Fastighetsbolaget Emilshus AB (publ) (EMIL-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

+227.3%

SEK 139.11

vs SEK 42.50 price

Levered DCF

SEK 78.34

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.83

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
P/E	12.53×	16.35×	109.66×	8.85×	4.26×	11.27×	21.41×
P/B	1.28×	1.22×	1.14×	0.36×	0.4×	2.1×	2.58×
P/S	7.32×	6.98×	6.18×	6.04×	7.13×	10.84×	22.01×
EV / EBITDA	14.39×	15.34×	16.8×	4.58×	2.84×	13.69×	19.99×
Gross margin	79.5%	80.3%	79.1%	79.9%	81.5%	81.2%	100.0%
Operating margin	74.7%	75.1%	74.6%	0.1%	0.2%	146.5%	67.3%
Net margin	58.5%	42.7%	5.6%	68.4%	167.2%	96.3%	103.2%
Current ratio	0.4×	0.16×	0.7×	1.14×	0.85×	0.29×	36.5×
Debt / equity	1.33×	1.22×	1.25×	0×	0×	1.84×	1.14×
Interest coverage	2.61×	2.29×	2.12×	0×	0.01×	6.08×	4.34×
Dividend yield	0.8%	0.9%	1.1%	1.5%	0.1%	0.0%	0.0%
Payout ratio	9.7%	14.2%	124.4%	13.3%	0.6%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.2%	7.5%	1.0%	4.1%	9.4%	18.7%	12.1%
Return on invested capital	4.3%	4.2%	2.5%	0.0%	0.0%	7.8%	2.7%
Return on assets	4.1%	3.2%	0.4%	203.5%	59.4%	6.3%	5.1%
Free cash flow yield	6.5%	7.0%	6.1%	7.3%	5.5%	5.3%	4.1%
Earnings yield	8.0%	6.1%	0.9%	11.3%	23.5%	8.9%	4.7%
Enterprise value	SEK 13.1B	SEK 9.3B	SEK 7.4B	SEK 2.5B	SEK 1.9B	SEK 3.6B	SEK 2.6B
Net debt / EBITDA	7.19×	7.59×	8.55×	-0.39×	-0.13×	6.23×	4.61×
Cash conversion cycle (days)	-71	-31	-21	-29,992	-34,913	-66	0