SkiStar AB (SKIS-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

-40.2%

SEK 112.76

vs SEK 188.70 price

Levered DCF

SEK 83.19

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.22

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	20.3×	22.44×	26.97×	22.77×	16.16×	59.87×	28.03×	19.5×
P/B	2.82×	3.13×	3.49×	2.63×	3.21×	5.17×	3.25×	3.57×
P/S	2.57×	2.68×	2.72×	2.14×	2.63×	5.19×	3.45×	3.4×
EV / EBITDA	11.54×	11.99×	13.43×	12.47×	11.8×	21.27×	13.87×	12.03×
Gross margin	16.5%	52.8%	77.2%	72.6%	75.5%	67.2%	85.3%	87.0%
Operating margin	16.5%	16.9%	15.8%	14.1%	21.6%	10.8%	16.7%	22.6%
Net margin	12.7%	11.9%	10.1%	9.4%	16.3%	8.7%	12.3%	17.4%
Current ratio	0.56×	0.6×	0.41×	0.41×	0.5×	0.56×	0.53×	0.87×
Debt / equity	0.78×	0.94×	1.1×	1.24×	1.07×	1.15×	1.06×	0.69×
Interest coverage	8.53×	7.79×	6×	7.22×	12.02×	5.92×	7.61×	8.82×
Dividend yield	1.8%	1.8%	1.6%	2.6%	1.1%	0.0%	3.4%	3.0%
Payout ratio	37.5%	39.7%	43.1%	58.4%	17.6%	0.0%	94.3%	58.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.9%	13.9%	12.9%	11.6%	19.9%	8.6%	11.6%	18.3%
Return on invested capital	7.9%	8.0%	7.4%	5.8%	9.4%	4.6%	5.9%	11.4%
Return on assets	6.9%	6.3%	5.5%	4.6%	8.4%	3.5%	4.8%	9.2%
Free cash flow yield	4.9%	4.7%	4.4%	-1.1%	4.1%	0.7%	1.5%	2.3%
Earnings yield	4.9%	4.5%	3.7%	4.4%	6.2%	1.7%	3.6%	5.1%
Enterprise value	SEK 16.2B	SEK 16.1B	SEK 16.8B	SEK 13.4B	SEK 14.4B	SEK 17.4B	SEK 10.8B	SEK 10.8B
Net debt / EBITDA	2.47×	2.76×	3.2×	3.97×	2.95×	3.85×	3.36×	1.87×
Cash conversion cycle (days)	36	47	84	81	46	22	113	70