Rejlers AB (publ) (REJL-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

+250.9%

SEK 461.12

vs SEK 131.40 price

Levered DCF

SEK 256.47

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.32

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	21.69×	14.14×	14.33×	14.21×	26.04×	64.64×	28.45×	83.29×
P/B	2.03×	1.62×	1.47×	1.88×	2.36×	2.89×	2.38×	1.81×
P/S	0.9×	0.71×	0.65×	0.79×	0.99×	1.41×	0.86×	0.54×
EV / EBITDA	8.51×	6.65×	7.17×	7.38×	12.16×	18.45×	15.04×	16.85×
Gross margin	53.2%	52.5%	35.2%	39.0%	37.9%	33.0%	38.0%	37.6%
Operating margin	6.3%	6.5%	5.7%	6.7%	4.5%	3.5%	4.0%	1.5%
Net margin	4.2%	5.0%	4.5%	5.6%	3.8%	12.0%	3.0%	0.7%
Current ratio	0.96×	0.95×	0.89×	1.23×	1.23×	1.46×	1.25×	1.58×
Debt / equity	0.34×	0.34×	0.38×	0.36×	0.35×	0.45×	0.56×	0.18×
Interest coverage	3.62×	8.73×	65.28×	18.16×	12.59×	5.08×	18.48×	7.85×
Dividend yield	2.6%	3.2%	3.5%	2.2%	2.4%	0.9%	0.8%	0.7%
Payout ratio	56.0%	44.9%	49.5%	30.8%	62.5%	10.4%	24.0%	61.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.4%	11.5%	10.3%	13.2%	9.1%	24.6%	8.3%	2.2%
Return on invested capital	7.9%	7.9%	7.2%	8.5%	5.9%	3.1%	5.2%	2.0%
Return on assets	5.0%	6.0%	5.1%	6.6%	4.7%	12.7%	3.7%	1.1%
Free cash flow yield	6.7%	12.4%	9.2%	9.1%	5.1%	8.5%	9.2%	7.0%
Earnings yield	4.6%	7.1%	7.0%	7.0%	3.8%	8.5%	3.5%	1.2%
Enterprise value	SEK 4.9B	SEK 3.7B	SEK 3.3B	SEK 3.2B	SEK 3.1B	SEK 3.5B	SEK 2.6B	SEK 1.4B
Net debt / EBITDA	1.11×	1.06×	1.36×	0.89×	1.06×	0.94×	2.19×	1.11×
Cash conversion cycle (days)	55	28	73	71	65	65	86	75