OEM International AB (publ) (OEM-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

-58.3%

SEK 70.14

vs SEK 168.00 price

Levered DCF

SEK 108.81

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

12.54

Safe 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	34.05×	25.58×	24.06×	17.42×	28.09×	22.49×	20.03×	17.92×
P/B	7.53×	6.49×	7.34×	6.31×	9.35×	5.23×	5.42×	4.8×
P/S	3.8×	2.96×	2.84×	2.12×	3.41×	2.18×	1.75×	1.43×
EV / EBITDA	22.61×	17.34×	16.52×	12.53×	19.75×	14.21×	13.29×	12.18×
Gross margin	14.1%	35.9%	35.9%	36.1%	36.2%	34.8%	35.3%	35.2%
Operating margin	14.1%	14.6%	15.2%	15.5%	15.3%	12.4%	11.3%	10.4%
Net margin	11.2%	11.6%	11.8%	12.2%	12.1%	9.7%	8.8%	8.0%
Current ratio	4.16×	3.6×	3.12×	2.13×	2.82×	3.06×	2.3×	2.21×
Debt / equity	0.04×	0.06×	0.07×	0.24×	0.07×	0.08×	0.16×	0.16×
Interest coverage	67.05×	77.07×	47.62×	45.94×	192.8×	51.06×	77.35×	52.1×
Dividend yield	1.2%	1.6%	1.4%	1.9%	1.3%	0.0%	2.7%	3.1%
Payout ratio	41.0%	40.1%	34.3%	33.1%	37.9%	0.0%	54.0%	55.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.1%	25.4%	30.5%	36.2%	33.3%	23.2%	27.1%	26.8%
Return on invested capital	20.0%	22.2%	26.2%	27.0%	29.2%	20.6%	21.9%	21.4%
Return on assets	16.5%	18.2%	20.7%	20.5%	22.3%	15.9%	16.8%	15.9%
Free cash flow yield	3.5%	4.2%	5.0%	2.4%	2.1%	6.4%	3.7%	4.0%
Earnings yield	2.9%	3.9%	4.2%	5.7%	3.6%	4.4%	5.0%	5.6%
Enterprise value	SEK 19.5B	SEK 15.1B	SEK 14.5B	SEK 10.3B	SEK 12.8B	SEK 6.9B	SEK 5.9B	SEK 4.6B
Net debt / EBITDA	-0.81×	-0.48×	-0.1×	0.33×	-0.08×	-0.56×	0.3×	0.3×
Cash conversion cycle (days)	119	146	148	164	141	127	133	127