Bravida Holding AB (publ) (BRAV.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

+3.5%

SEK 159.95

vs SEK 154.60 price

Levered DCF

SEK 135.51

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.72

Grey zone

Rating

A-

Overall 4 / 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	14.91×	15.49×	13.46×	17.91×	22.44×	22.17×	20.86×	13.11×
P/B	2.01×	1.86×	2.01×	2.87×	3.78×	3.79×	3.3×	2.39×
P/S	0.65×	0.55×	0.56×	0.86×	1.18×	1.05×	0.9×	0.65×
EV / EBITDA	9.13×	8.57×	7.89×	11.07×	13.71×	13.07×	12.65×	11.16×
Gross margin	15.2%	14.5%	14.9%	15.1%	15.1%	14.4%	14.2%	14.5%
Operating margin	5.9%	5.2%	5.9%	6.4%	6.9%	6.4%	6.0%	6.3%
Net margin	4.4%	3.6%	4.2%	4.8%	5.2%	4.7%	4.3%	4.9%
Current ratio	0.87×	0.82×	0.86×	0.87×	0.81×	0.8×	0.75×	0.84×
Debt / equity	0.4×	0.37×	0.39×	0.33×	0.38×	0.49×	0.54×	0.4×
Interest coverage	15.29×	7.34×	8.76×	20.19×	23.26×	17.51×	17.49×	25.15×
Dividend yield	4.2%	4.4%	4.0%	2.7%	2.0%	2.1%	2.2%	2.5%
Payout ratio	62.3%	67.6%	54.0%	48.1%	44.2%	45.6%	45.8%	32.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.5%	12.0%	14.9%	16.0%	16.8%	17.1%	15.8%	18.2%
Return on invested capital	9.7%	9.1%	10.6%	11.4%	11.2%	10.5%	9.8%	16.3%
Return on assets	5.2%	4.4%	5.0%	5.6%	5.9%	5.9%	5.3%	6.6%
Free cash flow yield	7.1%	11.3%	7.9%	6.4%	5.2%	9.6%	8.5%	8.3%
Earnings yield	6.7%	6.5%	7.4%	5.6%	4.5%	4.5%	4.8%	7.6%
Enterprise value	SEK 21B	SEK 18.7B	SEK 18.7B	SEK 24B	SEK 26.8B	SEK 23.3B	SEK 20.5B	SEK 13.8B
Net debt / EBITDA	1.15×	1.07×	0.92×	0.6×	0.51×	0.63×	1.27×	1.1×
Cash conversion cycle (days)	74	80	75	73	68	40	53	52