XANO Industri AB (XANO-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

+132.1%

SEK 93.53

vs SEK 40.30 price

Levered DCF

SEK 101.55

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

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	25.67×	33.25×	25.6×	25.81×	27.54×	18.88×	19.35×	12.54×
P/B	2.44×	1.94×	2.78×	4.21×	7.03×	3.5×	3.94×	3.13×
P/S	1.34×	1×	1.34×	1.83×	2.99×	1.64×	1.48×	1.05×
EV / EBITDA	9.82×	10.75×	12.44×	15.77×	18.29×	11.42×	12.03×	9.6×
Gross margin	21.9%	19.2%	21.9%	21.2%	24.6%	23.7%	22.1%	22.5%
Operating margin	8.2%	5.5%	8.8%	9.7%	14.4%	12.2%	10.8%	11.6%
Net margin	5.2%	3.0%	5.1%	7.1%	10.9%	8.7%	7.7%	8.4%
Current ratio	1.7×	1.72×	1.84×	1.81×	1.27×	1.8×	1.39×	1.2×
Debt / equity	0.48×	0.67×	0.68×	0.73×	0.83×	0.71×	0.95×	1.14×
Interest coverage	2.67×	1.65×	4.35×	10.16×	20.67×	14.94×	9.86×	12.77×
Dividend yield	0.0%	1.8%	2.2%	1.6%	0.8%	0.0%	1.8%	2.6%
Payout ratio	0.0%	59.0%	58.3%	40.7%	21.2%	0.0%	34.2%	32.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.5%	5.8%	10.6%	16.3%	25.5%	18.6%	20.4%	25.0%
Return on invested capital	7.0%	5.3%	8.0%	9.8%	13.7%	11.2%	10.5%	11.7%
Return on assets	4.7%	2.6%	4.7%	6.9%	9.8%	7.8%	7.8%	8.6%
Free cash flow yield	8.4%	2.8%	9.3%	-0.2%	2.8%	8.8%	6.6%	3.1%
Earnings yield	3.9%	3.0%	3.8%	3.9%	3.6%	5.3%	5.2%	8.0%
Enterprise value	SEK 5.1B	SEK 4.2B	SEK 5.4B	SEK 7.4B	SEK 10.2B	SEK 4.1B	SEK 3.8B	SEK 2.9B
Net debt / EBITDA	1.04×	2.33×	1.86×	2×	1.38×	1.06×	2.13×	2.4×
Cash conversion cycle (days)	112	118	112	130	122	96	108	114