Viking Supply Ships AB (publ) (VSSAB-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

-268.1%

-SEK 300.82

vs SEK 179.00 price

Levered DCF

-SEK 625.58

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.31

Distress zone

Rating

B+

Overall 3 / 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	25×	10.94×	-13.48×	126.13×	-2.93×	-3.02×	11.93×	1.07×
P/B	0.73×	0.56×	0.63×	0.5×	0.2×	0.36×	0.37×	0.63×
P/S	1.5×	1.79×	1.96×	1.75×	1.11×	2.02×	1.5×	6.23×
EV / EBITDA	7.47×	7.81×	46.84×	8.79×	-5.51×	-4.13×	3.7×	-6.48×
Gross margin	44.2%	34.0%	23.7%	15.6%	-13.3%	-37.8%	20.4%	-37.9%
Operating margin	18.0%	15.3%	-9.8%	3.0%	-36.1%	-62.9%	13.2%	757.2%
Net margin	6.0%	16.3%	-14.6%	1.4%	-37.8%	-66.8%	10.2%	583.1%
Current ratio	1.34×	2.07×	1.49×	2.6×	2.23×	2.47×	3.92×	6.5×
Debt / equity	0.46×	0.33×	0.41×	0.01×	0.01×	0×	0×	0.3×
Interest coverage	3.01×	1.75×	-2.29×	13.62×	-119.3×	-702.35×	21.41×	29.71×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	142.7%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2096.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	5.1%	-4.7%	0.4%	-6.7%	-11.9%	2.5%	59.0%
Return on invested capital	4.2%	3.6%	-2.2%	0.6%	-6.4%	-11.1%	3.3%	58.8%
Return on assets	1.9%	3.7%	-3.2%	0.4%	-6.4%	-11.3%	2.4%	41.4%
Free cash flow yield	-26.6%	4.4%	4.4%	5.4%	-21.8%	-14.4%	17.6%	-15.7%
Earnings yield	4.0%	9.1%	-7.4%	0.8%	-34.1%	-33.1%	6.8%	93.6%
Enterprise value	SEK 2.2B	SEK 1.8B	SEK 1.8B	SEK 858.4M	SEK 239.7M	SEK 457.3M	SEK 524.8M	SEK 671.8M
Net debt / EBITDA	2.74×	2.46×	15.66×	-1.52×	2.44×	1.09×	-1.65×	11.56×
Cash conversion cycle (days)	62	0	48	56	76	66	68	14