Scandi Standard AB (SCST.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

+55.7%

SEK 291.81

vs SEK 187.40 price

Levered DCF

SEK 192.52

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.66

Safe zone

Rating

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	FY2019	FY2018
P/E	17.7×	20.21×	13.96×	24.26×	25.63×	21.77×	20.67×	20.03×
P/B	2.43×	2.13×	1.57×	1.37×	1.37×	2.4×	2.8×	2.52×
P/S	0.46×	0.43×	0.29×	0.26×	0.27×	0.45×	0.49×	0.46×
EV / EBITDA	8.11×	8.31×	6×	7.4×	7.89×	9.44×	9.69×	9.31×
Gross margin	3.9%	39.6%	37.0%	36.5%	39.2%	41.0%	39.5%	39.7%
Operating margin	4.3%	3.9%	3.5%	2.4%	2.2%	3.5%	4.3%	3.7%
Net margin	2.6%	2.1%	2.1%	1.1%	1.0%	2.1%	2.4%	2.3%
Current ratio	1.03×	0.97×	0.9×	1.02×	1.11×	1.14×	1.12×	1.31×
Debt / equity	0.86×	0.78×	0.66×	0.86×	1.19×	1.25×	1.37×	1.24×
Interest coverage	3.92×	3.22×	3.18×	3.05×	3.22×	5.09×	4.66×	3.59×
Dividend yield	2.5%	2.7%	2.0%	0.1%	3.0%	0.0%	2.7%	2.9%
Payout ratio	44.4%	54.5%	27.9%	3.0%	77.9%	0.0%	55.7%	58.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.7%	10.5%	11.2%	5.7%	5.3%	11.0%	13.5%	12.6%
Return on invested capital	9.3%	8.0%	8.9%	4.7%	3.6%	6.3%	8.0%	6.8%
Return on assets	4.8%	3.8%	4.0%	1.9%	1.6%	3.2%	3.7%	3.7%
Free cash flow yield	2.6%	5.1%	15.5%	4.1%	11.4%	9.9%	10.0%	5.0%
Earnings yield	5.7%	4.9%	7.2%	4.1%	3.9%	4.6%	4.8%	5.0%
Enterprise value	SEK 8.5B	SEK 7.5B	SEK 5.3B	SEK 5.2B	SEK 4.6B	SEK 6.4B	SEK 7B	SEK 5.9B
Net debt / EBITDA	1.93×	2.15×	1.78×	2.84×	3.34×	2.84×	3.01×	2.98×
Cash conversion cycle (days)	17	6	2	9	9	8	19	30