Smart Eye AB (publ) (SEYE.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

-207.1%

-SEK 55.85

vs SEK 52.15 price

Levered DCF

SEK 14.04

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.96

Grey zone

Rating

C+

Overall 2 / 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	-17.16×	-9.84×	-41.3×	-3.53×	-32.82×	-46.57×	-16.79×	-15.8×
P/B	2.29×	1.42×	2×	0.92×	3×	10.23×	7.09×	5.26×
P/S	7.35×	6.39×	10.32×	5.48×	39.7×	55.44×	22.11×	12.96×
EV / EBITDA	1,165.31×	-28.68×	-24.22×	-6.2×	-57.94×	-61.02×	-18.9×	-19.11×
Gross margin	45.1%	89.8%	88.4%	87.7%	88.7%	88.4%	-1.6%	36.9%
Operating margin	-41.0%	-70.5%	-93.6%	-156.3%	-119.4%	-118.5%	-131.0%	-81.4%
Net margin	-42.8%	-64.9%	-25.0%	-155.0%	-121.0%	-119.1%	-131.8%	-82.0%
Current ratio	2.03×	1.13×	1.5×	0.7×	3.73×	7.47×	4.13×	3.84×
Debt / equity	0.24×	0.04×	0×	0.05×	0.05×	0×	0.01×	0.03×
Interest coverage	-5.3×	-56.51×	-125.51×	-328.58×	-451.41×	-301.39×	-159.46×	-150.94×
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	-13.3%	-14.5%	-4.8%	-26.1%	-9.2%	-22.0%	-42.3%	-33.3%
Return on invested capital	-8.5%	-12.8%	-4.5%	-23.1%	-7.9%	-21.9%	-41.8%	-32.4%
Return on assets	-9.1%	-12.0%	-4.1%	-20.2%	-7.6%	-20.1%	-35.8%	-27.6%
Free cash flow yield	-1.4%	-9.7%	-4.2%	-22.9%	-3.6%	-2.9%	-7.3%	-7.9%
Earnings yield	-5.8%	-10.2%	-2.4%	-28.3%	-3.0%	-2.1%	-6.0%	-6.3%
Enterprise value	SEK 3.1B	SEK 2.3B	SEK 3B	SEK 1.2B	SEK 4.2B	SEK 3.4B	SEK 1.6B	SEK 807.1M
Net debt / EBITDA	64.33×	-0.44×	0.59×	-0×	2.78×	3.9×	1.63×	2×
Cash conversion cycle (days)	143	156	76	-99	-169	-38	43	64