	SEK 29.1B	SEK 29.7B	SEK 23.3B	SEK 9B	SEK 10.9B	SEK 8.2B
Net debt / EBITDA	2.07×	1.14×	1.09×	1.31×	0.86×	2.3×	3.74×	3.17×
Cash conversion cycle (days)	214	392	395	394	289	314	357	338