Unlimited Travel Group UTG AB (publ) (UTG.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

-1185.0%

-SEK 206.69

vs SEK 19.05 price

Levered DCF

SEK 224.51

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.12

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	12.86×	7.06×	7.37×	5.52×	-5.26×	-0.81×	14.43×	28.61×
P/B	5.95×	3.7×	2.72×	4.86×	19.87×	-4.09×	3.54×	4.29×
P/S	0.28×	0.19×	0.13×	0.16×	0.38×	0.26×	0.17×	0.2×
EV / EBITDA	5.54×	2.79×	3.42×	3.2×	30.4×	-3.33×	5.38×	10.13×
Gross margin	2.8%	21.8%	21.2%	21.5%	21.9%	18.6%	21.7%	19.3%
Operating margin	3.5%	4.0%	2.6%	4.1%	-5.4%	-25.1%	1.8%	1.7%
Net margin	2.1%	2.7%	1.8%	2.9%	-7.2%	-32.1%	1.2%	0.7%
Current ratio	0.83×	0.89×	0.9×	0.86×	0.8×	0.67×	0.89×	0.94×
Debt / equity	1.41×	0.99×	1.29×	1.85×	14.8×	-8.65×	1.63×	0.62×
Interest coverage	8.34×	13.54×	11.26×	15.59×	-4.33×	-16.26×	5.46×	11.68×
Dividend yield	1.8%	2.5%	0.0%	0.0%	0.0%	0.0%	2.0%	6.7%
Payout ratio	22.8%	17.8%	0.0%	0.0%	0.0%	0.0%	29.2%	191.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	46.3%	52.3%	36.9%	87.9%	-376.8%	505.9%	24.5%	15.1%
Return on invested capital	19.9%	28.7%	19.1%	35.5%	-16.0%	-46.9%	9.3%	-5.7%
Return on assets	5.5%	8.0%	3.5%	5.4%	-4.3%	-18.7%	2.3%	1.6%
Free cash flow yield	6.3%	46.2%	20.0%	27.7%	13.1%	-112.0%	15.6%	3.3%
Earnings yield	7.8%	14.1%	13.6%	18.1%	-19.0%	-123.6%	6.9%	3.5%
Enterprise value	SEK 285.4M	SEK 143.6M	SEK 119M	SEK 132.4M	SEK 118.4M	SEK 117.6M	SEK 140.3M	SEK 115.1M
Net debt / EBITDA	0.43×	-0.37×	0.67×	0.51×	10.95×	-2.22×	0.84×	-1.61×
Cash conversion cycle (days)	58	36	111	93	295	278	71	68