Novotek AB (NTEK-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

+67.6%

SEK 112.93

vs SEK 67.40 price

Levered DCF

SEK 77.96

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.88

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	22×	10.1×	15.86×	15.36×	19.95×	16.49×	14.68×	12.56×
P/B	3.76×	3.4×	2.57×	2.56×	4.86×	3.32×	3.28×	2.84×
P/S	1.72×	1.59×	1.03×	1.1×	2.03×	1.47×	1.29×	1.04×
EV / EBITDA	10.52×	5.66×	6.69×	7.36×	11.76×	8.25×	7.6×	6.88×
Gross margin	20.0%	24.7%	26.5%	18.7%	20.7%	20.1%	20.1%	19.3%
Operating margin	10.6%	19.5%	8.1%	9.7%	12.7%	11.6%	11.5%	11.1%
Net margin	7.8%	15.8%	5.3%	7.2%	10.2%	8.9%	8.8%	8.3%
Current ratio	1.22×	1.16×	1.36×	1.35×	1.69×	1.7×	1.57×	1.5×
Debt / equity	0.11×	0.12×	0.08×	0.11×	0.09×	0.1×	0.12×	0×
Interest coverage	11.8×	96.66×	86.79×	29.15×	75.43×	42.35×	60.57×	123.54×
Dividend yield	2.2%	2.2%	3.1%	3.3%	3.0%	0.0%	3.4%	4.5%
Payout ratio	48.8%	22.7%	59.7%	51.2%	60.0%	0.0%	49.6%	56.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.1%	33.6%	13.2%	16.7%	24.4%	20.2%	22.3%	22.6%
Return on invested capital	14.7%	26.9%	11.4%	13.6%	20.0%	16.6%	18.4%	20.4%
Return on assets	6.4%	11.7%	6.1%	7.5%	12.5%	10.2%	11.2%	11.0%
Free cash flow yield	4.9%	10.2%	7.1%	9.2%	5.2%	10.1%	7.6%	11.0%
Earnings yield	4.5%	9.9%	5.1%	6.5%	5.0%	6.1%	6.8%	8.0%
Enterprise value	SEK 771.2M	SEK 658.4M	SEK 433.5M	SEK 402.5M	SEK 695.8M	SEK 383.1M	SEK 337.7M	SEK 237.9M
Net debt / EBITDA	-1.25×	-1.03×	-1.33×	-1.36×	-1.64×	-1.84×	-1.23×	-1.7×
Cash conversion cycle (days)	61	135	58	64	54	52	63	49