Alfa Laval Corporate AB (ALFA.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

-21.6%

SEK 420.72

vs SEK 536.40 price

Levered DCF

SEK 408.53

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.29

Safe 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	23.27×	25.87×	26.35×	27.65×	32.02×	26.72×	18.04×	17.47×
P/B	4.43×	4.56×	4.5×	3.52×	4.75×	3.28×	3.59×	3.36×
P/S	2.76×	2.86×	2.62×	2.39×	3.72×	2.29×	2.13×	1.94×
EV / EBITDA	14.63×	15.3×	15.22×	15.56×	19.14×	14.07×	11.33×	11.2×
Gross margin	36.2%	34.7%	32.8%	33.8%	35.5%	34.4%	33.9%	33.8%
Operating margin	18.4%	15.6%	14.6%	12.5%	15.0%	13.5%	15.5%	14.3%
Net margin	11.9%	11.0%	10.0%	8.6%	11.6%	8.6%	11.8%	11.1%
Current ratio	1.18×	1.34×	1.28×	1.37×	1.12×	1.58×	1.49×	1.23×
Debt / equity	0.48×	0.32×	0.44×	0.51×	0.34×	0.4×	0.54×	0.51×
Interest coverage	31.66×	21.17×	18.29×	20.44×	28.23×	21.06×	24.65×	29.6×
Dividend yield	1.8%	1.6%	1.5%	2.0%	1.5%	0.0%	2.1%	2.3%
Payout ratio	42.5%	41.9%	39.2%	55.1%	48.5%	0.0%	38.2%	39.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	19.1%	17.6%	17.1%	12.7%	14.8%	12.3%	19.9%	19.2%
Return on invested capital	13.6%	12.9%	11.8%	8.3%	10.1%	8.8%	11.6%	11.1%
Return on assets	8.4%	8.3%	7.7%	5.5%	7.4%	5.8%	8.5%	7.8%
Free cash flow yield	3.2%	4.6%	4.0%	1.2%	2.6%	6.8%	3.9%	4.3%
Earnings yield	4.3%	3.9%	3.8%	3.6%	3.1%	3.7%	5.5%	5.7%
Enterprise value	SEK 206.4B	SEK 197.4B	SEK 177.8B	SEK 138.4B	SEK 159.8B	SEK 101.4B	SEK 108.1B	SEK 86.7B
Net debt / EBITDA	0.98×	0.48×	0.95×	1.55×	0.89×	0.9×	0.96×	1×
Cash conversion cycle (days)	183	186	182	210	194	176	173	179