Bahnhof AB (publ) (BAHN-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

+0.7%

SEK 61.91

vs SEK 61.50 price

Levered DCF

SEK 71.67

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

7.35

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	32.44×	25.51×	18.45×	22.37×	27.75×	28.95×	25.2×	31.87×
P/B	10.9×	9.83×	7×	7.42×	8.92×	10.01×	7.4×	9.68×
P/S	2.65×	2.79×	2.12×	2.32×	2.6×	2.71×	2.14×	2.74×
EV / EBITDA	15.68×	14.77×	9.95×	12.32×	15.62×	15.73×	12.71×	15.99×
Gross margin	10.6%	29.3%	14.1%	13.5%	12.0%	12.8%	10.8%	12.0%
Operating margin	10.6%	13.3%	14.1%	13.5%	11.7%	12.5%	10.8%	12.0%
Net margin	8.2%	10.9%	11.5%	10.4%	9.4%	9.4%	8.5%	8.6%
Current ratio	1.32×	1.56×	1.5×	1.49×	1.29×	1.15×	1.14×	1.09×
Debt / equity	0.29×	0.23×	0.19×	0.15×	0.14×	0.18×	0.01×	0.02×
Interest coverage	45.93×	88.71×	85.26×	93.68×	84.71×	84.76×	59.57×	153.39×
Dividend yield	3.7%	3.8%	4.7%	2.7%	1.9%	1.6%	2.1%	1.7%
Payout ratio	119.1%	97.7%	87.6%	59.9%	53.7%	46.8%	54.1%	54.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	33.6%	38.5%	37.9%	33.2%	32.1%	34.7%	29.3%	30.5%
Return on invested capital	22.1%	26.0%	27.2%	26.3%	25.3%	26.3%	24.6%	49.9%
Return on assets	12.9%	16.2%	15.6%	15.2%	14.1%	14.4%	12.9%	12.7%
Free cash flow yield	4.3%	2.5%	10.0%	6.2%	4.4%	4.3%	3.1%	3.6%
Earnings yield	3.1%	3.9%	5.4%	4.5%	3.6%	3.5%	4.0%	3.1%
Enterprise value	SEK 5.4B	SEK 5.1B	SEK 3.3B	SEK 3.5B	SEK 3.8B	SEK 3.7B	SEK 2.5B	SEK 2.8B
Net debt / EBITDA	-1.31×	-1.55×	-1.95×	-1.66×	-1.49×	-1.11×	-1.55×	-1.55×
Cash conversion cycle (days)	-16	-4	-29	-13	-21	-2	-28	-2