Surgical Science Sweden AB (publ) (SUS.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

+97.6%

SEK 118.54

vs SEK 60.00 price

Levered DCF

SEK 71.89

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.06

Safe zone

Rating

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	24.81×	60.43×	39.76×	44.51×	138.67×	207.78×	188.44×	-105.26×
P/B	0.39×	1.65×	2.14×	1.97×	3.34×	7.53×	5.95×	6.13×
P/S	1.67×	9×	10.53×	10.43×	32.61×	30.66×	23.55×	7.4×
EV / EBITDA	5.83×	32.45×	26.81×	28.46×	95.33×	84.68×	76.54×	74.69×
Gross margin	58.1%	67.6%	69.4%	66.2%	72.5%	84.3%	82.3%	109.5%
Operating margin	11.0%	16.3%	21.4%	20.3%	24.2%	19.1%	15.0%	-6.2%
Net margin	6.7%	14.9%	26.5%	23.4%	23.5%	14.9%	12.4%	-6.9%
Current ratio	4.07×	2.78×	4.22×	2.7×	2.65×	4.26×	2.85×	3.76×
Debt / equity	0.02×	0.06×	0.01×	0×	0×	0.01×	0.01×	0.06×
Interest coverage	17.34×	25.41×	288.34×	124.55×	3.87×	37.55×	0×	-581.29×
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	1.6%	2.7%	5.4%	4.4%	2.4%	3.7%	3.1%	-5.7%
Return on invested capital	1.6%	2.4%	3.7%	3.4%	2.4%	3.6%	3.0%	-4.9%
Return on assets	1.4%	2.4%	5.0%	4.0%	2.2%	3.3%	2.8%	-4.5%
Free cash flow yield	4.1%	1.1%	2.1%	1.1%	0.2%	0.5%	1.9%	-0.4%
Earnings yield	4.0%	1.7%	2.5%	2.2%	0.7%	0.5%	0.5%	-0.9%
Enterprise value	SEK 1.1B	SEK 7.3B	SEK 8.7B	SEK 7.9B	SEK 11.7B	SEK 3.1B	SEK 2.3B	SEK 452.3M
Net debt / EBITDA	-2.79×	-3.01×	-1.83×	-1.5×	-2.49×	-2.3×	-2.21×	-5.64×
Cash conversion cycle (days)	256	261	199	204	464	337	215	-8