VBG Group AB (publ) (VBG-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

+29.1%

SEK 373.66

vs SEK 289.50 price

Levered DCF

SEK 578.68

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

3.05

Safe zone

Rating

A-

Overall 4 / 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	23.55×	13.26×	10.97×	9.5×	13.95×	17.03×	13.15×	11.65×
P/B	2.51×	1.93×	1.7×	1.06×	1.68×	1.55×	1.62×	1.43×
P/S	1.84×	1.4×	1.09×	0.76×	1.3×	1.23×	1.06×	0.91×
EV / EBITDA	13.02×	7.99×	6.59×	6.09×	8.73×	8.57×	8.11×	7.43×
Gross margin	31.4%	32.4%	30.7%	30.9%	32.3%	33.8%	33.7%	34.1%
Operating margin	11.8%	14.3%	14.4%	11.5%	12.6%	11.2%	11.7%	12.0%
Net margin	7.8%	10.5%	9.9%	8.0%	9.3%	7.2%	8.0%	7.8%
Current ratio	4.55×	4.31×	3.96×	3.75×	4.48×	5.07×	3.91×	1.27×
Debt / equity	0.44×	0.29×	0.28×	0.31×	0.31×	0.37×	0.37×	0.37×
Interest coverage	8.92×	11.43×	10.28×	14.25×	26.86×	15.63×	12.09×	11.59×
Dividend yield	1.8%	2.2%	2.2%	3.6%	2.4%	0.0%	2.9%	2.6%
Payout ratio	43.0%	29.8%	24.2%	33.9%	33.4%	0.0%	37.6%	29.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.6%	14.6%	15.5%	11.2%	12.1%	9.1%	12.3%	12.3%
Return on invested capital	7.2%	10.2%	11.7%	8.3%	8.3%	6.3%	8.6%	8.7%
Return on assets	6.0%	9.1%	9.5%	6.8%	7.2%	5.3%	7.1%	7.0%
Free cash flow yield	2.2%	2.6%	9.8%	5.6%	2.7%	10.4%	8.5%	6.5%
Earnings yield	4.2%	7.5%	9.1%	10.5%	7.2%	5.9%	7.6%	8.6%
Enterprise value	SEK 10.6B	SEK 8B	SEK 6.4B	SEK 4B	SEK 4.9B	SEK 3.9B	SEK 4.4B	SEK 3.6B
Net debt / EBITDA	0.79×	0.2×	0.14×	0.79×	0.36×	0.08×	0.79×	0.93×
Cash conversion cycle (days)	135	121	126	155	150	68	116	67