Train Alliance Sweden AB (publ) (TRAIN-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

-1062.4%

-SEK 50.62

vs SEK 5.26 price

Levered DCF

-SEK 78.63

After debt service

Piotroski score

1 / 9

Weak

Altman Z-score

0.42

Distress zone

Rating

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	15.6×	53×	45.96×	18.15×	112.46×	62.55×	68.52×	114.2×
P/B	1.08×	1.12×	1.31×	1.47×	1.62×	1.39×	2.23×	2.53×
P/S	6.83×	5.65×	10.28×	14.94×	17.09×	33.48×	63.23×	98.92×
EV / EBITDA	34.32×	23.85×	25.53×	14.47×	57.69×	32.97×	36.82×	39.51×
Gross margin	18.8%	29.5%	-17.4%	28.8%	37.5%	-272.2%	-613.0%	-672.0%
Operating margin	18.8%	14.1%	23.4%	85.6%	20.4%	89.0%	150.2%	183.1%
Net margin	-46.9%	10.8%	22.2%	82.6%	15.5%	52.7%	92.5%	86.7%
Current ratio	2.45×	4.58×	4.63×	8.78×	3.97×	1.09×	0.88×	0.64×
Debt / equity	0.39×	0.26×	0.27×	0.07×	0.14×	0.25×	0.45×	0.33×
Interest coverage	1.66×	2.01×	1.73×	17×	4.27×	3.23×	2.8×	1.83×
Dividend yield	0.0%	1.2%	9.7%	0.0%	0.0%	0.0%	0.7%	0.7%
Payout ratio	0.0%	64.8%	447.4%	0.0%	0.0%	0.0%	46.0%	76.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-7.4%	2.1%	2.8%	8.1%	1.5%	2.2%	3.3%	2.2%
Return on invested capital	2.1%	1.7%	2.3%	7.8%	1.6%	2.4%	2.9%	2.5%
Return on assets	-4.6%	1.6%	2.0%	7.3%	1.2%	1.6%	1.7%	1.3%
Free cash flow yield	2.5%	13.5%	-6.4%	-14.5%	-20.9%	-20.5%	-18.4%	-11.3%
Earnings yield	-6.9%	1.9%	2.2%	5.5%	0.9%	1.6%	1.5%	0.9%
Enterprise value	SEK 2B	SEK 1.6B	SEK 1.9B	SEK 2B	SEK 2.2B	SEK 1.2B	SEK 933.2M	SEK 918.3M
Net debt / EBITDA	7.92×	2.52×	2.46×	-0.51×	2×	4.12×	4.16×	3.9×
Cash conversion cycle (days)	895	546	1,176	1,517	186	199	144	630