Altra Fastigheter AB (publ) (ALTRA.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

+11.6%

SEK 89.27

vs SEK 80.00 price

Levered DCF

SEK 64.96

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.62

Distress zone

Rating

B+

Overall 3 / 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	30.33×	189.3×	-25.48×	9.35×	9.43×	6.7×	9.84×	4.54×
P/B	0.87×	1.17×	1.06×	0.84×	1.7×	1.12×	1.39×	0.87×
P/S	4.29×	5.94×	5.03×	4.89×	11.92×	7.22×	9.93×	6.89×
EV / EBITDA	19.65×	28.49×	18.24×	15.47×	12.26×	11.54×	13.77×	8.3×
Gross margin	69.9%	69.3%	68.8%	66.4%	67.1%	69.9%	66.1%	68.2%
Operating margin	64.6%	64.6%	63.6%	61.7%	62.1%	62.3%	59.5%	63.7%
Net margin	15.0%	3.1%	-18.0%	53.6%	126.5%	107.7%	100.9%	151.8%
Current ratio	0.07×	0.49×	0.41×	0.46×	0.14×	0.27×	1.32×	0.2×
Debt / equity	1.22×	1.18×	1.41×	1.33×	1.23×	1.29×	1.17×	0.98×
Interest coverage	2.12×	1.88×	1.8×	2.89×	3.49×	3.61×	4.18×	5.14×
Dividend yield	1.9%	0.9%	4.2%	4.5%	2.1%	0.0%	0.0%	0.0%
Payout ratio	53.7%	167.5%	-118.2%	40.7%	19.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.1%	0.6%	-3.8%	9.2%	18.1%	16.7%	14.1%	19.2%
Return on invested capital	4.0%	2.5%	5.2%	4.0%	3.3%	3.8%	3.3%	3.7%
Return on assets	1.3%	0.3%	-1.5%	3.7%	7.7%	7.0%	6.2%	9.3%
Free cash flow yield	8.7%	6.4%	8.6%	32.5%	25.3%	8.3%	4.8%	16.5%
Earnings yield	3.5%	0.5%	-3.6%	11.0%	10.6%	14.9%	10.2%	22.0%
Enterprise value	SEK 36.9B	SEK 43.3B	SEK 41.3B	SEK 39.2B	SEK 50.1B	SEK 31.8B	SEK 24.4B	SEK 15.4B
Net debt / EBITDA	11.42×	14.13×	10.34×	9.4×	5.08×	6.13×	6.11×	4.34×
Cash conversion cycle (days)	22	25	15	16	7	-7	-21	0