Rugvista Group AB (publ) (RUG.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

+13.4%

SEK 80.32

vs SEK 70.80 price

Levered DCF

SEK 103.90

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.97

Safe 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	23.85×	18.07×	20.77×	15.62×	26.29×	32.47×	77.16×	186.57×
P/B	2.52×	1.68×	2.68×	1.82×	5.28×	6.28×	7.83×	8.47×
P/S	1.9×	1.35×	2.07×	1.44×	3.72×	4.62×	6.15×	6.84×
EV / EBITDA	13.3×	8.96×	12.48×	9.34×	17.89×	22.7×	48.59×	112.16×
Gross margin	10.8%	62.0%	51.3%	61.7%	64.4%	61.4%	59.3%	55.6%
Operating margin	10.8%	8.7%	12.6%	11.7%	18.1%	18.5%	11.1%	5.8%
Net margin	8.0%	7.5%	10.0%	9.2%	14.2%	14.2%	8.0%	3.7%
Current ratio	2.15×	2.2×	2.36×	1.97×	1.92×	1.83×	2.32×	2.18×
Debt / equity	0.41×	0.05×	0.04×	0.06×	0.06×	0.07×	0.37×	0.33×
Interest coverage	19.3×	75.32×	96.29×	68.05×	140.28×	29.28×	11.02×	5.97×
Dividend yield	1.7%	4.0%	2.1%	5.7%	0.0%	0.0%	0.0%	0.0%
Payout ratio	41.6%	72.3%	44.6%	88.3%	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	10.5%	9.3%	12.9%	11.7%	20.1%	19.3%	10.2%	4.6%
Return on invested capital	9.5%	8.2%	12.4%	11.2%	19.1%	18.1%	8.0%	4.0%
Return on assets	6.9%	6.9%	9.9%	8.3%	13.9%	13.5%	6.3%	2.9%
Free cash flow yield	5.0%	6.2%	7.9%	-2.4%	3.9%	7.1%	1.8%	0.4%
Earnings yield	4.2%	5.5%	4.8%	6.4%	3.8%	3.1%	1.3%	0.5%
Enterprise value	SEK 1.5B	SEK 745M	SEK 1.3B	SEK 806.9M	SEK 2.4B	SEK 2.5B	SEK 2.7B	SEK 2.6B
Net debt / EBITDA	0.02×	-2.3×	-1.83×	-1.29×	-1.39×	-1×	1.42×	3.55×
Cash conversion cycle (days)	36	95	87	175	85	34	231	221