AFRY Ab (AFRY.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

+72.1%

SEK 224.20

vs SEK 130.30 price

Levered DCF

SEK 279.66

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.68

Distress zone

Rating

A-

Overall 4 / 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	21.25×	14.17×	14.44×	19.87×	25.58×	30.3×	27.09×	12.73×
P/B	1.34×	1.33×	1.27×	1.59×	2.63×	2.8×	2.37×	1.99×
P/S	0.66×	0.64×	0.59×	0.82×	1.44×	1.49×	1.12×	0.77×
EV / EBITDA	8.87×	8.01×	8.05×	11.52×	14.51×	15.03×	13.95×	10.76×
Gross margin	6.4%	79.0%	18.8%	87.0%	80.7%	79.9%	77.7%	74.6%
Operating margin	6.5%	7.1%	6.6%	6.1%	7.6%	7.7%	6.4%	8.6%
Net margin	3.1%	4.5%	4.1%	4.1%	5.6%	4.9%	4.1%	6.1%
Current ratio	1.04×	1.23×	1.11×	1.08×	1.15×	1.05×	1.11×	1.19×
Debt / equity	0.52×	0.55×	0.63×	0.64×	0.7×	0.67×	0.83×	0.65×
Interest coverage	2.74×	4.76×	4.41×	7.08×	10.22×	7.7×	5.15×	11.91×
Dividend yield	4.0%	3.6%	3.9%	3.2%	2.0%	0.0%	2.5%	3.6%
Payout ratio	85.0%	50.7%	56.6%	63.9%	50.1%	0.0%	68.2%	45.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.3%	9.4%	8.8%	8.0%	10.3%	9.2%	8.8%	15.6%
Return on invested capital	6.3%	6.9%	6.5%	5.5%	6.3%	6.4%	5.5%	9.4%
Return on assets	3.0%	4.3%	3.9%	3.5%	4.4%	4.0%	3.4%	6.4%
Free cash flow yield	12.5%	10.7%	10.4%	4.6%	4.8%	6.7%	8.1%	6.9%
Earnings yield	4.7%	7.1%	6.9%	5.0%	3.9%	3.3%	3.7%	7.9%
Enterprise value	SEK 22.2B	SEK 23.4B	SEK 22.6B	SEK 26.1B	SEK 34.4B	SEK 33.1B	SEK 29B	SEK 14.1B
Net debt / EBITDA	2.09×	2.05×	2.39×	2.97×	2.34×	2.21×	3.27×	2.52×
Cash conversion cycle (days)	105	63	87	-21	17	22	43	-423