Sectra AB (publ) (SECT-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

-85.4%

SEK 46.99

vs SEK 320.80 price

Levered DCF

SEK 96.51

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

19.97

Safe 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	87.1×	101.58×	98.36×	82.05×	75.02×	82.52×	65.56×	59.11×
P/B	22.99×	29.81×	26.8×	23.77×	21.8×	25.37×	19.11×	16.13×
P/S	13.88×	17.64×	14.2×	13.11×	12.09×	13.92×	9.4×	8.31×
EV / EBITDA	60.92×	66.37×	63.13×	52.47×	47.79×	52.08×	40.63×	38.54×
Gross margin	20.2%	16.8%	18.8%	20.8%	87.6%	90.9%	87.6%	84.6%
Operating margin	18.7%	15.3%	17.5%	19.4%	19.7%	21.4%	17.8%	16.7%
Net margin	15.9%	17.4%	14.5%	16.0%	16.2%	16.9%	14.3%	14.1%
Current ratio	1.61×	1.74×	1.59×	1.62×	1.57×	1.67×	1.6×	1.64×
Debt / equity	0.04×	0.05×	0.02×	0.06×	0.06×	0.08×	0.11×	0.04×
Interest coverage	0×	115.28×	157.88×	220.98×	246.55×	189.85×	107.48×	189.04×
Dividend yield	0.8%	0.4%	0.5%	0.6%	0.7%	0.8%	1.1%	1.5%
Payout ratio	71.8%	37.6%	49.5%	51.4%	55.1%	62.9%	72.8%	86.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	26.4%	29.4%	27.3%	28.9%	29.1%	30.8%	29.0%	27.3%
Return on invested capital	22.5%	18.5%	24.6%	25.5%	26.6%	28.4%	25.3%	30.8%
Return on assets	12.6%	15.0%	13.3%	13.7%	14.4%	16.7%	15.7%	15.1%
Free cash flow yield	2.1%	1.4%	0.2%	1.1%	2.3%	1.3%	1.4%	1.8%
Earnings yield	1.1%	1.0%	1.0%	1.2%	1.3%	1.2%	1.5%	1.7%
Enterprise value	SEK 47.4B	SEK 55.9B	SEK 41.3B	SEK 30.1B	SEK 22.8B	SEK 22.3B	SEK 15.4B	SEK 11.4B
Net debt / EBITDA	-2.23×	-1.49×	-1.18×	-1.3×	-1.56×	-0.89×	-0.68×	-1.01×
Cash conversion cycle (days)	74	161	188	169	73	95	108	89