Paradox Interactive AB (publ) (PDX.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

+108.0%

SEK 289.77

vs SEK 139.30 price

Levered DCF

SEK 324.45

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

15.68

Safe 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	136.64×	37.08×	44.9×	31.62×	75.96×	55.05×	42.37×	40.18×
P/B	6.87×	7.46×	9.09×	9.78×	11.34×	17.92×	14.08×	16.65×
P/S	7.84×	9.86×	9.01×	11.36×	13.02×	15.07×	12.29×	12.6×
EV / EBITDA	11.83×	13.77×	13.51×	15.98×	42.69×	27.04×	22.34×	22.58×
Gross margin	23.9%	45.3%	47.3%	56.3%	39.1%	55.1%	61.2%	63.8%
Operating margin	8.6%	32.8%	24.9%	45.0%	21.2%	35.2%	36.7%	40.4%
Net margin	5.7%	26.6%	20.1%	35.9%	17.1%	27.3%	29.0%	31.4%
Current ratio	4.81×	4.48×	2.49×	1.82×	1.48×	1.57×	1.84×	2.93×
Debt / equity	0.07×	0.02×	0.04×	0.06×	0.1×	0.13×	0.21×	0×
Interest coverage	90.88×	117.01×	61.86×	133.25×	75.5×	132.38×	64.88×	65,007.14×
Dividend yield	3.1%	1.5%	0.9%	0.5%	0.6%	0.4%	0.7%	0.7%
Payout ratio	421.0%	54.2%	39.8%	14.9%	42.6%	21.5%	28.2%	29.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.0%	20.1%	20.2%	30.9%	14.9%	32.5%	33.2%	41.5%
Return on invested capital	5.0%	17.7%	17.7%	27.7%	14.7%	29.6%	28.6%	34.5%
Return on assets	4.0%	16.6%	14.8%	22.6%	9.8%	19.5%	19.3%	29.6%
Free cash flow yield	7.2%	2.4%	3.1%	1.3%	-0.1%	1.8%	1.7%	1.3%
Earnings yield	0.7%	2.7%	2.2%	3.2%	1.3%	1.8%	2.4%	2.5%
Enterprise value	SEK 16B	SEK 20.3B	SEK 22.8B	SEK 21.8B	SEK 18.4B	SEK 26.5B	SEK 15.5B	SEK 13.9B
Net debt / EBITDA	-0.9×	-0.95×	-0.59×	-0.44×	-1×	-0.58×	-0.46×	-0.53×
Cash conversion cycle (days)	56	48	38	47	12	12	61	21