FastPartner AB (publ) (FPAR-A.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

-158.5%

-SEK 21.29

vs SEK 36.40 price

Levered DCF

-SEK 16.35

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.66

Distress zone

Rating

B-

Overall 2 / 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	37.96×	19.51×	-10.35×	216.06×	6.77×	11.35×	5.77×	6.03×
P/B	0.81×	0.84×	0.83×	1.11×	1.37×	1.32×	1.42×	1.19×
P/S	5.33×	5.51×	5.52×	9.14×	12.92×	10.31×	10.64×	7.5×
EV / EBITDA	26.42×	17.64×	-31.94×	70.03×	8.83×	27.31×	27.97×	9.57×
Gross margin	70.3%	70.2%	70.4%	70.0%	70.1%	71.3%	69.6%	67.7%
Operating margin	66.1%	68.2%	68.3%	67.2%	67.8%	99.1%	65.6%	65.5%
Net margin	14.0%	28.3%	-69.2%	4.2%	181.4%	90.6%	186.6%	124.5%
Current ratio	0.13×	0.07×	0.17×	0.13×	0.15×	0.07×	0.1×	0.24×
Debt / equity	1.27×	1.16×	1.22×	1.09×	0.94×	1.11×	1.14×	1.33×
Interest coverage	2.18×	1.78×	1.73×	3.18×	4.02×	6.1×	4.1×	4.22×
Dividend yield	2.3%	2.0%	2.1%	2.7%	1.9%	2.2%	1.8%	2.7%
Payout ratio	85.8%	39.5%	-16.8%	585.3%	13.5%	25.6%	10.4%	16.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.1%	4.3%	-10.5%	0.5%	19.3%	11.6%	24.9%	19.8%
Return on invested capital	2.7%	3.4%	3.6%	3.3%	2.7%	4.5%	3.1%	3.5%
Return on assets	0.9%	1.8%	-4.2%	0.2%	8.9%	4.9%	10.5%	7.7%
Free cash flow yield	6.5%	4.8%	7.5%	3.0%	3.2%	4.5%	4.3%	4.1%
Earnings yield	2.6%	5.1%	-12.5%	0.5%	14.0%	8.8%	17.5%	16.6%
Enterprise value	SEK 30.9B	SEK 30.1B	SEK 29.9B	SEK 36B	SEK 40.2B	SEK 34.1B	SEK 32.1B	SEK 22.4B
Net debt / EBITDA	16.07×	10.23×	-18.94×	34.5×	3.57×	12.42×	12.33×	4.91×
Cash conversion cycle (days)	-29	-30	-61	-57	-67	-70	-86	49