PION Group AB (publ) (PION-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

+44.0%

SEK 10.05

vs SEK 6.98 price

Levered DCF

SEK 6.31

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.83

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	-1,177.27×	-4.55×	-23.93×	9.12×	10.35×	40.27×	11.92×	34.25×
P/B	1.9×	2.16×	1.67×	2.38×	3.92×	1.76×	1.85×	2.65×
P/S	0.18×	0.18×	0.17×	0.27×	0.44×	0.19×	0.17×	0.2×
EV / EBITDA	10.44×	-313.09×	14.42×	4.61×	5.55×	6.12×	4.8×	19.64×
Gross margin	-0.4%	3.3%	4.1%	3.5%	8.1%	1.1%	15.7%	6.6%
Operating margin	-0.4%	-4.5%	-0.8%	3.5%	5.3%	1.1%	1.8%	0.9%
Net margin	-0.0%	-3.9%	-0.7%	2.9%	4.2%	0.5%	1.4%	0.6%
Current ratio	1.19×	1.16×	1.2×	1.38×	1.43×	1.35×	1.31×	1.28×
Debt / equity	0.31×	0.16×	0.19×	0.15×	0.13×	0.24×	0.25×	0.28×
Interest coverage	-3.5×	-44.69×	-8.9×	56.13×	76.84×	9.67×	16.38×	12.89×
Dividend yield	0.0%	4.3%	7.0%	8.5%	3.4%	0.0%	4.1%	10.2%
Payout ratio	-47.4%	-19.4%	-167.8%	77.4%	34.7%	0.0%	49.2%	341.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.2%	-47.5%	-7.0%	26.2%	37.9%	4.4%	15.5%	7.9%
Return on invested capital	-3.2%	-36.7%	-5.4%	21.3%	33.3%	4.4%	12.5%	6.6%
Return on assets	-0.0%	-14.3%	-2.2%	9.0%	12.7%	1.4%	4.9%	2.1%
Free cash flow yield	-2.4%	0.9%	9.3%	12.1%	12.8%	20.8%	18.3%	-0.8%
Earnings yield	-0.1%	-22.0%	-4.2%	11.0%	9.7%	2.5%	8.4%	3.0%
Enterprise value	SEK 281.8M	SEK 297.4M	SEK 336.5M	SEK 486.6M	SEK 740.8M	SEK 256.6M	SEK 292.5M	SEK 366M
Net debt / EBITDA	1.19×	-11.58×	-0.36×	-0.64×	-0.7×	-0.6×	0.15×	-0.93×
Cash conversion cycle (days)	20	68	62	74	79	81	70	7