Perpetua Medical AB (publ) (PERP-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

-1150.2%

-SEK 18.06

vs SEK 1.72 price

Levered DCF

-SEK 26.42

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.83

Distress zone

Rating

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	10×	-7.78×	-0.05×	-2.12×	-12.8×	-4.76×	-4.43×	-3.83×
P/B	1.25×	2.47×	0.12×	3.04×	8.42×	5.12×	4.34×	3.45×
P/S	1.7×	2.79×	0.09×	4.21×	19.89×	40.33×	33.86×	45.81×
EV / EBITDA	4.67×	-7.74×	0.25×	-1.73×	-11.92×	-4.4×	-3.64×	-3.02×
Gross margin	52.2%	45.3%	58.8%	65.7%	67.3%	49.7%	70.6%	77.9%
Operating margin	14.0%	-35.4%	-186.1%	-188.9%	-155.2%	-763.5%	-709.2%	-1188.5%
Net margin	16.8%	-35.6%	-183.9%	-189.5%	-155.5%	-767.4%	-766.7%	-1196.6%
Current ratio	2.54×	3.86×	2.28×	3.47×	5.46×	5.5×	8.09×	5.52×
Debt / equity	0.01×	0.51×	0.01×	0.03×	0.04×	0.07×	0.08×	0.13×
Interest coverage	2.91×	-31.15×	-246.58×	-147.92×	-91.73×	-98.32×	-220.51×	-142.3×
Dividend yield	0.0%	0.0%	0.0%	0.0%	38.5%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-492.4%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.4%	-31.5%	-226.5%	-136.6%	-65.8%	-97.5%	-98.2%	-90.2%
Return on invested capital	3.7%	-15.9%	-227.5%	-132.5%	-63.4%	-90.6%	-84.0%	-79.5%
Return on assets	3.9%	-13.2%	-148.5%	-101.7%	-53.6%	-76.9%	-82.6%	-69.3%
Free cash flow yield	-26.5%	-36.5%	-1833.6%	-47.5%	-9.2%	-13.6%	-19.1%	-24.1%
Earnings yield	9.9%	-12.8%	-1967.7%	-45.0%	-7.8%	-19.0%	-22.6%	-26.1%
Enterprise value	SEK 20.5M	SEK 14M	-SEK 4.5M	SEK 32.3M	SEK 157M	SEK 61.3M	SEK 58.7M	SEK 35.6M
Net debt / EBITDA	-0.95×	3×	0.3×	0.55×	1.39×	1.1×	0.94×	1×
Cash conversion cycle (days)	280	83	61	26	-89	-201	-146	-1,165