Axfood AB (publ) (AXFO.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

+75.1%

SEK 485.77

vs SEK 277.50 price

Levered DCF

SEK 399.36

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.83

Safe 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	26.77×	23.03×	25×	25.83×	25.34×	21.04×	26.49×	20.63×
P/B	8.34×	7.16×	8.57×	9.22×	11×	9.27×	10.85×	7.45×
P/S	0.7×	0.6×	0.73×	0.83×	0.94×	0.75×	0.86×	0.67×
EV / EBITDA	9.95×	9.74×	10.6×	11.99×	12.1×	10.83×	10.85×	11.04×
Gross margin	14.7%	14.6%	14.0%	13.7%	15.5%	15.9%	15.7%	14.9%
Operating margin	3.2%	3.9%	4.1%	4.2%	4.7%	4.7%	4.5%	4.2%
Net margin	2.6%	2.6%	2.9%	3.2%	3.7%	3.6%	3.2%	3.2%
Current ratio	0.71×	0.67×	0.65×	0.66×	0.62×	0.78×	0.72×	1.01×
Debt / equity	2.05×	2.17×	1.42×	1.4×	1.62×	1.32×	1.37×	0.03×
Interest coverage	4.87×	7.21×	9.34×	17.72×	20.18×	19.02×	19.39×	155.77×
Dividend yield	3.1%	3.6%	3.0%	2.7%	2.9%	3.8%	3.4%	4.6%
Payout ratio	82.9%	83.7%	74.6%	69.7%	73.0%	79.5%	89.0%	95.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	31.1%	31.1%	34.3%	35.7%	43.4%	44.1%	41.0%	36.1%
Return on invested capital	8.8%	10.3%	14.1%	14.1%	14.8%	16.6%	15.8%	27.8%
Return on assets	6.3%	6.2%	7.9%	8.2%	9.1%	10.1%	9.5%	12.7%
Free cash flow yield	8.6%	7.8%	6.6%	5.5%	5.1%	9.5%	4.8%	5.8%
Earnings yield	3.7%	4.3%	4.0%	3.9%	3.9%	4.8%	3.8%	4.8%
Enterprise value	SEK 77B	SEK 65.1B	SEK 68B	SEK 69.6B	SEK 61.7B	SEK 51.6B	SEK 48.3B	SEK 30.6B
Net debt / EBITDA	1.85×	2.18×	1.42×	1.5×	1.42×	2.4×	1.06×	-0.53×
Cash conversion cycle (days)	0	0	-7	-9	0	-1	-5	-5