MilDef Group Valuation

Q: What is the Fair Price of MILDEF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

MILDEF (SEK84.5) is trading below our estimate of [[fair value]] (SEK161.28)

Is MILDEF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MILDEF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: MILDEF (SEK84.5) is trading below our estimate of fair value (SEK161.28)

Significantly Below Fair Value: MILDEF is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for MILDEF?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for MILDEF. This is calculated by dividing MILDEF's market cap by their current preferred multiple.
What is MILDEF's n/a Ratio?
n/a	0x
n/a	n/a
Market Cap	SEK 3.37b

MILDEF key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	3.3x
Enterprise Value/EBITDA	34.9x
PEG Ratio	1.7x

Price to Earnings Ratio vs Peers

How does MILDEF's PE Ratio compare to its peers?

The above table shows the PE ratio for MILDEF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	36.7x
CTT CTT Systems	33.2x	24.8%	SEK 3.4b
IVSO Invisio	53x	21.4%	SEK 10.7b
AVT B AVTECH Sweden	26.4x	19.2%	SEK 297.1m
SAAB B Saab	34.1x	20.4%	SEK 124.3b
MILDEF MilDef Group	77.8x	47.0%	SEK 3.4b

Price-To-Earnings vs Peers: MILDEF is expensive based on its Price-To-Earnings Ratio (77.8x) compared to the peer average (36.7x).

Price to Earnings Ratio vs Industry

How does MILDEF's PE Ratio compare vs other companies in the European Aerospace & Defense Industry?

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	21.7%
	n/a	n/a	n/a

Fetching data

0 Companies	Price / Earnings	Estimated Growth	Market Cap
Industry Avg.	n/a	21.7%
	n/a	n/a	n/a

No more companies

Price-To-Earnings vs Industry: MILDEF is expensive based on its Price-To-Earnings Ratio (77.8x) compared to the European Aerospace & Defense industry average (24.8x).

Price to Earnings Ratio vs Fair Ratio

What is MILDEF's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MILDEF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	77.8x
Fair PE Ratio	43.3x

Price-To-Earnings vs Fair Ratio: MILDEF is expensive based on its Price-To-Earnings Ratio (77.8x) compared to the estimated Fair Price-To-Earnings Ratio (43.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MILDEF forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	SEK 84.50	SEK 90.50 +7.1%	0.6%	SEK 91.00	SEK 90.00	n/a	2
Sep ’25	SEK 82.20	SEK 90.50 +10.1%	0.6%	SEK 91.00	SEK 90.00	n/a	2
Aug ’25	SEK 71.60	SEK 90.50 +26.4%	0.6%	SEK 91.00	SEK 90.00	n/a	2
Jul ’25	SEK 68.50	SEK 89.00 +29.9%	2.2%	SEK 91.00	SEK 87.00	n/a	2
Jun ’25	SEK 69.40	SEK 88.00 +26.8%	3.4%	SEK 91.00	SEK 85.00	n/a	2
May ’25	SEK 62.70	SEK 88.00 +40.4%	3.4%	SEK 91.00	SEK 85.00	n/a	2

Analyst Forecast: Target price is less than 20% higher than the current share price.