Heba Fastighets AB (publ) (HEBA-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

-214.8%

-SEK 26.13

vs SEK 22.75 price

Levered DCF

-SEK 9.17

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.86

Distress zone

Rating

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	16.51×	54.58×	-8.23×	-44.27×	8.82×	13.16×	9.82×	8.24×
P/B	0.75×	0.84×	0.91×	0.83×	1.74×	1.54×	1.29×	1.11×
P/S	7.87×	9.62×	9.73×	11.75×	28.94×	24.01×	18.32×	14.16×
EV / EBITDA	20.14×	35.11×	-13.22×	-527.04×	10.34×	14.88×	12.66×	11.43×
Gross margin	71.8%	71.9%	72.8%	75.4%	75.2%	75.6%	74.5%	74.6%
Operating margin	65.6%	64.9%	66.8%	63.4%	396.5%	250.8%	219.3%	65.7%
Net margin	47.7%	17.6%	-118.4%	-26.7%	328.1%	182.4%	186.4%	171.8%
Current ratio	0.04×	0.04×	0.3×	0.1×	0.11×	0.08×	0.04×	0.02×
Debt / equity	1.04×	0.96×	0.89×	1.06×	0.83×	0.83×	0.64×	0.73×
Interest coverage	2.17×	2.2×	2.22×	2.98×	27.56×	17.41×	17.38×	4.66×
Dividend yield	1.8%	1.6%	1.3%	2.2%	0.8%	1.0%	1.3%	1.4%
Payout ratio	29.8%	87.0%	-10.4%	-97.0%	7.3%	13.8%	12.5%	11.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.5%	1.5%	-11.1%	-1.9%	19.7%	11.7%	13.2%	13.4%
Return on invested capital	2.1%	1.8%	2.0%	1.9%	9.6%	6.1%	7.7%	2.3%
Return on assets	2.0%	0.7%	-5.2%	-0.8%	9.5%	5.6%	7.0%	6.7%
Free cash flow yield	4.5%	4.0%	4.3%	3.2%	1.7%	2.0%	2.4%	3.1%
Earnings yield	6.1%	1.8%	-12.2%	-2.3%	11.3%	7.6%	10.2%	12.1%
Enterprise value	SEK 11.4B	SEK 11.6B	SEK 11.4B	SEK 13.6B	SEK 19B	SEK 14.4B	SEK 10.6B	SEK 8.9B
Net debt / EBITDA	11.7×	18.73×	-6.41×	-294.5×	3.27×	5.14×	4.17×	4.53×
Cash conversion cycle (days)	-11	153	-42	-40	-93	-40	-146	-224