Fortinova Fastigheter AB (Publ) (FNOVA-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

-154.2%

-SEK 10.56

vs SEK 19.50 price

Levered DCF

SEK 12.85

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.51

Distress zone

Rating

B+

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	7.61×	12.45×	-5.29×	9.43×	8.41×	16.36×	11.64×	0×
P/B	0.54×	0.62×	0.65×	0.56×	1.17×	1.18×	1.26×	0×
P/S	3.38×	3.83×	4.17×	4.75×	13.34×	10.43×	7.11×	0×
EV / EBITDA	20.12×	20.28×	-22.26×	11,053.27×	5.48×	21.04×	13.06×	0×
Gross margin	61.9%	61.2%	61.5%	100.0%	209.7%	56.7%	56.7%	0.0%
Operating margin	52.3%	52.0%	52.8%	49.6%	200.5%	82.3%	108.8%	0.0%
Net margin	44.3%	30.9%	-79.2%	50.4%	157.9%	63.8%	61.1%	0.0%
Current ratio	0.41×	0.3×	0.52×	46.82×	1.7×	0.24×	0.23×	1.3×
Debt / equity	1.25×	1.2×	1.3×	1.01×	0.66×	0.92×	1.33×	1.71×
Interest coverage	1.91×	1.37×	1.39×	3.18×	18.64×	5.6×	7.14×	0×
Dividend yield	0.0%	0.0%	2.7%	0.0%	0.5%	0.9%	1.3%	0.0%
Payout ratio	0.0%	0.0%	-14.1%	0.0%	4.5%	15.5%	14.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.1%	5.0%	-12.3%	5.9%	13.8%	7.2%	10.8%	0.0%
Return on invested capital	2.7%	2.6%	3.0%	2.1%	8.3%	3.9%	6.0%	0.0%
Return on assets	3.0%	2.2%	-5.0%	2.7%	7.8%	3.5%	4.3%	0.0%
Free cash flow yield	8.5%	6.8%	9.2%	6.2%	1.2%	1.7%	3.1%	0.0%
Earnings yield	13.1%	8.1%	-19.0%	10.6%	11.8%	6.1%	8.6%	0.0%
Enterprise value	SEK 4B	SEK 3.9B	SEK 3.9B	SEK 3.3B	SEK 3.8B	SEK 2.3B	SEK 1.8B	SEK 897.1M
Net debt / EBITDA	13.68×	12.91×	-14.44×	6,518.67×	1.72×	8.38×	6.52×	0×
Cash conversion cycle (days)	-5	216	105	0	25	-117	-60	0