Heimstaden AB (publ) (HEIM-PREF.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

+39470.6%

SEK 7,617.34

vs SEK 19.25 price

Levered DCF

SEK 5,322.71

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.14

Distress zone

Rating

B-

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	0.62×	1.06×	-0.18×	-0.82×	0.62×	1.25×	1.45×	1.34×
P/B	0.17×	0.12×	0.11×	0.1×	0.18×	0.21×	0.28×	0.06×
P/S	0.23×	0.16×	0.17×	0.26×	0.65×	0.79×	1.2×	1.47×
EV / EBITDA	9.11×	19.78×	21.38×	25.56×	59.43×	20.07×	49.32×	0.42×
Gross margin	63.0%	63.0%	58.2%	59.7%	57.6%	55.7%	56.8%	53.5%
Operating margin	59.3%	56.9%	58.8%	52.8%	29.1%	52.4%	52.4%	0.2%
Net margin	36.2%	15.6%	-94.0%	-31.4%	105.3%	62.9%	82.8%	109.5%
Current ratio	0.62×	0.48×	5.1×	4.58×	4.8×	8.24×	16.54×	2.15×
Debt / equity	8.63×	8.59×	8.15×	5.67×	5.37×	3.04×	3.16×	0×
Interest coverage	1.6×	0×	0×	2.39×	1.64×	2.62×	1.9×	0.01×
Dividend yield	0.0%	2.0%	187.1%	3.1%	50.2%	6.1%	0.8%	0.9%
Payout ratio	0.0%	2.1%	-33.6%	-2.5%	31.2%	7.7%	1.1%	1.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.1%	11.7%	-58.9%	-12.6%	29.7%	16.9%	19.7%	4.5%
Return on invested capital	2.5%	1.9%	2.1%	1.6%	0.6%	1.7%	1.6%	0.0%
Return on assets	1.8%	0.7%	-4.1%	-1.1%	2.9%	2.7%	3.2%	49.7%
Free cash flow yield	66.8%	100.1%	38.6%	112.6%	50.8%	24.9%	19.4%	-8.5%
Earnings yield	160.3%	94.7%	-557.3%	-121.4%	160.8%	79.8%	69.2%	74.4%
Enterprise value	SEK 208.1B	SEK 202B	SEK 200.2B	SEK 200.9B	SEK 170.6B	SEK 74.3B	SEK 61.1B	SEK 383.8M
Net debt / EBITDA	8.93×	19.49×	21.09×	25.08×	57.22×	18.57×	44.53×	-5.06×
Cash conversion cycle (days)	30	39	85	290	242	162	271	251