Wallenstam AB (publ) (WALL-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

-98.2%

SEK 0.67

vs SEK 37.50 price

Levered DCF

-SEK 7.67

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.63

Distress 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	10.42×	40.51×	-80.44×	26.29×	11.67×	22.14×	13.35×	8.94×
P/B	0.83×	1.02×	1.18×	0.92×	1.79×	1.65×	1.54×	1.24×
P/S	8.18×	9.9×	13.19×	11.63×	23.69×	19.8×	18.05×	14.04×
EV / EBITDA	16.81×	29.45×	262.34×	49.3×	14.55×	25.36×	16.11×	12.76×
Gross margin	70.7%	76.4%	79.2%	77.5%	77.5%	76.5%	75.7%	57.4%
Operating margin	59.4%	59.5%	56.1%	-37.0%	225.2%	133.2%	195.8%	38.2%
Net margin	78.5%	24.4%	-16.5%	44.3%	203.0%	89.5%	135.1%	157.0%
Current ratio	0.02×	0.02×	0.02×	0.04×	0.03×	0.04×	0.02×	0.05×
Debt / equity	1.05×	1.01×	0.97×	0.92×	0.92×	1.09×	1.02×	0.98×
Interest coverage	2.58×	2.28×	2.11×	-2.4×	20.29×	10.96×	20.03×	3.17×
Dividend yield	1.2%	1.0%	1.1%	1.4%	0.7%	0.4%	1.7%	2.2%
Payout ratio	12.6%	42.4%	-87.8%	35.9%	8.3%	8.5%	22.4%	19.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.9%	2.5%	-1.5%	3.5%	15.3%	7.5%	11.5%	13.9%
Return on invested capital	2.4%	1.8%	1.8%	-1.4%	7.0%	3.8%	5.8%	1.3%
Return on assets	3.4%	1.1%	-0.7%	1.6%	7.1%	3.1%	5.0%	6.2%
Free cash flow yield	5.2%	3.9%	3.7%	4.0%	1.7%	2.8%	3.6%	1.3%
Earnings yield	9.6%	2.5%	-1.2%	3.8%	8.6%	4.5%	7.5%	11.2%
Enterprise value	SEK 60.5B	SEK 62.4B	SEK 65.6B	SEK 57.6B	SEK 83.1B	SEK 69.4B	SEK 60.7B	SEK 48B
Net debt / EBITDA	9.38×	14.63×	118.28×	24.5×	4.91×	9.95×	6.41×	5.63×
Cash conversion cycle (days)	-28	27	-10	38	-123	-98	-108	-48