ASSA ABLOY AB (publ) (ASSA-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

-37.1%

SEK 245.12

vs SEK 390.00 price

Levered DCF

SEK 250.00

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.33

Safe 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	27.13×	23.21×	23.66×	18.69×	28.15×	24.52×	24.33×	62.9×
P/B	3.92×	3.39×	3.52×	2.89×	4.41×	3.82×	4.11×	3.34×
P/S	2.62×	2.42×	2.29×	2.06×	3.23×	2.57×	2.59×	2.06×
EV / EBITDA	15.84×	14.47×	14.33×	12.29×	18.38×	15.74×	15.19×	15.29×
Gross margin	42.6%	41.8%	40.2%	39.7%	39.8%	39.1%	39.9%	38.9%
Operating margin	15.3%	16.2%	15.5%	15.3%	14.9%	14.2%	15.5%	7.3%
Net margin	9.6%	10.4%	9.7%	11.0%	11.5%	10.5%	10.6%	3.3%
Current ratio	1.03×	1.11×	1.1×	1.2×	1.26×	1.21×	1.14×	1.04×
Debt / equity	0.64×	0.69×	0.71×	0.39×	0.41×	0.5×	0.51×	0.57×
Interest coverage	6.64×	7.36×	9.03×	17.32×	32.23×	15.77×	14.27×	7.9×
Dividend yield	1.6%	1.7%	1.7%	1.9%	1.4%	1.9%	1.6%	2.1%
Payout ratio	44.6%	38.4%	39.1%	35.1%	39.7%	46.6%	38.9%	133.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.5%	14.6%	14.9%	15.5%	15.7%	15.6%	16.9%	5.3%
Return on invested capital	9.9%	9.7%	9.4%	11.2%	10.9%	10.2%	11.1%	3.7%
Return on assets	7.0%	7.0%	6.9%	8.6%	8.4%	7.8%	8.5%	2.6%
Free cash flow yield	4.7%	5.3%	5.9%	5.0%	3.5%	5.3%	4.4%	4.3%
Earnings yield	3.7%	4.3%	4.2%	5.3%	3.6%	4.1%	4.1%	1.6%
Enterprise value	SEK 462.6B	SEK 432B	SEK 386.2B	SEK 278.8B	SEK 331.2B	SEK 251.6B	SEK 273.1B	SEK 202.1B
Net debt / EBITDA	2.19×	2.31×	2.36×	1.34×	1.36×	1.67×	1.66×	2.18×
Cash conversion cycle (days)	85	109	96	111	99	88	95	93