HAKI Safety AB (publ) (HAKI-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

+195.4%

SEK 55.84

vs SEK 18.90 price

Levered DCF

-SEK 13.18

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.66

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	17.05×	16.07×	10.57×	7.19×	8.82×	-850×	11.27×	233.75×
P/B	0.85×	0.96×	1.02×	0.84×	0.95×	1.09×	0×	0×
P/S	0.49×	0.63×	0.55×	0.44×	0.59×	0.87×	0.64×	0.6×
EV / EBITDA	5.88×	6.53×	6.66×	6.14×	3.98×	8.8×	3.18×	0×
Gross margin	36.3%	35.8%	33.4%	30.9%	32.1%	29.4%	31.9%	33.4%
Operating margin	4.8%	6.7%	8.3%	8.7%	8.1%	2.9%	9.3%	8.6%
Net margin	2.9%	3.9%	5.2%	6.1%	6.7%	-0.1%	5.6%	0.2%
Current ratio	5.83×	1.9×	2.82×	1.84×	1.49×	2.25×	0×	0×
Debt / equity	0.71×	0.71×	0.65×	0.7×	0.22×	0.1×	0×	0×
Interest coverage	2.28×	2.5×	3.96×	8.5×	12.43×	5.6×	11.24×	4.49×
Dividend yield	2.4%	3.8%	3.4%	4.1%	0.0%	0.0%	2.7%	0.0%
Payout ratio	41.2%	61.0%	35.5%	29.6%	0.0%	0.0%	30.8%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.0%	6.0%	9.6%	11.7%	10.8%	-0.1%	0.0%	0.0%
Return on invested capital	3.2%	4.5%	6.8%	6.7%	6.9%	1.2%	73.5%	0.0%
Return on assets	2.4%	2.7%	4.7%	4.9%	5.9%	-0.1%	0.0%	0.0%
Free cash flow yield	8.3%	-2.7%	19.8%	-21.1%	-4.8%	4.4%	2.6%	0.0%
Earnings yield	5.9%	6.2%	9.5%	13.9%	11.4%	-0.1%	8.6%	0.4%
Enterprise value	SEK 1B	SEK 1.1B	SEK 1B	SEK 902.1M	SEK 587.8M	SEK 527.4M	SEK 453.1M	SEK 0
Net debt / EBITDA	2.62×	2.66×	2.38×	2.66×	0.52×	0.27×	-0.41×	0×
Cash conversion cycle (days)	170	207	170	192	170	192	-46	0