Polygiene Group AB (POLYG.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

-262.6%

-SEK 3.87

vs SEK 2.38 price

Levered DCF

SEK 0.47

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.29

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	-61.47×	95.77×	-1×	35.52×	54.18×	-452.72×	-35.6×	19.79×
P/B	1.22×	1.42×	1.05×	0.5×	3.41×	28.59×	6.25×	2.81×
P/S	2.3×	2.9×	2.69×	1.72×	9.76×	9.36×	2.65×	1.71×
EV / EBITDA	50.72×	20.69×	-0.87×	12.39×	39.15×	1,117.12×	-33.28×	-56.88×
Gross margin	33.0%	66.1%	68.0%	66.0%	63.5%	67.4%	69.4%	65.6%
Operating margin	0.2%	8.4%	-275.3%	9.2%	22.5%	0.1%	-9.6%	-4.1%
Net margin	-3.8%	10.7%	-283.5%	4.8%	18.1%	-2.1%	-7.5%	8.6%
Current ratio	3.91×	4.37×	5.01×	4.5×	3.83×	1.37×	1.93×	3.34×
Debt / equity	0.02×	0.01×	0.01×	0×	0×	0.06×	0.04×	0×
Interest coverage	2.34×	274.04×	-85.13×	456.91×	104.5×	3.26×	-126.37×	-1,402.5×
Dividend yield	2.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-176.8%	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	-2.0%	5.3%	-110.5%	1.4%	6.3%	-6.3%	-17.7%	14.1%
Return on invested capital	0.1%	1.5%	-105.9%	1.4%	6.4%	0.4%	-19.6%	-6.7%
Return on assets	-1.8%	4.8%	-102.6%	1.3%	6.0%	-3.0%	-11.5%	10.7%
Free cash flow yield	-3.3%	5.0%	-1.4%	-17.0%	1.9%	0.1%	2.8%	-5.6%
Earnings yield	-1.7%	3.7%	-105.6%	2.8%	1.9%	-0.2%	-2.8%	5.0%
Enterprise value	SEK 302.6M	SEK 388.8M	SEK 264.7M	SEK 252M	SEK 1.7B	SEK 783.1M	SEK 179M	SEK 114.2M
Net debt / EBITDA	-5.74×	-3.51×	0.13×	-2.28×	-1.14×	-3.8×	0.67×	1.77×
Cash conversion cycle (days)	124	178	310	239	166	-118	-47	25