Waystream Holding AB (publ) (WAYS.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

-79.8%

SEK 7.74

vs SEK 38.30 price

Levered DCF

SEK 26.54

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.55

Safe zone

Rating

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	32.13×	-11.42×	-45.5×	26.27×	13.17×	12.48×	4.22×	-1.06×
P/B	4.49×	2.36×	3.29×	7.17×	3.58×	3.76×	1.14×	1.61×
P/S	2.41×	1.17×	2.18×	3.85×	2.12×	1.69×	0.46×	0.38×
EV / EBITDA	12.76×	-24.41×	165×	15.68×	6.83×	6.66×	2.22×	-38.91×
Gross margin	17.4%	46.7%	62.6%	62.2%	71.4%	63.9%	68.4%	56.4%
Operating margin	11.5%	-10.6%	-5.1%	18.7%	20.6%	17.6%	14.8%	-44.2%
Net margin	7.5%	-10.2%	-4.8%	14.6%	16.1%	13.5%	10.7%	-35.6%
Current ratio	1.65×	2×	2.12×	2.06×	2.38×	2.15×	1.02×	0.74×
Debt / equity	0×	0.2×	0.19×	0.03×	0.04×	0.05×	0.27×	0.53×
Interest coverage	19.92×	-6.12×	-5.85×	374.11×	524.14×	113.23×	18.26×	-112.6×
Dividend yield	0.0%	0.0%	2.8%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	-125.7%	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	14.0%	-20.7%	-7.2%	27.3%	27.2%	30.1%	26.9%	-152.8%
Return on invested capital	14.5%	-11.9%	-4.7%	29.1%	29.5%	32.1%	22.4%	-98.6%
Return on assets	7.0%	-10.4%	-3.7%	16.2%	18.8%	21.4%	13.1%	-61.5%
Free cash flow yield	6.7%	2.9%	-13.3%	0.2%	9.1%	5.0%	9.4%	-6.1%
Earnings yield	3.1%	-8.8%	-2.2%	3.8%	7.6%	8.0%	23.6%	-94.6%
Enterprise value	SEK 308.3M	SEK 140.7M	SEK 229M	SEK 515.5M	SEK 170.2M	SEK 139.8M	SEK 31.2M	SEK 33.2M
Net debt / EBITDA	-0.88×	-1.06×	7.23×	-0.77×	-0.97×	-0.28×	0.09×	-8.04×
Cash conversion cycle (days)	143	254	461	-48	-5	27	-110	9