Nordic Iron Ore AB (publ) (NIO.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

-79.3%

SEK 0.44

vs SEK 2.12 price

Levered DCF

SEK 0.59

After debt service

Piotroski score

0 / 9

Weak

Altman Z-score

5.1

Safe zone

Rating

B-

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	-18.69×	-16.34×	-21.71×	-28.46×	-17.27×	-9.14×	-4.61×	-5.22×
P/B	1.45×	0.91×	2.13×	2.04×	0.99×	0.53×	0.42×	0.39×
P/S	0×	0×	0×	0×	0×	81,966.06×	0×	0×
EV / EBITDA	-16.04×	-15.7×	-28.61×	-36.49×	-20.34×	-11.31×	-7.09×	-5.63×
Gross margin	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%
Operating margin	0.0%	0.0%	0.0%	0.0%	0.0%	-830600.0%	0.0%	0.0%
Net margin	0.0%	0.0%	0.0%	0.0%	0.0%	-973600.0%	0.0%	0.0%
Current ratio	2.52×	17.28×	0.05×	0.14×	0.41×	0.64×	0.86×	3.14×
Debt / equity	0.01×	0.01×	0.24×	0.15×	0.05×	0.05×	0.08×	0.05×
Interest coverage	-150.96×	-4.38×	-5.95×	8.68×	-13.9×	-11.62×	-5.79×	-9.52×
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	-7.7%	-5.6%	-9.8%	-7.2%	-5.7%	-6.3%	-9.1%	-7.4%
Return on invested capital	-8.2%	-3.9%	-6.7%	5.6%	-5.1%	-5.1%	-5.9%	-6.4%
Return on assets	-7.1%	-5.4%	-7.6%	-6.2%	-5.3%	-5.9%	-8.1%	-6.9%
Free cash flow yield	-19.0%	-4.8%	-3.0%	-4.5%	-8.2%	-15.6%	-30.6%	-49.5%
Earnings yield	-5.3%	-6.1%	-4.6%	-3.5%	-5.7%	-11.9%	-21.7%	-19.0%
Enterprise value	SEK 328.3M	SEK 140M	SEK 311.9M	SEK 315M	SEK 159.1M	SEK 84.6M	SEK 61.6M	SEK 51.8M
Net debt / EBITDA	1.94×	12.32×	-2.85×	-2.2×	-0.61×	-0.35×	0.09×	0.19×
Cash conversion cycle (days)	-7,570	-4,657	-6,388	-214	-92	114,539	-1,187	-42,761