Stillfront Group AB (publ) (SF.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

-790.3%

-SEK 41.32

vs SEK 5.99 price

Levered DCF

SEK 79.94

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

-0.68

Distress zone

Rating

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	-1.37×	-0.58×	888.32×	15.1×	33.78×	62.89×	30.88×	21.83×
P/B	0.82×	0.57×	0.45×	0.6×	2.04×	5.95×	5.37×	3.17×
P/S	0.57×	0.64×	0.89×	1.2×	3.65×	9.14×	5.3×	2.59×
EV / EBITDA	-5.1×	-1.52×	4.62×	4.37×	12.05×	25.16×	14.97×	9.67×
Gross margin	24.6%	20.7%	59.5%	108.6%	108.5%	108.2%	110.0%	108.9%
Operating margin	11.3%	7.6%	10.8%	14.1%	19.0%	24.9%	26.3%	26.3%
Net margin	-42.0%	-109.5%	0.1%	7.9%	10.8%	14.5%	17.2%	11.8%
Current ratio	0.95×	0.95×	1.12×	0.85×	0.65×	1.07×	1.13×	1.05×
Debt / equity	1.15×	0.78×	0.36×	0.33×	0.47×	0.47×	0.6×	0.97×
Interest coverage	1.79×	1.13×	1.74×	4.13×	4.19×	5.98×	6.15×	8.09×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	13.8%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	0.0%	303.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-60.1%	-98.6%	0.1%	3.9%	6.0%	9.5%	17.4%	14.4%
Return on invested capital	6.7%	3.3%	0.3%	3.1%	4.1%	6.1%	10.2%	9.1%
Return on assets	-21.8%	-45.1%	0.0%	2.3%	2.9%	4.7%	8.3%	6.0%
Free cash flow yield	44.4%	24.9%	13.7%	11.5%	3.8%	2.2%	2.2%	1.3%
Earnings yield	-73.1%	-172.3%	0.1%	6.6%	3.0%	1.6%	3.2%	4.6%
Enterprise value	SEK 7.1B	SEK 9.2B	SEK 10.4B	SEK 12.2B	SEK 23.4B	SEK 38.4B	SEK 11.3B	SEK 4.2B
Net debt / EBITDA	-2.76×	-0.81×	1.84×	1.35×	1.78×	1.25×	1.09×	1.83×
Cash conversion cycle (days)	24	16	15	89	156	120	171	559