Tempest Security AB (publ) (TSEC.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

-0.6%

SEK 10.24

vs SEK 10.30 price

Levered DCF

SEK 27.27

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.18

Grey 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	-10.94×	-2.07×	44.29×	17.89×	-26.23×	267.86×	-12.45×	-6.8×
P/B	6.88×	3.47×	2.03×	2.27×	6.21×	10.47×	12.24×	7.08×
P/S	0.22×	0.22×	0.37×	0.41×	0.97×	1.11×	0.87×	0.78×
EV / EBITDA	15.77×	324.77×	8.57×	8.74×	-112.1×	27.47×	-69.21×	-9.31×
Gross margin	-3.6%	9.5%	91.6%	86.8%	88.5%	90.4%	88.0%	91.5%
Operating margin	-0.3%	-10.2%	1.9%	2.4%	-1.6%	1.3%	-7.0%	-11.6%
Net margin	-2.0%	-10.6%	0.8%	2.3%	-3.7%	0.4%	-6.9%	-11.5%
Current ratio	0.64×	0.63×	0.73×	0.72×	0.72×	0.84×	0.9×	0.93×
Debt / equity	2.93×	1.17×	0.49×	0.59×	0.67×	1.02×	0.1×	0.35×
Interest coverage	-0.67×	-12.38×	2.98×	4.55×	-3.71×	3×	-13.74×	-91.9×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-62.7%	-163.3%	4.6%	12.8%	-23.8%	4.0%	-97.1%	-104.2%
Return on invested capital	-2.1%	-72.6%	5.2%	6.1%	-6.9%	3.1%	-83.0%	-68.1%
Return on assets	-4.9%	-24.6%	1.5%	4.2%	-6.4%	0.9%	-18.3%	-23.2%
Free cash flow yield	-1.8%	8.2%	10.0%	3.2%	0.5%	3.8%	-4.3%	-9.4%
Earnings yield	-9.1%	-47.1%	2.3%	5.6%	-3.8%	0.4%	-7.9%	-14.7%
Enterprise value	SEK 165.1M	SEK 130.9M	SEK 180.5M	SEK 199.8M	SEK 337.8M	SEK 337.3M	SEK 227.7M	SEK 153.3M
Net debt / EBITDA	3.5×	53.99×	0.85×	1.05×	-2.97×	0.3×	7.03×	1.26×
Cash conversion cycle (days)	49	40	48	-16	-52	-36	-30	-155