Hanza AB (publ) (HANZA.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

-57.5%

SEK 66.73

vs SEK 157.00 price

Levered DCF

SEK 298.58

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.54

Grey 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	FY2018
P/E	23.56×	30.2×	15.94×	15.3×	28.37×	-338.59×	21.44×	18.33×
P/B	3.2×	2.26×	2.54×	2.06×	3.89×	1×	1.01×	0.93×
P/S	0.96×	0.69×	0.82×	0.52×	0.91×	0.22×	0.24×	0.21×
EV / EBITDA	11.17×	9.64×	8.36×	8.12×	12.45×	6.31×	6.55×	5.72×
Gross margin	6.4%	42.2%	44.5%	43.1%	45.7%	44.3%	45.8%	44.5%
Operating margin	6.4%	4.9%	7.9%	5.4%	5.1%	1.5%	2.7%	3.0%
Net margin	4.1%	2.3%	5.2%	3.4%	3.2%	-0.1%	1.1%	1.1%
Current ratio	1.69×	1.45×	1.57×	1.15×	1.04×	1.1×	1.16×	1.08×
Debt / equity	1.16×	0.68×	0.51×	0.78×	1.11×	0.97×	1.01×	0.82×
Interest coverage	2.92×	2.52×	4.95×	6.03×	6.38×	1.79×	3.05×	3.84×
Dividend yield	0.6%	1.6%	0.9%	1.0%	0.4%	0.0%	1.5%	0.0%
Payout ratio	15.0%	46.8%	13.6%	14.9%	11.1%	0.0%	32.6%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.6%	7.5%	15.9%	13.5%	13.7%	-0.3%	4.7%	5.1%
Return on invested capital	8.2%	8.0%	12.9%	9.3%	7.3%	-0.5%	3.6%	4.9%
Return on assets	4.6%	3.1%	7.3%	4.8%	4.1%	-0.1%	1.5%	1.9%
Free cash flow yield	5.4%	9.0%	0.8%	-1.9%	-0.7%	25.7%	14.2%	17.5%
Earnings yield	4.2%	3.3%	6.3%	6.5%	3.5%	-0.3%	4.7%	5.4%
Enterprise value	SEK 7.4B	SEK 4.1B	SEK 3.8B	SEK 2.4B	SEK 2.9B	SEK 814.1M	SEK 937.2M	SEK 643.9M
Net debt / EBITDA	2.43×	1.73×	0.78×	1.88×	2.6×	2.63×	3.04×	2.31×
Cash conversion cycle (days)	71	94	93	104	93	58	89	43