Brinova Fastigheter AB (publ) (BRIN-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

+906.4%

SEK 112.21

vs SEK 11.15 price

Levered DCF

SEK 137.42

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.12

Distress 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	49.69×	42.55×	-5.55×	8.69×	11.29×	14.09×	13.33×	10.71×
P/B	0.51×	0.68×	0.66×	0.8×	1.58×	1.14×	1.52×	0.93×
P/S	3.86×	3.58×	3.6×	5.43×	11.32×	7.26×	8.16×	5.06×
EV / EBITDA	29.62×	25.89×	-34.16×	15.04×	15.1×	22.34×	17.8×	19.21×
Gross margin	66.4%	64.4%	65.0%	62.2%	63.1%	62.6%	62.7%	62.7%
Operating margin	61.8%	64.8%	65.0%	62.6%	135.2%	92.4%	104.8%	63.8%
Net margin	7.8%	8.4%	-64.8%	62.5%	100.2%	51.5%	61.2%	47.4%
Current ratio	0.16×	0.02×	0.09×	0.17×	0.04×	0.15×	0.34×	0.08×
Debt / equity	1.6×	1.83×	1.84×	1.63×	1.58×	1.95×	1.8×	1.72×
Interest coverage	1.75×	1.98×	1.88×	2.69×	6.98×	5.03×	5.46×	3.72×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.0%	1.6%	-12.0%	9.2%	14.0%	8.1%	11.4%	8.7%
Return on invested capital	1.3%	2.0%	3.5%	2.5%	5.5%	3.6%	5.2%	3.5%
Return on assets	0.4%	0.5%	-4.0%	3.3%	5.1%	2.6%	3.8%	3.0%
Free cash flow yield	8.1%	4.9%	7.3%	66.5%	3.2%	8.1%	3.1%	7.9%
Earnings yield	2.0%	2.4%	-18.0%	11.5%	8.8%	7.1%	7.5%	9.4%
Enterprise value	SEK 15B	SEK 7.2B	SEK 6.9B	SEK 7.5B	SEK 9B	SEK 6B	SEK 4.9B	SEK 3.5B
Net debt / EBITDA	22.44×	18.85×	-24.93×	9.99×	7.5×	13.92×	9.51×	12.37×
Cash conversion cycle (days)	-22	-10	-63	-115	-110	-126	-81	-497