Ovzon AB (publ) (OVZON.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

-655.5%

-SEK 212.66

vs SEK 38.28 price

Levered DCF

-SEK 191.65

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.39

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	34.67×	-11.81×	-26.81×	-99.31×	-42.72×	-36.33×	86.4×	-34.48×
P/B	2.66×	1.2×	0.91×	2.58×	2.48×	2.92×	3.15×	12.12×
P/S	6.47×	5.72×	5.57×	10.06×	18.76×	23.56×	10.84×	4.25×
EV / EBITDA	17.81×	365.49×	-54.73×	-300.6×	-47.66×	-35.89×	48.7×	-109.2×
Gross margin	19.5%	48.5%	29.3%	34.9%	12.9%	38.3%	50.7%	43.6%
Operating margin	17.8%	-24.6%	-32.8%	-22.7%	-59.2%	-30.1%	17.2%	-8.4%
Net margin	18.6%	-48.5%	-20.7%	-10.1%	-43.8%	-64.8%	12.6%	-12.3%
Current ratio	0.69×	0.38×	2.98×	7.61×	6.01×	10.17×	3.94×	1.5×
Debt / equity	0.24×	0.49×	0.37×	0.34×	0.22×	0×	0.01×	0.51×
Interest coverage	1.7×	-0.95×	-47.5×	-162.13×	-308.11×	-3.2×	35.36×	-1.64×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	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	7.7%	-10.2%	-3.4%	-2.6%	-5.8%	-8.0%	3.7%	-35.1%
Return on invested capital	5.9%	-3.5%	-3.5%	-4.3%	-6.4%	-3.6%	3.7%	-15.7%
Return on assets	4.9%	-5.9%	-2.4%	-1.9%	-4.5%	-7.8%	3.3%	-19.6%
Free cash flow yield	6.3%	-5.6%	-42.7%	-7.7%	-9.7%	-17.2%	-19.9%	-8.2%
Earnings yield	2.9%	-8.5%	-3.7%	-1.0%	-2.3%	-2.8%	1.2%	-2.9%
Enterprise value	SEK 5B	SEK 2.6B	SEK 2B	SEK 3.8B	SEK 3.5B	SEK 3.6B	SEK 2.3B	SEK 844.4M
Net debt / EBITDA	0.94×	92.71×	-11.08×	-16.04×	1.12×	1.79×	-5.39×	5.14×
Cash conversion cycle (days)	34	278	-34	97	16	79	-177	-7