Proact IT Group AB (publ) (PACT.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

+49.4%

SEK 218.71

vs SEK 146.40 price

Levered DCF

SEK 200.06

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.12

Grey zone

Rating

B+

Overall 3 / 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	24.24×	14.45×	14.94×	11.91×	20.37×	18.96×	21×	11.83×
P/B	2.85×	2.71×	2.56×	2.48×	3.36×	4.15×	3.21×	3.21×
P/S	0.64×	0.65×	0.53×	0.48×	0.68×	0.69×	0.49×	0.45×
EV / EBITDA	7.82×	5.47×	5.16×	5.2×	7.68×	6.62×	6.53×	5.66×
Gross margin	23.7%	24.8%	22.5%	22.1%	23.0%	22.5%	23.1%	23.9%
Operating margin	3.7%	6.1%	5.1%	5.5%	4.7%	5.0%	3.1%	5.0%
Net margin	2.6%	4.5%	3.6%	4.0%	3.3%	3.6%	2.3%	3.8%
Current ratio	0.89×	1.24×	1.09×	1.11×	1.07×	1.04×	1.02×	1.08×
Debt / equity	0.46×	0.41×	0.46×	0.8×	1.06×	0.74×	1.02×	0.24×
Interest coverage	5.12×	8.82×	6.43×	10.04×	9.37×	9.6×	5.67×	17.41×
Dividend yield	2.2%	1.7%	2.0%	1.8%	1.7%	0.9%	2.3%	2.3%
Payout ratio	52.3%	24.6%	29.4%	21.5%	35.2%	17.4%	47.8%	27.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.8%	18.8%	17.1%	20.8%	16.5%	21.9%	15.3%	27.1%
Return on invested capital	6.0%	8.8%	8.4%	8.2%	6.3%	9.3%	5.6%	13.1%
Return on assets	2.8%	4.9%	4.3%	4.5%	3.5%	4.5%	2.8%	5.7%
Free cash flow yield	11.2%	15.5%	18.9%	18.1%	10.6%	14.5%	14.0%	10.6%
Earnings yield	4.1%	6.9%	6.7%	8.4%	4.9%	5.3%	4.8%	8.5%
Enterprise value	SEK 3B	SEK 2.8B	SEK 2.5B	SEK 2.5B	SEK 2.7B	SEK 2.5B	SEK 1.8B	SEK 1.3B
Net debt / EBITDA	0.05×	-0.63×	-0.16×	0.48×	0.83×	-0.06×	0.57×	-0.66×
Cash conversion cycle (days)	21	13	13	19	14	1	8	16