Westpay AB (WPAY.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

-561.5%

-SEK 4.52

vs SEK 0.98 price

Levered DCF

-SEK 4.17

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.94

Grey 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	29.68×	-6.68×	-1.73×	-6.32×	-6.33×	-7.02×	-4.43×	-8.13×
P/B	5.93×	5.23×	31.9×	9.39×	7.41×	4.95×	3.12×	4.09×
P/S	1.69×	0.61×	0.77×	0.78×	2.02×	1.84×	1.78×	1.63×
EV / EBITDA	11.01×	9.65×	-7.38×	105.92×	-9.04×	-20.37×	-4.72×	-11.6×
Gross margin	9.8%	45.1%	96.4%	30.2%	70.9%	75.9%	69.0%	69.8%
Operating margin	4.0%	0.1%	-32.3%	-11.5%	-39.1%	-31.5%	-46.9%	-22.9%
Net margin	5.7%	-9.1%	-45.2%	-12.5%	-31.8%	-26.2%	-40.4%	-20.1%
Current ratio	0.8×	0.59×	0.65×	0.76×	1.24×	1.13×	1.9×	1.48×
Debt / equity	0.67×	1.77×	12.29×	3.18×	0.51×	0.26×	0×	0.32×
Interest coverage	1.15×	0.03×	-14.82×	-12.27×	-41.95×	-176.81×	-37.24×	-33.32×
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	20.0%	-78.3%	-1859.4%	-149.6%	-116.7%	-70.5%	-70.6%	-50.3%
Return on invested capital	8.2%	0.3%	-90.8%	-30.7%	-77.8%	-62.0%	-62.5%	-33.9%
Return on assets	7.2%	-11.0%	-50.6%	-14.2%	-36.1%	-30.5%	-43.1%	-23.1%
Free cash flow yield	4.9%	-23.1%	-81.2%	-34.4%	-4.6%	-10.8%	-16.2%	-17.4%
Earnings yield	3.4%	-15.0%	-58.3%	-15.9%	-15.8%	-14.3%	-22.6%	-12.3%
Enterprise value	SEK 138.6M	SEK 54.7M	SEK 64.7M	SEK 69.2M	SEK 103.5M	SEK 101.3M	SEK 98.2M	SEK 117.1M
Net debt / EBITDA	1.1×	2.39×	-1.98×	21.43×	0.44×	-0.82×	0.31×	-0.68×
Cash conversion cycle (days)	51	53	1,116	40	2	293	215	239