AB Traction (TRAC-B.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

-76.3%

SEK 64.29

vs SEK 271.00 price

Levered DCF

SEK 54.76

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

562.56

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	19.18×	8.15×	13.27×	-8.26×	3.05×	-149.6×	6.93×	-35.3×
P/B	0.87×	0.92×	0.91×	0.82×	0.97×	0.95×	0.96×	0.96×
P/S	25.2×	7.93×	12.58×	-8.62×	3.03×	-363.91×	6.74×	-40.48×
EV / EBITDA	15.27×	7.07×	11.96×	-7.86×	2.7×	-136.01×	6.52×	-33.52×
Gross margin	89.6%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.8%
Operating margin	131.8%	97.7%	96.2%	103.0%	99.3%	243.4%	97.2%	114.6%
Net margin	131.4%	97.3%	94.9%	104.3%	99.3%	243.4%	97.2%	114.6%
Current ratio	0×	0×	0×	0×	0×	0×	0×	0×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	2,079.5×	-142.8×
Dividend yield	3.6%	4.0%	3.6%	2.3%	0.7%	2.2%	1.8%	1.6%
Payout ratio	68.2%	32.4%	48.3%	-19.0%	2.2%	-335.7%	12.8%	-57.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	11.2%	6.9%	-10.0%	31.7%	-0.6%	13.9%	-2.7%
Return on invested capital	4.5%	11.2%	6.8%	-9.8%	31.7%	-0.6%	13.8%	-2.7%
Return on assets	4.5%	11.2%	6.9%	-10.0%	31.7%	-0.6%	13.8%	-2.7%
Free cash flow yield	3.5%	3.6%	4.9%	5.0%	10.6%	-3.1%	1.2%	7.6%
Earnings yield	5.2%	12.3%	7.5%	-12.1%	32.8%	-0.7%	14.4%	-2.8%
Enterprise value	SEK 3B	SEK 3.4B	SEK 3.3B	SEK 2.9B	SEK 3.6B	SEK 2.5B	SEK 2.7B	SEK 2.4B
Net debt / EBITDA	-3.85×	-1.05×	-1.12×	0.5×	-0.35×	13.49×	-0.41×	1.79×
Cash conversion cycle (days)	0	31	82	-33	9	-615	20	-142