Troax Group AB (publ) (TROAX.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

-45.6%

SEK 80.61

vs SEK 148.20 price

Levered DCF

SEK 48.95

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.71

Grey 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	59.63×	37.58×	36.94×	26.71×	67.93×	48.83×	27.93×	20.54×
P/B	4.65×	6.49×	7.71×	6.3×	18.83×	10×	7.17×	6.12×
P/S	3.08×	4.2×	5.03×	3.43×	10.64×	6.97×	4.09×	3.14×
EV / EBITDA	23.26×	20.32×	22.35×	16.5×	43.85×	31.15×	18.9×	15.53×
Gross margin	32.3%	38.1%	37.9%	33.7%	37.3%	39.3%	39.9%	39.5%
Operating margin	8.8%	16.2%	18.9%	17.4%	20.8%	18.9%	19.6%	20.4%
Net margin	5.1%	11.2%	13.5%	13.0%	15.8%	14.2%	14.5%	15.1%
Current ratio	2.79×	2.4×	2.34×	2.64×	2.54×	2.97×	2.55×	2.33×
Debt / equity	0.81×	0.42×	0.5×	0.46×	0.58×	0.75×	0.83×	0.84×
Interest coverage	4.69×	10.52×	20.36×	36.6×	50.94×	41.41×	38.63×	40.16×
Dividend yield	2.5%	1.7%	1.4%	1.8%	0.4%	0.5%	1.4%	1.6%
Payout ratio	147.9%	65.0%	53.7%	48.8%	30.1%	25.8%	38.6%	33.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.8%	17.4%	20.7%	23.8%	27.9%	20.4%	25.4%	29.5%
Return on invested capital	5.0%	12.4%	13.4%	15.5%	16.9%	11.1%	13.4%	15.5%
Return on assets	3.5%	9.5%	10.9%	12.6%	13.7%	9.5%	11.0%	12.7%
Free cash flow yield	2.8%	2.7%	3.2%	4.1%	0.7%	1.7%	2.9%	3.4%
Earnings yield	1.7%	2.7%	2.7%	3.8%	1.5%	2.0%	3.5%	4.8%
Enterprise value	SEK 926.2M	SEK 1.2B	SEK 1.4B	SEK 1B	SEK 2.7B	SEK 1.2B	SEK 735.6M	SEK 551.6M
Net debt / EBITDA	2.6×	0.77×	0.86×	0.56×	0.76×	1.38×	1.26×	1.3×
Cash conversion cycle (days)	74	86	87	84	92	81	55	67