Hemnet Group AB (HEM.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

+126.2%

SEK 159.94

vs SEK 70.70 price

Levered DCF

SEK 147.17

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

4.23

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	31.55×	67.07×	69.57×	42.87×	107.94×	263.49×	271.6×	320.98×
P/B	15.19×	25.84×	18.71×	8.8×	11.14×	13.23×	13.94×	12.22×
P/S	10.67×	23.14×	23.46×	14.17×	23.21×	32.81×	40.18×	45.46×
EV / EBITDA	21.89×	45.16×	45.42×	28.6×	56.35×	97.17×	105.89×	124.9×
Gross margin	101.0%	100.8%	84.4%	101.3%	100.6%	100.7%	101.0%	101.1%
Operating margin	44.1%	45.4%	44.6%	42.5%	30.8%	20.3%	22.2%	19.6%
Net margin	34.1%	24.3%	33.7%	33.0%	21.5%	12.4%	14.8%	14.3%
Current ratio	1.2×	1.2×	1.32×	1.37×	1.3×	2.79×	1.49×	1.37×
Debt / equity	0.58×	0.4×	0.43×	0.23×	0.19×	0.51×	0.54×	0.32×
Interest coverage	35.84×	21.06×	18.68×	51.01×	8.58×	4.59×	6.1×	3.01×
Dividend yield	1.0%	0.4%	0.4%	0.4%	0.0%	0.0%	0.7%	0.0%
Payout ratio	31.0%	34.0%	28.9%	18.9%	0.0%	0.0%	190.4%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	48.6%	27.1%	26.9%	20.5%	10.3%	5.0%	5.1%	3.8%
Return on invested capital	28.5%	25.8%	17.7%	15.2%	8.8%	3.8%	3.5%	3.3%
Return on assets	24.8%	15.4%	15.7%	14.0%	7.3%	2.9%	2.7%	2.1%
Free cash flow yield	3.7%	1.7%	1.5%	2.7%	1.3%	0.7%	0.7%	0.5%
Earnings yield	3.2%	1.0%	1.4%	2.3%	0.9%	0.4%	0.4%	0.3%
Enterprise value	SEK 16.8B	SEK 32.7B	SEK 24B	SEK 12.8B	SEK 17.1B	SEK 18.3B	SEK 18.3B	SEK 17.1B
Net debt / EBITDA	0.67×	0.54×	0.83×	0.51×	0.62×	2.34×	2.7×	0.95×
Cash conversion cycle (days)	1,067	557	-20	454	1,020	995	1,142	1,085