Avanza Bank Holding AB (publ) (AZA.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

+51.9%

SEK 531.35

vs SEK 349.80 price

Levered DCF

SEK 982.92

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.13

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	21.31×	19.03×	17.97×	20.92×	25.19×	26.91×	33.27×	33.69×
P/B	7.01×	6.79×	6.1×	7.04×	10.96×	11.32×	7.65×	8×
P/S	9.69×	8.45×	8.09×	11.17×	15.12×	14.78×	11.62×	11.04×
EV / EBITDA	13.62×	12.9×	11.37×	14.86×	19.44×	20.88×	23.54×	23.1×
Gross margin	75.0%	76.8%	78.1%	95.3%	96.9%	96.7%	93.2%	89.5%
Operating margin	53.7%	51.6%	52.1%	62.2%	71.5%	64.9%	40.6%	35.7%
Net margin	45.9%	44.4%	45.0%	53.4%	60.1%	54.9%	34.9%	29.8%
Current ratio	0.14×	0.14×	0.16×	0.11×	0.07×	0.05×	0.05×	0.1×
Debt / equity	0.09×	0.04×	0.02×	0.02×	0.03×	0.05×	0.1×	0.06×
Interest coverage	4.17×	2.22×	2.37×	13.2×	22.78×	19.7×	5.98×	3.4×
Dividend yield	3.3%	4.2%	3.3%	4.1%	1.1%	1.0%	2.1%	2.4%
Payout ratio	70.2%	80.2%	59.3%	85.9%	28.9%	26.5%	71.1%	90.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	33.2%	35.7%	34.0%	33.6%	43.5%	42.1%	23.0%	21.6%
Return on invested capital	0.8%	0.8%	0.9%	0.9%	0.9%	0.8%	0.4%	0.4%
Return on assets	0.6%	0.7%	0.7%	0.7%	0.7%	0.7%	0.3%	0.3%
Free cash flow yield	56.9%	9.2%	24.2%	21.8%	8.7%	19.1%	14.9%	37.7%
Earnings yield	4.7%	5.3%	5.6%	4.8%	4.0%	3.7%	3.0%	2.7%
Enterprise value	SEK 43.2B	SEK 35B	SEK 27.1B	SEK 30B	SEK 48.7B	SEK 34.7B	SEK 13.7B	SEK 10.1B
Net debt / EBITDA	-3.89×	-2.92×	-3.59×	-2.39×	-1.12×	-0.76×	-1.98×	-6.41×
Cash conversion cycle (days)	103	88	80	58	-27	-43	36	130