Tellusgruppen AB (publ) (TELLUS.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

+543.1%

SEK 41.80

vs SEK 6.50 price

Levered DCF

SEK 34.08

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.06

Distress zone

Rating

B-

Overall 2 / 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	33.44×	-4.42×	-5.37×	-19.74×	-10.59×	21.45×	53.63×	27.68×
P/B	103.88×	-33.06×	102.96×	7.99×	5.6×	34.51×	-92.14×	-33.78×
P/S	0.19×	0.19×	0.23×	0.39×	0.3×	0.57×	0.85×	0.92×
EV / EBITDA	3.15×	7.82×	8.91×	13.19×	45.87×	9.65×	18.63×	15.4×
Gross margin	-4.3%	20.0%	92.1%	21.6%	20.7%	25.4%	24.4%	27.7%
Operating margin	-4.3%	-2.9%	-2.9%	-1.0%	-2.2%	4.0%	2.5%	5.3%
Net margin	0.6%	-4.4%	-4.2%	-2.0%	-2.8%	2.1%	1.6%	3.3%
Current ratio	0.45×	0.73×	0.61×	0.53×	0.57×	0.73×	0.94×	0.81×
Debt / equity	32.87×	-7.36×	31.63×	2.71×	1.96×	3.68×	-1.2×	-0.46×
Interest coverage	-5.43×	-2.15×	-2.54×	-1.39×	-5.73×	7.96×	51.62×	29.51×
Dividend yield	1.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.9%
Payout ratio	63.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	51.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	309.7%	744.4%	-1911.8%	-40.3%	-52.7%	128.7%	-175.7%	-122.1%
Return on invested capital	-22.4%	-20.0%	-14.1%	-3.3%	-11.4%	26.5%	24.5%	57.1%
Return on assets	3.0%	-18.4%	-13.8%	-4.9%	-8.9%	9.0%	8.0%	16.3%
Free cash flow yield	32.5%	8.9%	4.4%	-16.3%	-36.4%	-4.5%	3.6%	5.3%
Earnings yield	3.0%	-22.5%	-18.6%	-5.0%	-9.4%	3.7%	1.9%	3.6%
Enterprise value	SEK 116.1M	SEK 106.3M	SEK 117.7M	SEK 167.6M	SEK 90.5M	SEK 110.2M	SEK 98.5M	SEK 101M
Net debt / EBITDA	0.59×	1.36×	2.03×	3.19×	9.24×	0.23×	-1.7×	-0.99×
Cash conversion cycle (days)	11	13	-165	-7	1	-12	-8	-8