Teqnion AB (publ) (TEQ.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

+36.0%

SEK 246.43

vs SEK 181.20 price

Levered DCF

SEK 194.26

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.13

Safe zone

Rating

B+

Overall 3 / 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	31.01×	29.61×	32.91×	20.23×	29.19×	20.07×	11.26×	11.68×
P/B	3.49×	3.3×	5.61×	5.04×	6.92×	3.4×	1.74×	6.5×
P/S	1.7×	1.81×	2.79×	1.69×	2.53×	1.33×	0.64×	1.36×
EV / EBITDA	14.46×	13.96×	18.4×	13.13×	16.92×	10.2×	7.04×	14.15×
Gross margin	47.6%	45.0%	45.5%	42.7%	43.4%	39.3%	37.3%	43.5%
Operating margin	7.0%	9.4%	11.5%	10.9%	11.4%	9.2%	6.7%	12.2%
Net margin	5.5%	6.1%	8.5%	8.3%	8.6%	6.6%	5.7%	11.6%
Current ratio	2.01×	2.02×	1.85×	1.3×	1.67×	1.9×	1.86×	1.69×
Debt / equity	0.73×	0.54×	0.49×	0.59×	0.53×	0.45×	0.51×	0.6×
Interest coverage	3.73×	3.73×	10.88×	17.46×	23.66×	17.92×	13.92×	20.14×
Dividend yield	0.0%	0.0%	0.0%	0.4%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	7.3%	0.0%	0.0%	0.4%	0.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.3%	11.2%	17.0%	24.9%	23.6%	17.0%	15.5%	55.6%
Return on invested capital	5.4%	8.5%	11.2%	14.7%	13.5%	11.1%	10.1%	21.8%
Return on assets	4.8%	5.6%	8.4%	10.3%	9.9%	8.2%	7.3%	17.8%
Free cash flow yield	5.7%	2.7%	2.9%	4.4%	4.9%	12.7%	3.1%	5.3%
Earnings yield	3.2%	3.4%	3.0%	4.9%	3.4%	5.0%	8.9%	8.6%
Enterprise value	SEK 3.5B	SEK 3.1B	SEK 4.3B	SEK 2.4B	SEK 2.4B	SEK 870M	SEK 388.7M	SEK 648.9M
Net debt / EBITDA	1.8×	1.21×	0.69×	1.15×	0.64×	-0.05×	0.35×	0.43×
Cash conversion cycle (days)	125	128	119	105	111	41	88	48