Sonetel AB (publ) (SONE.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

+51.3%

SEK 6.54

vs SEK 4.32 price

Levered DCF

SEK 8.99

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.3

Grey 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	-34.5×	-109.5×	-9.73×	-35.88×	-12.33×	-3.67×	-10.74×	-21.57×
P/B	1.73×	1.87×	1.02×	1.23×	0.95×	1.08×	0.64×	1.49×
P/S	1.16×	2.06×	0.91×	1.15×	1×	1.14×	0.72×	1.47×
EV / EBITDA	60.09×	7.11×	3.81×	4.35×	-104.7×	22.37×	5.63×	15.95×
Gross margin	28.7%	44.3%	37.9%	41.5%	74.4%	75.3%	73.9%	76.0%
Operating margin	2.0%	4.1%	1.0%	4.6%	-0.7%	7.3%	-4.7%	-5.6%
Net margin	-3.4%	-2.0%	-9.4%	-3.3%	-8.2%	-31.0%	-6.7%	-6.8%
Current ratio	0.34×	0.41×	0.11×	0.15×	0.17×	0.13×	0.18×	0.32×
Debt / equity	0.28×	0.23×	0.37×	0.32×	0.31×	0.38×	0.23×	0.29×
Interest coverage	0.65×	0×	0.11×	0.71×	-0.14×	1.57×	-1.52×	-3.81×
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	-5.1%	-1.8%	-10.6%	-3.5%	-7.8%	-29.4%	-6.0%	-6.9%
Return on invested capital	2.3%	3.0%	0.7%	3.4%	-0.5%	-82.5%	-2.5%	-4.1%
Return on assets	-3.4%	-1.3%	-5.4%	-1.9%	-4.4%	-16.3%	-3.5%	-4.3%
Free cash flow yield	15.8%	8.4%	-5.8%	-2.5%	4.0%	-0.4%	-30.6%	-18.1%
Earnings yield	-2.9%	-1.0%	-10.4%	-2.8%	-8.2%	-27.2%	-9.4%	-4.6%
Enterprise value	SEK 58.4M	SEK 63.4M	SEK 28.6M	SEK 33.3M	SEK 27.8M	SEK 33.5M	SEK 26.3M	SEK 52M
Net debt / EBITDA	7.59×	0.66×	0.98×	0.83×	-24.6×	5.67×	1.43×	2.38×
Cash conversion cycle (days)	-4	-26	-26	-19	-149	-248	-270	-235