Stille AB (STIL.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

-43.3%

SEK 139.81

vs SEK 246.50 price

Levered DCF

SEK 434.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.99

Safe zone

Rating

A-

Overall 4 / 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	31.61×	32.2×	28.44×	20.55×	46.88×	53.8×	27×	15.49×
P/B	2.48×	2.67×	1.2×	2.96×	5.1×	4.01×	6×	3.7×
P/S	3.1×	3.28×	2.57×	2.28×	4.03×	3.12×	3.94×	2.34×
EV / EBITDA	16.2×	13.7×	10.34×	13.3×	27.98×	27.09×	17.28×	10.36×
Gross margin	50.7%	51.9%	44.8%	45.3%	44.6%	40.3%	42.6%	43.9%
Operating margin	12.8%	20.2%	15.2%	13.2%	10.7%	8.1%	18.2%	18.4%
Net margin	9.8%	10.2%	9.0%	11.1%	8.6%	5.8%	14.6%	14.9%
Current ratio	3.52×	3.03×	7.37×	3.13×	2.76×	3.67×	3.58×	3.87×
Debt / equity	0.17×	0.09×	0.1×	0.37×	0.55×	0.22×	0.24×	0.01×
Interest coverage	17.31×	7.38×	4.45×	13.87×	13.2×	16.22×	41.12×	437.23×
Dividend yield	0.0%	0.0%	1.2%	0.9%	1.1%	0.0%	1.1%	1.8%
Payout ratio	0.0%	0.0%	33.9%	18.3%	51.0%	0.0%	30.6%	28.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.9%	8.3%	4.2%	14.4%	10.9%	7.5%	22.2%	23.4%
Return on invested capital	5.6%	10.8%	5.1%	8.7%	5.6%	6.3%	19.2%	23.9%
Return on assets	5.3%	5.8%	3.3%	8.0%	5.2%	5.0%	14.1%	17.5%
Free cash flow yield	0.9%	3.2%	3.2%	4.3%	-1.6%	-0.6%	2.9%	2.8%
Earnings yield	3.2%	3.1%	3.5%	4.9%	2.1%	1.9%	3.7%	6.3%
Enterprise value	SEK 1.8B	SEK 1.8B	SEK 579.2M	SEK 595.6M	SEK 808.4M	SEK 431.1M	SEK 597.7M	SEK 283.4M
Net debt / EBITDA	0.04×	-0.74×	-3.19×	0.76×	1.86×	-0.88×	-0.58×	-1.27×
Cash conversion cycle (days)	275	237	141	180	222	184	209	227