Zinzino AB (publ) (ZZ-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

+32.8%

SEK 177.07

vs SEK 133.30 price

Levered DCF

SEK 349.55

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.3

Safe zone

Rating

A+

Overall 5 / 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	17.51×	17.16×	12.84×	12.86×	22.18×	38.78×	70.3×	58.46×
P/B	8.03×	7.49×	8.08×	5.65×	13.37×	28.57×	22.89×	5.74×
P/S	1.79×	1.31×	1.19×	0.64×	1.48×	2.32×	1.06×	0.42×
EV / EBITDA	16.18×	9.76×	7.49×	6.49×	12.44×	22.08×	21.52×	10.63×
Gross margin	8.6%	33.2%	36.6%	27.9%	26.8%	26.5%	24.3%	32.7%
Operating margin	8.6%	10.0%	11.8%	6.4%	9.0%	8.1%	2.1%	1.1%
Net margin	10.2%	7.7%	9.3%	5.0%	6.7%	6.0%	1.5%	0.7%
Current ratio	1.4×	1.23×	1.29×	1.09×	1.15×	1.07×	0.86×	0.87×
Debt / equity	0.06×	0.12×	0.24×	0.32×	0.27×	0.5×	1.33×	1.17×
Interest coverage	77.28×	62.31×	53.75×	31.24×	80.93×	52.34×	15.49×	7.8×
Dividend yield	2.5%	3.6%	2.8%	7.7%	2.2%	0.9%	3.0%	5.9%
Payout ratio	44.1%	60.8%	36.2%	99.6%	48.9%	35.7%	213.9%	358.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	45.9%	43.8%	63.0%	43.8%	60.3%	73.8%	32.3%	9.5%
Return on invested capital	25.2%	36.1%	45.8%	27.0%	46.1%	46.9%	14.0%	12.8%
Return on assets	18.5%	14.0%	19.4%	10.4%	14.2%	13.3%	3.5%	1.6%
Free cash flow yield	9.3%	10.2%	11.2%	2.1%	7.5%	3.7%	8.5%	4.8%
Earnings yield	5.7%	5.8%	7.8%	7.8%	4.5%	2.6%	1.4%	1.7%
Enterprise value	SEK 4.9B	SEK 2.5B	SEK 1.8B	SEK 759.7M	SEK 1.7B	SEK 2.4B	SEK 722.8M	SEK 252.6M
Net debt / EBITDA	-2.38×	-1.64×	-1.06×	-0.96×	-1.43×	-0.91×	-0.98×	0.21×
Cash conversion cycle (days)	48	67	49	71	54	51	48	47