Pierce Group AB (publ) (PIERCE.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

+36.7%

SEK 12.44

vs SEK 9.10 price

Levered DCF

SEK 11.95

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.67

Grey 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	38.65×	16.89×	-5.37×	-9.18×	124.73×	-2,987.55×	-78.26×	-114.29×
P/B	1.71×	0.91×	0.82×	0.74×	7.32×	52.31×	50.54×	31.39×
P/S	0.63×	0.37×	0.34×	0.32×	2.03×	1.96×	2.4×	3.17×
EV / EBITDA	12.87×	3.17×	-10.23×	62.42×	35.31×	33.1×	68.76×	-3,318.61×
Gross margin	42.6%	44.5%	39.5%	39.3%	45.7%	46.7%	46.1%	47.8%
Operating margin	1.5%	1.1%	-7.2%	-4.0%	2.9%	5.3%	0.7%	-0.4%
Net margin	1.6%	2.2%	-6.2%	-3.5%	1.6%	-0.1%	-3.1%	-2.8%
Current ratio	2.01×	1.93×	1.99×	2.2×	1.14×	1.22×	1.96×	1.46×
Debt / equity	0.18×	0.08×	0.09×	0.14×	0.56×	9.61×	7.29×	3.79×
Interest coverage	3.38×	3.6×	-18.5×	-6×	2.09×	1.47×	0.2×	-0.22×
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	4.4%	5.4%	-15.3%	-8.1%	5.9%	-1.8%	-64.4%	-27.4%
Return on invested capital	3.4%	2.1%	-15.4%	-7.8%	1.7%	0.0%	1.3%	-0.7%
Return on assets	2.6%	3.3%	-9.9%	-5.4%	2.5%	-0.1%	-4.0%	-3.7%
Free cash flow yield	-0.9%	16.6%	24.0%	-0.9%	-2.7%	4.3%	-1.2%	-2.5%
Earnings yield	2.6%	6.0%	-18.6%	-10.9%	0.8%	-0.0%	-1.3%	-0.9%
Enterprise value	SEK 1B	SEK 358.2M	SEK 347.9M	SEK 499.4M	SEK 3.5B	SEK 3.4B	SEK 3.3B	SEK 3.3B
Net debt / EBITDA	-1.49×	-2.17×	4.94×	-4.13×	2.36×	4.43×	6.65×	-337×
Cash conversion cycle (days)	111	130	106	140	167	114	167	167