Opter AB (publ) (OPTER.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

+28.5%

SEK 116.64

vs SEK 90.80 price

Levered DCF

SEK 146.46

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

29.16

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	26.46×	41.58×	30.82×	32.59×	55.67×	70.31×	72.25×	98.44×
P/B	15.11×	22.49×	14.91×	12.7×	17.69×	55.6×	56.35×	72.03×
P/S	5.23×	7.95×	5.49×	4.72×	6.89×	9.62×	10.53×	11.88×
EV / EBITDA	20.59×	32.32×	22.32×	23.47×	40.82×	52.28×	55.28×	74.01×
Gross margin	23.8%	49.1%	46.3%	45.3%	40.9%	40.4%	44.6%	41.4%
Operating margin	23.8%	23.6%	22.9%	18.4%	15.7%	17.7%	18.3%	15.7%
Net margin	19.8%	19.1%	17.8%	14.5%	12.3%	13.7%	14.6%	12.0%
Current ratio	3.35×	3.5×	3.47×	3.38×	3.26×	1.84×	1.89×	1.77×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	82.88×	219.74×	39.2×	709.65×	162.67×	105.33×	0×	0×
Dividend yield	3.4%	1.9%	2.2%	2.2%	1.9%	1.4%	1.0%	0.6%
Payout ratio	88.7%	79.8%	68.0%	72.7%	108.1%	96.0%	71.7%	55.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	57.1%	54.0%	48.5%	39.0%	31.7%	79.3%	77.8%	72.7%
Return on invested capital	54.5%	52.8%	48.9%	39.0%	31.9%	79.7%	77.6%	72.6%
Return on assets	40.1%	38.6%	34.5%	27.5%	22.0%	36.9%	37.8%	34.7%
Free cash flow yield	3.9%	2.2%	3.2%	2.8%	1.5%	1.4%	1.5%	1.4%
Earnings yield	3.8%	2.4%	3.3%	3.1%	1.8%	1.4%	1.4%	1.0%
Enterprise value	SEK 488.1M	SEK 696.1M	SEK 401.3M	SEK 285.6M	SEK 363M	SEK 442.1M	SEK 442.1M	SEK 445.1M
Net debt / EBITDA	-1.38×	-1.39×	-1.54×	-1.92×	-2.41×	-1.06×	-1.12×	-0.99×
Cash conversion cycle (days)	47	39	38	29	20	29	26	27