Storytel AB (publ) (STORY-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

+34.8%

SEK 167.66

vs SEK 124.40 price

Levered DCF

SEK 150.13

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.16

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	13.39×	26.98×	-3.82×	-8.09×	-29.75×	-90.3×	-25.62×	-23.68×
P/B	3.61×	3.59×	2.59×	1.45×	6.04×	14.1×	23.41×	8.06×
P/S	1.61×	1.4×	0.9×	0.96×	4.23×	7.09×	4.35×	3.44×
EV / EBITDA	9.06×	9.46×	-8.25×	-49.26×	-64.17×	-205.52×	-26.88×	-25.08×
Gross margin	45.6%	44.8%	35.7%	37.9%	38.7%	48.4%	37.9%	39.0%
Operating margin	9.8%	6.5%	-21.3%	-12.6%	-13.7%	-8.3%	-19.8%	-16.9%
Net margin	12.0%	5.2%	-23.5%	-11.9%	-14.2%	-7.8%	-17.0%	-14.5%
Current ratio	0.89×	1.23×	0.63×	1.13×	2.07×	1.64×	1.26×	2.14×
Debt / equity	0.38×	0.49×	0.7×	0.57×	0.07×	0×	1.17×	0.37×
Interest coverage	4.66×	4.93×	-11.28×	-9.93×	-39.4×	-11.55×	-23.84×	-20.62×
Dividend yield	1.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	20.4%	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	27.0%	13.3%	-67.8%	-17.9%	-20.3%	-15.6%	-91.4%	-34.0%
Return on invested capital	14.7%	9.2%	-33.2%	-11.2%	-16.2%	-13.3%	-36.1%	-21.9%
Return on assets	13.5%	5.8%	-26.1%	-8.7%	-12.4%	-9.7%	-23.9%	-15.5%
Free cash flow yield	6.4%	6.0%	2.9%	-11.6%	-4.9%	-2.1%	-4.5%	-4.0%
Earnings yield	7.5%	3.7%	-26.2%	-12.4%	-3.4%	-1.1%	-3.9%	-4.2%
Enterprise value	SEK 6.5B	SEK 5.4B	SEK 3.5B	SEK 3.5B	SEK 10.3B	SEK 16.2B	SEK 8.1B	SEK 4.7B
Net debt / EBITDA	-0.01×	0.17×	-0.95×	-6.16×	4.82×	5.13×	-0.18×	1.89×
Cash conversion cycle (days)	-2	-10	-3	32	44	-29	-15	40