Nilsson Special Vehicles AB (publ) (NILS.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

-106.5%

-SEK 0.31

vs SEK 4.80 price

Levered DCF

SEK 2.48

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.56

Grey zone

Rating

A-

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	FY2020	FY2019	FY2018
P/E	5.32×	-3.03×	15.76×	-4.22×	-3.81×	-0.86×	-2.24×	-3.14×
P/B	1.69×	3.2×	4.02×	3.88×	4.37×	0.71×	0.8×	0.96×
P/S	0.07×	0.07×	0.11×	0.1×	0.21×	0.08×	0.13×	0.21×
EV / EBITDA	4.62×	-15.04×	5.05×	-105.97×	-377.72×	-4.72×	-13.57×	-5.23×
Gross margin	22.1%	21.2%	23.2%	23.8%	25.1%	25.8%	25.4%	25.1%
Operating margin	0.7%	-1.7%	1.4%	-0.9%	-2.2%	-7.9%	-4.7%	-7.7%
Net margin	1.3%	-2.3%	0.7%	-2.3%	-5.5%	-9.1%	-5.7%	-6.8%
Current ratio	1.18×	1.14×	1.23×	1.03×	1.12×	1.3×	1.41×	1.63×
Debt / equity	0.42×	1.1×	1.3×	1×	0.54×	0.13×	0.15×	0.21×
Interest coverage	1.18×	-3.36×	2.01×	-1.35×	-3.18×	-12.93×	-7.36×	-10.5×
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	31.7%	-105.9%	25.4%	-92.0%	-115.0%	-82.8%	-35.8%	-30.5%
Return on invested capital	6.4%	-17.1%	14.3%	-9.0%	-18.7%	-47.3%	-21.8%	-18.9%
Return on assets	5.2%	-9.5%	2.4%	-6.5%	-15.7%	-25.3%	-15.1%	-13.7%
Free cash flow yield	45.8%	-43.5%	48.3%	7.0%	-13.3%	29.9%	17.9%	-16.6%
Earnings yield	18.8%	-33.1%	6.3%	-23.7%	-26.3%	-116.8%	-44.6%	-31.9%
Enterprise value	SEK 14.4M	SEK 18.8M	SEK 33.3M	SEK 24.8M	SEK 43.1M	SEK 12.7M	SEK 29.9M	SEK 50.9M
Net debt / EBITDA	0.86×	-2.89×	0.45×	-16.22×	-36.03×	0.33×	-1.21×	-0.69×
Cash conversion cycle (days)	33	39	40	56	64	52	42	61