Sdiptech AB (publ) (SDIP-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

-8.6%

SEK 237.95

vs SEK 260.40 price

Levered DCF

SEK 370.25

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.01

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	-87.94×	26.66×	29.65×	19.6×	71.22×	36.86×	15.4×	11.65×
P/B	1.78×	2.03×	2.55×	2.3×	6.55×	4.31×	1.86×	1.2×
P/S	1.4×	1.75×	2.09×	2.31×	6.08×	3.54×	1.24×	0.87×
EV / EBITDA	8.48×	9.99×	10.6×	11.63×	35×	19.69×	9.22×	8.72×
Gross margin	7.1%	17.3%	31.5%	60.5%	57.8%	60.5%	60.5%	55.6%
Operating margin	6.3%	17.3%	17.3%	18.3%	13.4%	14.9%	9.2%	9.6%
Net margin	-1.3%	6.8%	9.2%	12.2%	9.0%	10.3%	8.8%	8.4%
Current ratio	2.09×	1.6×	2.01×	1.89×	1.5×	1.93×	1.67×	1.32×
Debt / equity	0.88×	0.73×	0.79×	0.66×	0.54×	0.52×	0.64×	0.47×
Interest coverage	1.24×	3.65×	3.95×	7.91×	10.75×	12.08×	5.68×	7.5×
Dividend yield	0.3%	0.2%	0.1%	0.2%	0.1%	0.2%	0.7%	1.1%
Payout ratio	-29.0%	4.5%	3.4%	3.3%	5.7%	6.5%	9.4%	11.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.7%	7.9%	11.2%	12.1%	9.7%	12.5%	13.2%	11.5%
Return on invested capital	-0.8%	6.8%	7.3%	6.9%	5.3%	7.0%	5.1%	5.1%
Return on assets	-0.7%	3.4%	4.9%	5.3%	4.3%	5.6%	5.4%	5.1%
Free cash flow yield	10.2%	6.6%	4.3%	4.4%	2.0%	5.6%	11.2%	4.0%
Earnings yield	-0.9%	3.9%	4.4%	5.3%	1.5%	2.9%	7.1%	9.7%
Enterprise value	SEK 10B	SEK 11.8B	SEK 12.6B	SEK 10B	SEK 17.5B	SEK 8B	SEK 2.9B	SEK 1.5B
Net debt / EBITDA	2.32×	2.37×	2.16×	2.24×	1.99×	1.5×	1.98×	1.11×
Cash conversion cycle (days)	109	119	98	173	134	115	85	96