Swedencare AB (publ) (SECARE.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

+478.3%

SEK 108.50

vs SEK 18.76 price

Levered DCF

SEK 86.83

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.12

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	109.71×	77.81×	164.76×	50.41×	314.08×	116.07×	48.74×	31.33×
P/B	0.92×	0.95×	1.34×	0.64×	7.12×	6.05×	11.13×	7.54×
P/S	2.27×	3.02×	4.14×	2.61×	22.36×	23.51×	11.52×	7.48×
EV / EBITDA	17.99×	16.28×	22.88×	16.4×	128.3×	100.89×	35.41×	23.63×
Gross margin	56.5%	57.5%	55.2%	55.5%	50.1%	65.6%	73.3%	74.2%
Operating margin	5.3%	8.9%	7.4%	6.6%	8.4%	25.2%	29.1%	29.7%
Net margin	2.1%	3.9%	2.5%	5.2%	7.1%	20.2%	23.6%	23.5%
Current ratio	2.64×	2.95×	3.33×	3.25×	3.94×	5.09×	4.99×	3.19×
Debt / equity	0.31×	0.18×	0.23×	0.26×	0.3×	0.19×	0.03×	0.09×
Interest coverage	1.89×	2.74×	1.85×	2.96×	7.17×	35.59×	164.79×	87.07×
Dividend yield	0.7%	0.5%	0.4%	0.7%	0.1%	0.2%	0.0%	0.0%
Payout ratio	72.1%	36.9%	59.6%	33.5%	31.0%	22.8%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.8%	1.2%	0.8%	1.3%	2.3%	5.2%	22.8%	23.7%
Return on invested capital	1.0%	1.5%	1.4%	1.2%	1.8%	4.5%	22.7%	21.7%
Return on assets	0.6%	1.0%	0.6%	0.9%	1.6%	4.2%	20.0%	19.8%
Free cash flow yield	4.5%	3.8%	4.2%	3.9%	0.6%	0.6%	1.9%	1.7%
Earnings yield	0.9%	1.3%	0.6%	2.0%	0.3%	0.9%	2.0%	3.1%
Enterprise value	SEK 8.1B	SEK 8.9B	SEK 11.1B	SEK 6.4B	SEK 17.8B	SEK 5.5B	SEK 1.4B	SEK 722.1M
Net debt / EBITDA	4.42×	2.34×	2.93×	4.23×	4.22×	-1.92×	-1.05×	-0.63×
Cash conversion cycle (days)	180	169	145	214	190	271	163	154