Haypp Group AB (publ) (HAYPP.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

-36.7%

SEK 105.94

vs SEK 167.40 price

Levered DCF

SEK 156.72

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

7.8

Safe zone

Rating

C+

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	103.17×	40×	285.88×	39.71×	-41.51×	-68.75×	-68.75×	-97.06×
P/B	6.52×	2.75×	2.38×	1.33×	2.01×	9.2×	5.68×	18.62×
P/S	1.14×	0.49×	0.45×	0.31×	0.5×	1.11×	1.79×	3.32×
EV / EBITDA	18.98×	9.7×	14.21×	9.28×	31.93×	100.06×	-774.41×	395.02×
Gross margin	2.8%	15.9%	13.5%	13.3%	11.4%	13.4%	11.9%	9.7%
Operating margin	2.8%	1.7%	0.7%	0.6%	-1.0%	-0.8%	-3.0%	-2.5%
Net margin	1.1%	1.2%	0.2%	0.8%	-1.2%	-1.6%	-2.6%	-3.4%
Current ratio	1.27×	1.25×	1.19×	1.18×	1.13×	0.75×	0.89×	0.86×
Debt / equity	0.28×	0.31×	0.39×	0.38×	0.17×	0.44×	0.27×	0.57×
Interest coverage	6.01×	2.27×	1.87×	2.1×	-2.18×	-1.37×	-4.41×	-2.24×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.3%	6.9%	0.8%	3.4%	-4.9%	-13.3%	-8.3%	-19.3%
Return on invested capital	11.4%	5.6%	1.7%	1.8%	-2.8%	-3.1%	-4.3%	-5.2%
Return on assets	3.4%	3.8%	0.5%	2.0%	-3.0%	-5.1%	-4.3%	-6.0%
Free cash flow yield	3.0%	8.9%	1.4%	-9.9%	-25.7%	1.4%	-2.0%	-0.7%
Earnings yield	1.0%	2.5%	0.4%	2.5%	-2.4%	-1.4%	-1.5%	-1.0%
Enterprise value	SEK 4.5B	SEK 2B	SEK 1.7B	SEK 1B	SEK 1.2B	SEK 2B	SEK 1.5B	SEK 1.6B
Net debt / EBITDA	0.56×	0.83×	1.93×	1.93×	1.24×	3.03×	-30.45×	8.65×
Cash conversion cycle (days)	34	29	35	35	15	-9	29	16