Nordisk Bergteknik AB (publ) (NORB-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

+507.2%

SEK 55.74

vs SEK 9.18 price

Levered DCF

SEK 13.64

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.49

Distress zone

Rating

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	28.2×	79.41×	26.76×	9.31×	32.38×	60.47×	-383.48×	108.33×
P/B	0.66×	0.63×	0.89×	1.1×	1.53×	2.81×	10.21×	17.82×
P/S	0.23×	0.23×	0.31×	0.39×	0.76×	0.51×	1.13×	1.58×
EV / EBITDA	5.59×	4.95×	5.46×	5.21×	7.22×	10.68×	13.7×	16×
Gross margin	58.2%	61.5%	4.5%	56.5%	59.7%	59.9%	54.1%	45.4%
Operating margin	3.6%	3.2%	3.8%	7.0%	4.8%	7.6%	2.9%	4.6%
Net margin	0.8%	0.3%	1.1%	4.2%	2.3%	0.8%	-0.3%	1.5%
Current ratio	1.45×	1.4×	1.29×	1.63×	2.25×	1.66×	2.15×	1.15×
Debt / equity	1.4×	1.25×	1.26×	1.15×	0.85×	2.44×	8.22×	5.14×
Interest coverage	1.57×	1×	1.41×	4.77×	1.73×	3.08×	0.72×	2.38×
Dividend yield	0.0%	0.0%	5.3%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	141.6%	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	2.3%	0.8%	3.3%	11.9%	4.7%	4.6%	-2.7%	16.6%
Return on invested capital	2.9%	2.3%	3.3%	6.8%	3.3%	6.5%	-0.9%	4.8%
Return on assets	0.8%	0.3%	1.1%	4.3%	2.0%	1.0%	-0.2%	1.7%
Free cash flow yield	0.7%	11.7%	4.6%	0.0%	-2.0%	-7.5%	-1.6%	-7.6%
Earnings yield	3.5%	1.2%	3.7%	10.7%	3.1%	1.6%	-0.3%	0.9%
Enterprise value	SEK 2.5B	SEK 2.2B	SEK 2.5B	SEK 2.5B	SEK 1.8B	SEK 1.4B	SEK 1.3B	SEK 1B
Net debt / EBITDA	3.76×	3.2×	3.1×	2.41×	1.42×	4.67×	5.02×	3.44×
Cash conversion cycle (days)	70	58	78	61	58	62	64	44