Bonava AB (BONAV-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

+179.2%

SEK 19.85

vs SEK 7.11 price

Levered DCF

-SEK 13.81

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

1.34

Distress zone

Rating

B-

Overall 2 / 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	-39.43×	-4.29×	-0.77×	-18.39×	18.24×	20.28×	30.62×	17.44×
P/B	0.51×	0.31×	0.16×	0.7×	1.77×	1.87×	2.5×	2.99×
P/S	0.46×	0.27×	0.08×	0.4×	1×	0.87×	1.22×	1.57×
EV / EBITDA	12.74×	33.18×	-14.26×	12.75×	15.05×	13.56×	21.64×	15.45×
Gross margin	12.8%	8.3%	10.7%	12.1%	13.1%	11.6%	13.6%	18.2%
Operating margin	4.7%	0.3%	5.0%	6.1%	7.3%	6.6%	7.8%	11.8%
Net margin	-1.2%	-6.3%	-10.1%	-2.2%	5.5%	4.3%	4.0%	9.0%
Current ratio	2.78×	2.42×	1.61×	1.95×	1.96×	2.03×	1.67×	1.8×
Debt / equity	0.52×	0.6×	0.88×	0.89×	0.54×	0.6×	0.98×	0.81×
Interest coverage	0.59×	0.04×	1.23×	4.29×	7.51×	8.01×	9.62×	11.03×
Dividend yield	0.0%	0.0%	0.0%	6.8%	3.8%	0.0%	3.0%	2.5%
Payout ratio	0.0%	0.0%	0.0%	-123.8%	69.7%	0.0%	91.1%	44.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.3%	-7.2%	-20.3%	-3.8%	9.7%	9.3%	8.2%	17.2%
Return on invested capital	3.3%	0.2%	4.8%	3.8%	6.0%	6.0%	5.5%	9.8%
Return on assets	-0.6%	-3.0%	-7.0%	-1.2%	3.4%	3.2%	2.6%	6.0%
Free cash flow yield	10.5%	23.4%	-53.0%	-60.4%	4.2%	24.8%	1.4%	-3.6%
Earnings yield	-2.5%	-23.3%	-129.7%	-5.5%	5.5%	4.9%	3.3%	5.7%
Enterprise value	SEK 7B	SEK 5.9B	SEK 6.7B	SEK 12.6B	SEK 18.2B	SEK 18.2B	SEK 25.7B	SEK 27.7B
Net debt / EBITDA	6.25×	20.77×	-12.06×	7.11×	2.82×	2.49×	5.8×	3.15×
Cash conversion cycle (days)	550	725	513	665	574	469	565	583