Annehem Fastigheter AB (ANNE-B.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

-23.5%

SEK 11.40

vs SEK 14.90 price

Levered DCF

SEK 40.36

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.45

Distress zone

Rating

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	-347.72×	72.05×	-5.02×	6.58×	12.23×	30.43×	22.68×	31.01×
P/B	0.6×	0.52×	0.44×	0.54×	1.13×	1.06×	2.43×	4.53×
P/S	4.36×	4.14×	3.45×	5.19×	11.31×	12.2×	21.19×	18.02×
EV / EBITDA	39.73×	21.53×	-24.61×	9.24×	13.32×	22.06×	24.72×	28.24×
Gross margin	69.9%	71.3%	71.8%	69.0%	68.7%	68.3%	54.9%	54.1%
Operating margin	57.0%	58.1%	57.7%	54.6%	57.5%	68.3%	137.4%	54.1%
Net margin	-1.3%	5.7%	-68.7%	78.9%	92.5%	40.2%	93.6%	57.9%
Current ratio	0.5×	5.49×	0.78×	0.9×	2.99×	5.26×	0.11×	0.4×
Debt / equity	0.96×	0.84×	0.88×	0.76×	0.76×	0.75×	1.52×	1.43×
Interest coverage	2.17×	1.45×	1.3×	2.29×	2.95×	2.65×	7.18×	4.72×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.2%	0.7%	-8.7%	8.3%	9.2%	3.5%	10.7%	14.5%
Return on invested capital	-7.2%	3.3%	3.0%	2.4%	2.5%	2.3%	4.8%	4.4%
Return on assets	-0.1%	0.4%	-4.4%	4.4%	5.0%	1.9%	4.0%	5.6%
Free cash flow yield	6.1%	4.2%	9.7%	3.9%	2.2%	4.4%	1.7%	1.2%
Earnings yield	-0.3%	1.4%	-19.9%	15.2%	8.2%	3.3%	4.4%	3.2%
Enterprise value	SEK 3.8B	SEK 3.3B	SEK 2.9B	SEK 3B	SEK 4.1B	SEK 3.3B	SEK 3.7B	SEK 2.3B
Net debt / EBITDA	23.65×	12.65×	-16.12×	5.07×	4.98×	7.4×	9.34×	6.46×
Cash conversion cycle (days)	-3	-13	-69	-68	-19	-87	-135	-29