Rusta AB (publ) (RUSTA.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

+83.2%

SEK 152.00

vs SEK 82.95 price

Levered DCF

SEK 241.45

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.04

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
P/E	28×	25.51×	28.14×	26.57×	11.28×	17.31×
P/B	7.11×	6.96×	7.21×	5.44×	5.5×	7.02×
P/S	1.22×	1.03×	1.03×	0.68×	0.73×	0.8×
EV / EBITDA	10.49×	9.71×	9.98×	9.36×	7.72×	8.69×
Gross margin	43.5%	43.1%	43.5%	41.0%	42.3%	42.1%
Operating margin	7.6%	7.2%	6.8%	5.1%	8.6%	7.3%
Net margin	4.4%	4.0%	3.7%	2.6%	6.5%	4.6%
Current ratio	1.21×	1.11×	1.16×	1.06×	1.08×	0.89×
Debt / equity	2.51×	3.24×	3.59×	4.65×	4.09×	4.55×
Interest coverage	3.83×	3.35×	3.12×	2.89×	5.92×	5.22×
Dividend yield	1.4%	1.4%	0.9%	2.2%	5.8%	0.0%
Payout ratio	40.4%	36.6%	25.7%	58.2%	65.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	25.3%	27.3%	25.6%	20.5%	48.8%	40.6%
Return on invested capital	9.4%	8.8%	7.9%	5.4%	11.3%	8.9%
Return on assets	5.7%	5.1%	4.5%	2.9%	7.5%	5.8%
Free cash flow yield	7.7%	6.0%	10.7%	12.0%	5.3%	3.8%
Earnings yield	3.6%	3.9%	3.6%	3.8%	8.9%	5.8%
Enterprise value	SEK 20.7B	SEK 17.7B	SEK 17B	SEK 12.7B	SEK 11.9B	SEK 11.4B
Net debt / EBITDA	2.67×	3.05×	3.25×	4.24×	3.23×	3.39×
Cash conversion cycle (days)	118	123	113	120	142	99