AB Sagax (publ) (SAGA-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

-91.8%

SEK 13.95

vs SEK 170.50 price

Levered DCF

SEK 53.91

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.34

Distress 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	22.69×	20×	-9,631.94×	27.66×	13.8×	20.17×	14.16×	8.3×
P/B	2.15×	1.87×	3.42×	2.25×	4.35×	3.29×	3×	1.7×
P/S	17×	15.12×	28.98×	20.17×	43.33×	25.4×	22.35×	11.69×
EV / EBITDA	23.54×	27.86×	168.55×	28.61×	63.78×	40.82×	36.93×	32.42×
Gross margin	82.2%	82.8%	82.2%	92.9%	92.8%	93.1%	93.5%	93.2%
Operating margin	78.7%	79.1%	78.0%	81.4%	82.4%	82.4%	82.6%	83.2%
Net margin	75.0%	103.8%	-0.3%	72.9%	314.0%	127.6%	159.3%	140.9%
Current ratio	0.27×	0.28×	0.33×	1.67×	1.27×	0.39×	0.41×	0.52×
Debt / equity	0.92×	0.87×	0.84×	0.98×	0.86×	0.9×	0.91×	1.02×
Interest coverage	3.99×	4.22×	4.65×	6.75×	6.21×	5.88×	5.7×	4.59×
Dividend yield	1.6%	1.7%	0.9%	1.2%	0.6%	0.9%	1.0%	1.8%
Payout ratio	35.5%	24.8%	-8546.2%	34.4%	8.1%	18.3%	13.6%	15.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.5%	12.8%	-0.0%	8.1%	31.6%	16.5%	21.3%	20.5%
Return on invested capital	4.5%	4.5%	3.6%	3.6%	3.9%	4.5%	4.8%	5.0%
Return on assets	4.6%	6.3%	-0.0%	3.8%	15.7%	8.0%	10.2%	9.4%
Free cash flow yield	3.9%	4.3%	2.6%	4.2%	1.7%	3.4%	3.1%	6.1%
Earnings yield	4.4%	6.9%	-0.0%	3.6%	7.2%	5.0%	7.1%	12.1%
Enterprise value	SEK 131B	SEK 111.9B	SEK 155.9B	SEK 107.8B	SEK 162B	SEK 94.1B	SEK 75B	SEK 41.9B
Net debt / EBITDA	7.05×	8.81×	33.26×	8.65×	10.5×	8.77×	8.54×	12.08×
Cash conversion cycle (days)	29	29	24	-6	-17	-54	-16	187