Pandox AB (publ) (PNDX-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

-80.8%

SEK 32.39

vs SEK 168.60 price

Levered DCF

SEK 3.97

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.67

Distress 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	12.59×	21.22×	-47.3×	5.07×	43.98×	-18.96×	13.32×	8.67×
P/B	1.17×	1.07×	0.94×	0.7×	1.06×	1.12×	1.37×	1.14×
P/S	5.29×	5.02×	4.02×	3.86×	8.2×	8.4×	6.49×	4.77×
EV / EBITDA	14.38×	14.73×	33.41×	8.52×	29.16×	-184.97×	14.98×	11.82×
Gross margin	56.5%	54.0%	52.1%	53.9%	52.8%	50.8%	57.5%	56.5%
Operating margin	53.4%	51.2%	49.3%	51.1%	48.0%	-13.8%	78.9%	81.7%
Net margin	42.0%	23.7%	-8.5%	76.3%	18.6%	-44.3%	48.7%	55.0%
Current ratio	0.88×	0.65×	0.22×	0.21×	0.42×	0.52×	0.22×	0.16×
Debt / equity	1.57×	1.15×	1.2×	1.21×	1.41×	1.44×	1.23×	1.31×
Interest coverage	2.2×	2.14×	2.11×	2.86×	1.52×	-0.5×	5.18×	5.61×
Dividend yield	2.1%	2.1%	1.7%	0.0%	0.0%	2.5%	2.2%	3.0%
Payout ratio	26.3%	43.5%	-78.6%	0.0%	0.0%	-47.0%	29.1%	26.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.3%	5.0%	-2.0%	13.7%	2.4%	-5.9%	10.3%	13.2%
Return on invested capital	3.5%	3.4%	4.8%	3.0%	1.6%	-0.6%	5.3%	6.4%
Return on assets	2.8%	2.1%	-0.8%	5.6%	0.9%	-2.2%	4.1%	5.1%
Free cash flow yield	5.1%	2.2%	1.1%	4.9%	-1.8%	-2.4%	-10.1%	4.0%
Earnings yield	7.9%	4.7%	-2.1%	19.7%	2.3%	-5.3%	7.5%	11.5%
Enterprise value	SEK 91.4B	SEK 73.3B	SEK 62.5B	SEK 56.8B	SEK 60.9B	SEK 58.5B	SEK 67.9B	SEK 51.7B
Net debt / EBITDA	8.16×	7.52×	18.63×	5.31×	16.31×	-100.5×	7.03×	6.23×
Cash conversion cycle (days)	30	25	23	43	65	15	5	-2