Ogunsen AB (publ) (OGUN-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

+301.5%

SEK 82.71

vs SEK 20.60 price

Levered DCF

SEK 62.54

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.81

Distress 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	25.19×	15.97×	10.63×	9.4×	12.83×	22.82×	21.51×	16.56×
P/B	5.58×	4.76×	4.62×	4.79×	5.86×	3.8×	7.12×	8.04×
P/S	0.81×	0.72×	0.78×	0.91×	1.12×	0.71×	0.95×	1.21×
EV / EBITDA	11.44×	8.4×	6.25×	5.62×	8.56×	12.24×	13.01×	11.1×
Gross margin	3.9%	49.9%	8.9%	47.3%	42.8%	36.9%	38.4%	35.3%
Operating margin	4.1%	5.7%	9.2%	12.4%	10.8%	4.2%	6.0%	9.5%
Net margin	3.2%	4.5%	7.3%	9.7%	8.7%	3.1%	4.4%	7.3%
Current ratio	1.76×	1.7×	1.8×	1.81×	1.99×	1.97×	1.61×	1.9×
Debt / equity	0.11×	0.23×	0.28×	0.24×	0.06×	0.09×	0.02×	0×
Interest coverage	45.5×	26.5×	67.89×	95.97×	568.73×	343.67×	205.92×	3,775.8×
Dividend yield	5.7%	10.9%	12.2%	7.7%	4.5%	0.0%	8.2%	6.3%
Payout ratio	143.7%	174.3%	129.2%	72.2%	58.4%	0.0%	176.0%	105.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.2%	29.8%	43.4%	50.9%	45.6%	16.7%	33.1%	48.6%
Return on invested capital	20.1%	21.9%	33.6%	41.3%	42.5%	16.0%	32.6%	48.6%
Return on assets	11.1%	14.6%	20.9%	23.8%	24.5%	9.2%	15.4%	24.4%
Free cash flow yield	8.0%	6.4%	8.3%	11.6%	8.9%	7.4%	5.0%	6.5%
Earnings yield	4.0%	6.3%	9.4%	10.6%	7.8%	4.4%	4.6%	6.0%
Enterprise value	SEK 328.3M	SEK 315.4M	SEK 362.4M	SEK 405M	SEK 409.7M	SEK 212.8M	SEK 368.6M	SEK 438.4M
Net debt / EBITDA	-1.02×	-0.52×	-0.6×	-0.76×	-1.28×	-2.22×	-0.83×	-1.05×
Cash conversion cycle (days)	38	24	36	22	28	28	-19	-27