Fabege AB (publ) (FABG.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

-147.2%

-SEK 30.77

vs SEK 65.25 price

Levered DCF

SEK 42.41

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.32

Distress zone

Rating

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	-74.37×	-121.76×	-6.08×	11.84×	9.06×	13.4×	8.62×	5.04×
P/B	0.69×	0.68×	0.85×	0.62×	1.08×	1.02×	1.29×	1.11×
P/S	6.91×	7.1×	8.53×	8.46×	16.57×	15.13×	18.03×	15.41×
EV / EBITDA	115.14×	65.7×	-10.56×	17.02×	11.1×	15.6×	10.5×	49.99×
Gross margin	66.3%	69.0%	63.2%	65.0%	73.7%	75.3%	75.1%	74.5%
Operating margin	65.6%	65.3%	60.7%	55.4%	226.8%	168.1%	271.3%	71.3%
Net margin	-9.3%	-5.8%	-140.4%	71.4%	183.0%	112.9%	210.3%	305.9%
Current ratio	0.18×	0.59×	0.2×	0.52×	0.59×	0.12×	0.08×	0.19×
Debt / equity	0.96×	0.93×	0.86×	0.76×	0.7×	0.66×	0.68×	0.75×
Interest coverage	2.62×	2.36×	2.42×	2.93×	13×	9.87×	16.41×	3.63×
Dividend yield	2.4%	2.4%	2.6%	3.4%	2.4%	2.5%	1.7%	1.9%
Payout ratio	-176.1%	-287.8%	-16.0%	40.0%	21.5%	33.2%	14.6%	9.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.9%	-0.6%	-14.1%	5.2%	12.0%	7.6%	15.0%	22.1%
Return on invested capital	2.0%	2.9%	2.2%	1.6%	6.2%	4.8%	8.8%	2.2%
Return on assets	-0.4%	-0.3%	-6.6%	2.6%	6.1%	4.0%	7.8%	11.2%
Free cash flow yield	6.7%	6.3%	4.7%	18.7%	7.7%	3.2%	3.9%	2.2%
Earnings yield	-1.3%	-0.8%	-16.5%	8.4%	11.0%	7.5%	11.7%	19.9%
Enterprise value	SEK 61.9B	SEK 61.8B	SEK 67.4B	SEK 62.6B	SEK 80.3B	SEK 70B	SEK 78.8B	SEK 65B
Net debt / EBITDA	66.87×	37.99×	-5.3×	9.37×	4.34×	6.14×	3.64×	20.18×
Cash conversion cycle (days)	307	337	131	334	516	16	-49	-308