Nobia AB (publ) (NOBI.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

-614.6%

-SEK 72.08

vs SEK 14.01 price

Levered DCF

-SEK 96.92

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.54

Distress zone

Rating

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	-0.98×	-1.78×	-2.43×	-800.84×	5.82×	19.64×	6.52×	4.89×
P/B	3.06×	0.49×	0.19×	0.34×	0.84×	1.23×	1.23×	0.94×
P/S	0.52×	0.2×	0.06×	0.11×	0.3×	0.39×	0.38×	0.28×
EV / EBITDA	15.29×	-219.56×	8.13×	5.49×	3.27×	5.32×	4.43×	3.3×
Gross margin	33.8%	36.5%	34.7%	35.9%	38.5%	34.9%	38.1%	38.5%
Operating margin	-0.8%	-7.8%	-0.7%	0.7%	7.4%	3.4%	8.1%	7.7%
Net margin	-52.8%	-12.7%	-2.6%	-0.0%	5.1%	2.0%	5.8%	5.7%
Current ratio	0.86×	0.92×	1.15×	0.97×	0.96×	0.98×	1.17×	1.28×
Debt / equity	4.71×	1.15×	1.26×	0.84×	0.45×	0.61×	0.84×	0.24×
Interest coverage	-0.15×	-2.58×	-0.33×	0.96×	10.09×	4.8×	12.04×	24.24×
Dividend yield	0.0%	0.0%	0.0%	26.3%	8.2%	0.0%	12.8%	32.1%
Payout ratio	0.0%	0.0%	0.0%	-21050.0%	47.9%	0.0%	83.3%	156.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-313.6%	-31.1%	-8.0%	-0.0%	14.3%	6.3%	18.9%	19.3%
Return on invested capital	-0.8%	-8.6%	-0.9%	-0.1%	10.8%	4.5%	10.8%	14.2%
Return on assets	-32.9%	-10.9%	-2.5%	-0.0%	6.6%	2.5%	7.5%	9.7%
Free cash flow yield	-11.9%	-32.2%	-98.1%	-47.7%	15.7%	35.4%	22.1%	15.9%
Earnings yield	-102.4%	-63.8%	-41.2%	-0.1%	17.1%	5.1%	15.3%	20.5%
Enterprise value	SEK 7.3B	SEK 6.8B	SEK 5.9B	SEK 5.2B	SEK 5.9B	SEK 6.8B	SEK 8.6B	SEK 4.5B
Net debt / EBITDA	9.23×	-151.65×	6.97×	3.8×	0.99×	1.43×	1.72×	0.58×
Cash conversion cycle (days)	15	32	12	28	30	25	37	37