Systemair AB (publ) (SYSR.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

-54.5%

SEK 38.60

vs SEK 84.90 price

Levered DCF

SEK 92.38

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.42

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	19.35×	25.14×	24.19×	17.48×	23.91×	32.56×	18.88×	18.55×
P/B	2.41×	2.97×	2.76×	3.45×	3.4×	4×	2.34×	2.11×
P/S	1.18×	1.39×	1.27×	1.51×	1.35×	1.55×	0.81×	0.72×
EV / EBITDA	9.97×	12.17×	12.06×	11.02×	13.15×	15.52×	9.62×	11×
Gross margin	36.7%	36.3%	34.4%	34.1%	34.4%	34.7%	34.6%	32.8%
Operating margin	8.9%	8.9%	7.9%	11.6%	8.0%	7.9%	7.0%	6.3%
Net margin	6.1%	5.5%	5.3%	8.6%	5.6%	4.8%	4.3%	3.9%
Current ratio	2.13×	1.97×	1.73×	1.65×	1.56×	1.58×	1.44×	1.4×
Debt / equity	0.21×	0.22×	0.26×	0.35×	0.62×	0.54×	0.74×	0.79×
Interest coverage	14.15×	13.07×	9.43×	17.94×	24.91×	22.71×	14.79×	15.72×
Dividend yield	1.9%	1.5%	1.5%	1.0%	1.2%	0.0%	1.4%	1.7%
Payout ratio	36.8%	36.7%	35.7%	18.0%	28.7%	0.0%	27.3%	32.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.4%	11.8%	11.4%	19.7%	14.3%	12.3%	12.4%	11.4%
Return on invested capital	10.5%	11.0%	9.9%	15.3%	8.7%	9.2%	7.9%	6.9%
Return on assets	7.7%	7.3%	6.6%	10.8%	6.4%	5.8%	5.4%	4.7%
Free cash flow yield	4.2%	6.9%	5.9%	1.2%	-0.8%	4.2%	8.8%	2.5%
Earnings yield	5.2%	4.0%	4.1%	5.7%	4.2%	3.1%	5.3%	5.4%
Enterprise value	SEK 15.6B	SEK 18B	SEK 16.6B	SEK 19.7B	SEK 15B	SEK 14.7B	SEK 9.1B	SEK 8B
Net debt / EBITDA	0.55×	0.59×	0.76×	0.84×	1.79×	1.55×	2.01×	2.75×
Cash conversion cycle (days)	134	129	138	151	157	125	131	132