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Epiroc AB (EPI-A) Fair Value & Analysis

Industrials · SE · Market cap 302B SEK (≈ $31.5B) · ISIN SE0015658109

EA Epiroc AB EPI-A · ST
Pricekr 264.60
Fair Valuekr 144.14
Upside-45.5%
Quality70/100
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Strengths

Solidly profitable · 14.0% net margin
Low debt · generates free cash flow
Wide moat 74/100

Risks

!Trades 84% ABOVE our fair value of kr 144.14
!Mixed Growth (revenue 5y +11.4 %/yr)
!Trails peers (5/15)
!Weak on dividend: 29 out of 100
Mixed Growth (revenue 5y +11.4 %/yr)
Solidly profitable · 14.0% net margin
Low debt · generates free cash flow
1.44% dividend yield
Trails peers (5/15)
Wide moat 74/100
Evidence: High Range kr 88.01 – kr 186.63 Share as image

Fair value as of: Aug 27, 2026

From 24 valuation models · updated 4 days ago

Share price +8.4% over the past month.

A solid business, but trading 84% above our fair value.

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69 individual criteria per stock, every one traceable See the method →

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What matters now

  • A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (kr 186.63). The favourable scenario is already priced in.
  • A fairly wide model range (kr 88.01 to kr 186.63) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

kr 278.20 kr 139.03 Fair Value kr 144.14 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range kr 139.03 – kr 278.20 · fair‑value band kr 88.01 – kr 186.63 · the kr 264.60 price screens above the kr 144.14 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Epiroc AB (EPI-A) currently trades at kr 264.60, while our model-based Fair Value estimate is kr 144.14, implying the stock looks roughly 45.5% overvalued today. The Quality Score stands at 70/100 (solid quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Epiroc AB generated revenue of 60.8B SEK at a net margin of 14.0%. Revenue declined 7.6% year over year. It earns a return on equity of 19.3%. Net debt stands at 11.4B SEK. Fundamentals as of Aug 27, 2026

Our scenario range runs from kr 88.01 (bear case) to kr 186.63 (bull case); at kr 264.60, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 43% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 5% fair-value upside, at -46%, EPI-A screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 2.15 SEK per share, which is 1.5 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF kr 87.90 kr 148.80 kr 249.81 77
Growth DCF kr 89.23 kr 142.29 kr 224.26 76
Owner Earnings kr 94.68 kr 160.07 kr 268.51 74
All 24 models by family
DCF Models
FCF DCF kr 87.90 kr 148.80 kr 249.81 77
Owner Earnings kr 94.68 kr 160.07 kr 268.51 74
5Y Revenue Exit kr 67.83 kr 110.57 kr 165.50 71
5Y EBITDA Exit kr 102.94 kr 178.02 kr 267.47 73
5Y P/E Exit kr 93.76 kr 160.38 kr 231.93 69
10Y Revenue Exit kr 71.78 kr 113.66 kr 171.16 65
10Y EBITDA Exit kr 97.04 kr 162.27 kr 252.80 66
10Y P/E Exit kr 90.99 kr 149.56 kr 224.35 62
Earnings-Based
Graham-Dodd kr 48.35 kr 170.04 kr 228.74 62
Lynch FV kr 39.71 kr 56.73 kr 73.76 58
PEG = 1.0 kr 39.71 kr 56.73 kr 73.76 55
EPV kr 78.89 kr 93.55 kr 106.58 72
Multiples
P/E Multiple kr 111.98 kr 149.30 kr 186.63 61
P/S Multiple kr 76.86 kr 102.48 kr 128.10 56
P/B Multiple kr 90.65 kr 120.86 kr 151.08 53
EV/EBIT kr 129.53 kr 174.10 kr 218.67 65
EV/EBITDA kr 122.95 kr 165.33 kr 207.71 66
EV/Revenue kr 60.37 kr 88.04 kr 115.71 52
Asset-Based
NCAV (Graham) kr 17.46 kr 23.40 kr 34.93 52
Growth DCF
Growth DCF kr 89.23 kr 142.29 kr 224.26 76
Rev-Margin DCF kr 67.83 kr 110.68 kr 161.74 71
Economic Profit
Residual Income kr 48.33 kr 64.02 kr 274.34 63
ROIC Compounder kr 86.60 kr 113.83 kr 146.97 71
Growth Earnings
Growth-Adj P/E kr 96.75 kr 138.21 kr 179.68 66

Widest divergence: DCF Models (kr 149.56) versus Asset-Based (kr 23.40). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 35.6 as of Jul 17, 2026
P/S ratio 4.93 P/E × margin
EPS (TTM) kr 7.03 price ÷ EPS = P/E 35.6
Dividend yield 1.4% payout 54.1%
Net margin 13.9% FY2025
Return on equity 19.3% TTM
More key figures
Profitability
Return on assets (EBIT) 17.3% avg 5y
Operating margin 19.8% TTM
Growth
Revenue (TTM) 60.8B SEK TTM
Revenue growth (YoY) -7.6% 3y avg +7.7%
EPS growth (YoY) -4.4%
Balance sheet & cash flow
Free cash flow 9.0B SEK FY2025
Net debt 11.4B SEK FY2025 · ≈ 1.3 yrs of FCF

Figures from reported company fundamentals · as of Aug 27, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 70/100

Of which business quality 67 · Market factors (momentum, volatility) 58

Profitability 61
Margins and returns on capital today
Quality Growth 45
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 79
Balance sheet, leverage, solvency risk
Investment 68
Disciplined investing over empire-building
Low Volatility 55
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 77
Distance to the 52-week high (market factor)
Net Issuance 81
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Epiroc AB (publ), together with its subsidiaries, develops and produces equipment for use in surface and underground applications in North America, South America, Europe, Africa, the Middle East, Asia, Australia, and India. It operates in two segments, Equipment & Service, and Tools & Attachments.

Full company description

Epiroc AB (publ), together with its subsidiaries, develops and produces equipment for use in surface and underground applications in North America, South America, Europe, Africa, the Middle East, Asia, Australia, and India. It operates in two segments, Equipment & Service, and Tools & Attachments. The Equipment & Service segment offers equipment and solutions for rock drilling, rock excavation, rock reinforcement, loading and haulage, and ventilation systems; drilling equipment for exploration, and water and energy; and related spare parts and services for the mining and infrastructure industries. This segment also provides digital solutions, such as connectivity, collision avoidance systems, automation, and mine planning, as well as electrification. Its Tools & Attachments segment offers rock drilling tools, including tophammer, COPROD, down-the hole, rotary and raiseboring; drill string components comprising bits, rods, pipes, shanks, hammers, and other products; rock reinforcement tools, such as rock bolts, mesh, and accessories; and exploration drilling tools. This segment also provides hydraulic breakers, shears and pulverizers, concrete cutters and busters, quick couplers and thumbs, drum cutters, excavator grapples, excavator magnets, and crusher and screening buckets; ground engaging tools, including teeth, lip shrouds, and protective shrouds; and digital solutions for monitoring, optimization, loss detection and analytics. In addition, the company offers aftermarket services, such as replacement parts and kits, service agreements and audits, circular services, and custom-engineered solutions, as well as component remanufacturing, midlife upgrades, cost-per-meter contracts, and conversion kits. The company has a strategic collaboration with Sany Group Company Limited for the development of equipment and technology for mining applications. Epiroc AB (publ) was founded in 1873 and is headquartered in Nacka, Sweden.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Epiroc AB reported revenue of kr 62.0B in FY2025 versus kr 39.6B in FY2021, a compound +11.8%/yr. Reported net income was kr 8.6B in FY2025, compounding +5.1%/yr from FY2021.

Growth Quality 88/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
62.0B SEK
Latest YoY
−2.5%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+7.7%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.4%
Avg. revenue growth/yr (10Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.0%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+9.2% (7.8 + 1.4)
Revenue +11.8%/yr
FY21 kr 39.6B
FY22 kr 49.7B
FY23 kr 60.3B
FY24 kr 63.6B
FY25 kr 62.0B
Net income +5.1%/yr
FY21 kr 7.1B
FY22 kr 8.4B
FY23 kr 9.4B
FY24 kr 8.7B
FY25 kr 8.6B
Character of growth · EPS growth decomposed (2015-2025) +12.0 % p.a.
Revenue per share +9.9 %

of which total revenue +9.9 % · buybacks/dilution +0.0 %

EBIT margin +2.0 %
Tax rate +0.6 %
Residual (interest, one-offs) −0.7 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

EPI-A screens 84% overvalued. Compare with Caterpillar Inc →

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Cite: Fair Value Calculator (2026). "Epiroc AB Fair Value". https://www.fairvalue-calculator.com/stock/EPI-A

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Farm & Heavy Construction Machinery · 152 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 70 · Top 25%
Fair Value upside −46% · Below median
Return on equity (TTM) 19% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 20% · Top 25%
Revenue growth -8% · Bottom 25%
Dividend yield (TTM) 1.4% · Below median
Debt / equity 0.35× · Higher than median

Valuation Multiples vs Farm & Heavy Construction Machinery median · lower = cheaper

P/E (TTM) 35.6× · Pricier than 75% of peers
P/B 7.16× · Pricier than 75% of peers
P/S (TTM) 4.97× · Pricier than 75% of peers
P/FCF 3.5× · Pricier than median
EV/EBITDA 21.7× · Pricier than 75% of peers
PEG 2.27× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 15
FUTURE0 · sector 30
PAST77 · sector 31
HEALTH83 · sector 93
DIVIDEND29 · sector 37

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Farm & Heavy Construction Machinery stocks, each showing price versus our Fair Value estimate (as of Aug 27, 2026).

Stock Price Fair Value vs Fair Value
Caterpillar Inc CAT $800.25 $307.83 -62%
Deere & Company DE $622.66 $182.29 -71%
AB Volvo (publ), VOLVA kr 351.40 kr 288.08 -18%
PACCAR Inc PCAR $129.23 $94.80 -27%
Daimler Truck Holding DTG €45.53 €47.70 +5%
Exor N.V EXO €72.10 €123.44 +71%
Sany Heavy Industry Co 600031 ¥19.06 ¥20.84 +9%
Traton SE 8TRA €37.78 €52.60 +39%
Metso Oyj METSO €16.75 €10.73 -36%
XCMG Construction Machinery Co 000425 ¥8.11 ¥11.79 +45%

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Frequently asked questions

Is Epiroc AB (EPI-A) overvalued or undervalued?
As of Aug 27, 2026, our model estimates a fair value of kr 144.14 versus a price of kr 264.60, about −46% (overvalued).
What is the fair value of EPI-A?
Our model-based fair value for Epiroc AB is kr 144.14 (as of Aug 27, 2026), built from audited fundamentals. The current price: kr 264.60.
What is the quality score of EPI-A?
Epiroc AB has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Epiroc AB (EPI-A)?
Epiroc AB reported trailing-twelve-month revenue of about 60.8B SEK (latest available figure, as of Aug 27, 2026).
What is the net profit margin of EPI-A?
The net profit margin of Epiroc AB is about 14.0%, meaning it keeps roughly 14.0% of revenue as net income. Based on the latest reported figures.
Does Epiroc AB pay a dividend?
Epiroc AB currently shows a dividend yield of about 1.44% relative to its recent price (as of Aug 27, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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