Havsfrun Investment AB (publ) (HAV-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

-82.6%

SEK 2.31

vs SEK 13.32 price

Levered DCF

SEK 6.78

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

72.27

Safe 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	13.6×	-60.24×	184.44×	-35.24×	105.36×	-14.34×	53.64×	-12.32×
P/B	1.6×	1.39×	1.45×	1.32×	2.53×	1.59×	1.12×	1×
P/S	9.01×	86.18×	12.06×	14.45×	-66.33×	7.57×	25.83×	263.85×
EV / EBITDA	8.41×	-36.22×	99.05×	-16.67×	79.91×	-8.97×	34.34×	-9.9×
Gross margin	100.0%	-132.0%	74.0%	68.8%	179.2%	87.2%	49.6%	-610.8%
Operating margin	61.2%	-276.1%	-12.2%	-46.0%	-62.9%	-52.5%	48.8%	-2230.8%
Net margin	66.2%	-141.9%	6.5%	-40.5%	-63.1%	-53.0%	47.8%	-2148.5%
Current ratio	52.89×	56.98×	97.43×	105.83×	113.42×	120.32×	72.27×	75.53×
Debt / equity	0×	0×	0×	0×	0×	0×	0.01×	0×
Interest coverage	0×	-4,907×	0×	0×	0×	-111.85×	22.51×	-126.09×
Dividend yield	7.6%	7.9%	6.7%	0.0%	5.1%	7.3%	8.5%	8.8%
Payout ratio	102.8%	-480.2%	1235.3%	0.0%	534.7%	-104.5%	458.0%	-108.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.8%	-2.3%	0.8%	-3.7%	2.4%	-11.1%	2.1%	-8.1%
Return on invested capital	10.9%	-4.4%	-1.5%	-4.2%	2.4%	-11.0%	2.1%	-3.0%
Return on assets	11.5%	-2.2%	0.8%	-3.7%	2.4%	-11.0%	2.0%	-8.0%
Free cash flow yield	3.8%	-5.4%	-0.4%	6.0%	-1.0%	41.4%	0.7%	-0.5%
Earnings yield	7.4%	-1.6%	0.5%	-2.8%	1.0%	-7.0%	1.9%	-8.1%
Enterprise value	SEK 115.6M	SEK 90.9M	SEK 98.2M	SEK 83.6M	SEK 272.2M	SEK 141.5M	SEK 191.8M	SEK 164.6M
Net debt / EBITDA	-4.4×	24.82×	-83.46×	19.05×	-24.91×	6.77×	-4.02×	2.48×
Cash conversion cycle (days)	0	-2	704	-7	-240	-13	-12,346	-9,969