Hedera Group AB (publ) (HEGR.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

+473.5%

SEK 2.87

vs SEK 0.50 price

Levered DCF

SEK 0.33

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

1.98

Grey 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	-1.44×	-21.65×	12.29×	8.25×	25.25×	-18×	-21.18×	16.64×
P/B	0.13×	0.55×	1.08×	1.15×	1.14×	0.71×	1.2×	2.61×
P/S	0.03×	0.1×	0.17×	0.25×	0.26×	0.16×	0.3×	0.45×
EV / EBITDA	22.77×	14.41×	6.7×	7.41×	13.92×	27.36×	139.95×	14.3×
Gross margin	-0.9%	3.4%	5.1%	26.9%	21.2%	19.5%	4.5%	7.7%
Operating margin	-3.7%	0.2%	2.4%	3.4%	1.9%	0.0%	-0.4%	4.2%
Net margin	-1.8%	-0.5%	1.4%	3.0%	1.1%	-0.9%	-1.4%	2.7%
Current ratio	0.67×	0.7×	0.8×	0.74×	0.66×	0.78×	0.77×	0.93×
Debt / equity	0.29×	0.42×	0.39×	0.42×	0.69×	0.46×	0.76×	0.99×
Interest coverage	-5.31×	0.2×	4.48×	5.96×	2.79×	0.02×	-0.39×	6.78×
Dividend yield	0.0%	5.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	-118.5%	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	-9.3%	-2.5%	8.9%	14.0%	4.6%	-3.9%	-5.7%	15.6%
Return on invested capital	-12.4%	0.5%	8.1%	11.1%	4.1%	0.0%	-1.2%	8.7%
Return on assets	-4.1%	-1.1%	3.6%	5.8%	1.8%	-1.6%	-2.1%	5.8%
Free cash flow yield	-16.7%	0.9%	10.6%	7.3%	-2.4%	18.7%	8.7%	-2.4%
Earnings yield	-69.2%	-4.6%	8.2%	12.2%	4.0%	-5.6%	-4.7%	6.0%
Enterprise value	SEK 36.4M	SEK 89.1M	SEK 142.1M	SEK 143.3M	SEK 97.9M	SEK 53.9M	SEK 96.3M	SEK 135.6M
Net debt / EBITDA	14.29×	5.55×	1.26×	1.64×	4.72×	9.46×	49.66×	3.88×
Cash conversion cycle (days)	42	43	41	42	41	25	43	39