Vef Ab (VEFAB.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

-108.5%

-SEK 0.14

vs SEK 1.69 price

Levered DCF

-SEK 0.14

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.74

Safe zone

Rating

C+

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	3×	-2.3×	3.15×	-0.65×	2.22×	4.74×	5.45×	79.39×
P/B	0.57×	0.59×	0.43×	0.64×	0.79×	0.97×	1.06×	1.37×
P/S	626.42×	-714.58×	2.53×	567.79×	-17.94×	922.92×	4.9×	29.86×
EV / EBITDA	2.93×	-2.87×	3.09×	-0.76×	2.15×	4.68×	5.35×	72.37×
Gross margin	100.0%	860.3%	96.7%	-400.5%	107.9%	-336.8%	100.0%	100.0%
Operating margin	23918.3%	29261.7%	89.8%	-87410.0%	-820.5%	19396.3%	89.6%	40.2%
Net margin	21686.5%	30987.2%	80.2%	-87554.3%	-819.0%	19474.0%	89.9%	37.4%
Current ratio	0.41×	13.98×	14.91×	6.57×	10.51×	8.17×	4.15×	4.51×
Debt / equity	0.06×	0.1×	0.09×	0.12×	0×	0×	0×	0×
Interest coverage	27.61×	-19.83×	8.45×	-125.2×	46,004.33×	5,275.8×	0×	0×
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	19.7%	-25.5%	13.6%	-98.8%	36.2%	20.5%	19.5%	1.7%
Return on invested capital	20.2%	-21.6%	14.0%	-87.9%	36.2%	20.4%	19.3%	1.8%
Return on assets	18.4%	-22.9%	12.5%	-87.7%	36.1%	20.4%	19.3%	1.7%
Free cash flow yield	10.5%	-2.1%	12.7%	-19.6%	-14.9%	-15.9%	0.6%	-0.7%
Earnings yield	34.6%	-43.4%	31.7%	-154.2%	45.7%	21.1%	18.4%	1.3%
Enterprise value	SEK 262M	SEK 234.4M	SEK 210.6M	SEK 283.1M	SEK 592.4M	SEK 372.5M	SEK 259M	SEK 270.3M
Net debt / EBITDA	0.17×	-0.33×	0.31×	-0.1×	-0.04×	-0.05×	-0.11×	-1.47×
Cash conversion cycle (days)	0	-107	-5	-13	-19	0	0	0