SEAFire AB (SEAF.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

+330.2%

SEK 31.92

vs SEK 7.42 price

Levered DCF

SEK 23.73

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.26

Distress 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	FY2019	FY2018
P/E	-80.3×	-1.78×	-4.39×	42.29×	-34.74×	-365.11×	-4.94×	-6.59×
P/B	0.55×	0.41×	0.45×	0.8×	2.13×	8.05×	3.19×	2.4×
P/S	0.35×	0.26×	0.32×	0.73×	1.11×	0.79×	0.43×	1.01×
EV / EBITDA	8.78×	7.8×	5.18×	6.61×	19.6×	12.05×	11.63×	-11.1×
Gross margin	0.6%	20.7%	21.7%	22.8%	18.6%	26.0%	29.6%	16.4%
Operating margin	0.6%	-11.6%	1.3%	9.5%	4.0%	6.6%	-0.6%	-12.4%
Net margin	-0.4%	-14.8%	-7.3%	1.6%	-3.2%	-0.2%	-8.7%	-15.3%
Current ratio	1.23×	1.32×	1.28×	3.06×	2.71×	1.36×	1.83×	0.77×
Debt / equity	0.43×	0.46×	0.4×	0.83×	2×	5.73×	5.03×	0.74×
Interest coverage	0.24×	-4.04×	0.23×	1.62×	0.54×	0.96×	-0.08×	-5.2×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	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	-0.7%	-23.0%	-10.2%	1.8%	-6.1%	-2.2%	-64.5%	-36.3%
Return on invested capital	0.2%	-11.0%	1.2%	2.3%	2.4%	-351.9%	-0.6%	-16.5%
Return on assets	-0.4%	-11.6%	-5.5%	0.8%	-1.6%	-0.2%	-7.4%	-10.5%
Free cash flow yield	4.4%	12.2%	21.6%	-12.7%	-5.3%	9.2%	-10.7%	-9.3%
Earnings yield	-1.2%	-56.2%	-22.9%	2.2%	-2.9%	-0.3%	-20.2%	-15.1%
Enterprise value	SEK 553.4M	SEK 452.2M	SEK 559.5M	SEK 813.3M	SEK 730.2M	SEK 278.8M	SEK 175.4M	SEK 59.9M
Net debt / EBITDA	3.68×	3.69×	2.22×	1.53×	7.04×	4.5×	6.94×	-1.6×
Cash conversion cycle (days)	92	110	112	134	186	133	135	132