NGS Group AB (NGS.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

-114.6%

-SEK 0.37

vs SEK 2.55 price

Levered DCF

-SEK 1.92

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.45

Grey zone

Rating

C-

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	-2.08×	-0.85×	-0.42×	27.91×	16.9×	15.82×	13.16×	5.88×
P/B	1.06×	0.66×	0.46×	0.42×	0.91×	0.56×	0.81×	0.77×
P/S	0.23×	0.17×	0.11×	0.18×	0.45×	0.3×	0.33×	0.27×
EV / EBITDA	18.78×	-1.04×	-6.19×	11.14×	10.29×	8.72×	9.43×	5.34×
Gross margin	-0.2%	-0.2%	-21.5%	5.3%	7.3%	6.2%	7.0%	8.8%
Operating margin	-0.2%	-20.7%	-25.4%	1.2%	3.7%	2.7%	3.5%	5.8%
Net margin	-10.9%	-20.5%	-25.2%	0.6%	2.7%	1.9%	2.5%	4.6%
Current ratio	1.29×	1.46×	0.94×	1.1×	1.16×	1.09×	0.98×	1×
Debt / equity	0.35×	0.27×	0.33×	0.15×	0.08×	0.09×	0.21×	0.16×
Interest coverage	-0.15×	-20.23×	-36.43×	3.36×	11.98×	7.77×	13.37×	33.57×
Dividend yield	0.0%	0.0%	0.0%	4.4%	0.0%	0.0%	5.0%	10.8%
Payout ratio	0.0%	0.0%	0.0%	122.8%	0.0%	0.0%	65.9%	63.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-50.9%	-78.0%	-107.7%	1.5%	5.4%	3.5%	6.2%	13.1%
Return on invested capital	-0.5%	-56.8%	-77.9%	1.9%	5.3%	3.6%	5.5%	11.6%
Return on assets	-26.6%	-45.8%	-55.4%	1.0%	3.9%	2.6%	4.2%	8.6%
Free cash flow yield	-14.5%	-32.0%	25.3%	-8.6%	3.5%	20.1%	11.5%	16.6%
Earnings yield	-48.1%	-117.8%	-235.9%	3.6%	5.9%	6.4%	7.6%	17.0%
Enterprise value	SEK 78.9M	SEK 70.7M	SEK 89.9M	SEK 134.9M	SEK 239.9M	SEK 146.9M	SEK 223.3M	SEK 197.1M
Net debt / EBITDA	3.52×	-0.14×	-2.52×	2.76×	0.73×	1.11×	1.81×	0.8×
Cash conversion cycle (days)	62	44	11	69	60	-10	-9	-12