Synsam AB (SYNSAM.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

+166.7%

SEK 149.61

vs SEK 56.10 price

Levered DCF

SEK 134.97

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.72

Distress 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	21.5×	17.96×	21.91×	18.05×	226.47×	-41.54×	-45.38×	-27×
P/B	4×	2.57×	2.71×	2.29×	4.66×	-5.14×	-5.9×	-6.77×
P/S	1.38×	1.02×	1.16×	1.11×	2.44×	2.1×	2.14×	2.38×
EV / EBITDA	8.44×	6.49×	7.06×	7.29×	11.71×	15.87×	23.04×	27.63×
Gross margin	10.3%	75.3%	75.5%	76.1%	77.0%	75.3%	75.6%	75.8%
Operating margin	10.3%	12.7%	11.8%	10.3%	13.4%	9.6%	9.3%	7.7%
Net margin	6.4%	5.7%	5.3%	6.1%	1.1%	-5.1%	-4.7%	-8.8%
Current ratio	1.08×	0.98×	0.78×	0.92×	0.96×	0.86×	0.71×	0.98×
Debt / equity	1.63×	1.34×	1.29×	1.31×	1.26×	-4.48×	-4.96×	-5.28×
Interest coverage	1.23×	1.33×	1.26×	1.71×	1.4×	0.73×	0.71×	0.55×
Dividend yield	2.7%	4.0%	3.7%	4.3%	0.0%	0.0%	0.0%	0.0%
Payout ratio	57.3%	72.7%	81.4%	77.7%	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	18.6%	14.3%	12.4%	12.7%	2.1%	12.4%	13.0%	25.0%
Return on invested capital	8.6%	9.3%	8.2%	6.7%	3.2%	6.2%	5.9%	4.5%
Return on assets	5.7%	4.4%	3.9%	4.1%	0.7%	-2.7%	-2.6%	-4.7%
Free cash flow yield	10.2%	8.5%	13.2%	5.2%	6.1%	9.1%	8.0%	3.1%
Earnings yield	4.7%	5.6%	4.6%	5.5%	0.4%	-2.4%	-2.2%	-3.7%
Enterprise value	SEK 13.1B	SEK 9.6B	SEK 9.5B	SEK 8.9B	SEK 13.9B	SEK 14.3B	SEK 14.7B	SEK 14.1B
Net debt / EBITDA	2.17×	2.03×	1.99×	2.43×	1.99×	6.91×	10.33×	11.78×
Cash conversion cycle (days)	40	49	-17	-3	-57	1	-21	4