Prevas AB (PREV-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

+184.1%

SEK 192.03

vs SEK 67.60 price

Levered DCF

SEK 177.92

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.78

Grey zone

Rating

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	17.25×	16.63×	13.06×	12.83×	12.33×	13.36×	11.23×	41.33×
P/B	1.91×	2.35×	2.55×	2.78×	2.7×	2.67×	1.92×	1.22×
P/S	0.75×	0.96×	1.04×	1.15×	1.07×	0.8×	0.45×	0.24×
EV / EBITDA	8.96×	9.84×	7.28×	8.09×	7.71×	6.22×	5.69×	15.12×
Gross margin	37.4%	40.2%	42.6%	59.1%	58.6%	55.6%	54.8%	54.1%
Operating margin	6.5%	7.7%	11.0%	12.0%	11.2%	8.5%	5.9%	1.2%
Net margin	4.4%	5.8%	8.0%	9.0%	8.7%	6.0%	4.0%	0.6%
Current ratio	1.18×	1.27×	1.6×	1.58×	1.67×	1.4×	1.18×	1.07×
Debt / equity	0.44×	0.52×	0.12×	0.18×	0.22×	0.19×	0.35×	0.37×
Interest coverage	6.78×	10.23×	21.81×	25.29×	12.68×	11.62×	11.92×	4.81×
Dividend yield	5.2%	4.1%	3.8%	2.9%	2.0%	0.0%	0.0%	0.0%
Payout ratio	89.6%	68.6%	49.5%	37.7%	24.8%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.1%	14.1%	19.6%	21.7%	21.9%	20.0%	17.1%	3.0%
Return on invested capital	7.7%	8.3%	16.1%	17.6%	17.9%	16.5%	13.7%	3.3%
Return on assets	5.2%	6.4%	11.1%	11.9%	12.5%	10.1%	8.0%	1.2%
Free cash flow yield	11.2%	8.5%	10.4%	6.4%	5.8%	18.9%	15.6%	8.1%
Earnings yield	5.8%	6.0%	7.7%	7.8%	8.1%	7.5%	8.9%	2.4%
Enterprise value	SEK 1.5B	SEK 1.8B	SEK 1.5B	SEK 1.5B	SEK 1.3B	SEK 573.1M	SEK 423.6M	SEK 243.4M
Net debt / EBITDA	1.57×	1.59×	-0.19×	0.09×	-0.11×	-0.45×	0.87×	3.45×
Cash conversion cycle (days)	73	71	71	66	55	47	63	49