W5 Solutions AB (publ) (W5.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

-472.5%

-SEK 94.42

vs SEK 25.35 price

Levered DCF

SEK 12.13

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.25

Distress 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	FY2017
P/E	59.05×	-37.32×	-1,160.48×	51.06×	34.29×	58.06×	-58.06×	5,458×
P/B	1.84×	2.22×	3.95×	4.9×	7.08×	15.33×	24.39×	278.49×
P/S	1.77×	1.82×	3.05×	4.16×	3.43×	2.73×	4.14×	24.87×
EV / EBITDA	12.76×	27.47×	21.4×	26.84×	25.15×	31.07×	-61.06×	3,343.97×
Gross margin	7.9%	58.5%	58.7%	57.5%	58.6%	47.3%	-8.5%	67.3%
Operating margin	7.9%	-1.6%	3.7%	10.4%	11.7%	8.5%	-8.5%	0.7%
Net margin	3.0%	-4.8%	-0.3%	8.1%	10.0%	4.7%	-7.2%	0.4%
Current ratio	1.94×	1.36×	1.42×	2.39×	1.86×	2.12×	1.66×	1.37×
Debt / equity	0.14×	0.31×	0.15×	0.04×	0.07×	0.24×	0.38×	0×
Interest coverage	1.97×	-0.36×	6.61×	29.85×	26.73×	16×	-5.55×	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	FY2017
Return on equity	3.1%	-5.9%	-0.3%	9.6%	20.7%	26.2%	-42.5%	4.6%
Return on invested capital	5.1%	-1.1%	-1.0%	9.1%	18.2%	26.5%	-21.7%	4.6%
Return on assets	2.1%	-3.3%	-0.2%	5.7%	9.3%	11.2%	-12.8%	1.3%
Free cash flow yield	-1.6%	1.6%	6.7%	-7.1%	3.7%	2.0%	-2.3%	0.0%
Earnings yield	1.7%	-2.7%	-0.1%	2.0%	2.9%	1.7%	-1.7%	0.0%
Enterprise value	SEK 879.1M	SEK 779M	SEK 1.2B	SEK 657.7M	SEK 409.6M	SEK 308.2M	SEK 313.5M	SEK 310.9M
Net debt / EBITDA	0.12×	2.64×	0.19×	-1.74×	-3×	-0.29×	-0.47×	-2.37×
Cash conversion cycle (days)	170	217	235	338	119	97	104	26