Hexagon AB (publ) (HEXA-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

-40.4%

SEK 64.38

vs SEK 108.05 price

Levered DCF

SEK 52.64

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.79

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	43.82×	24.14×	33.42×	26.28×	44.82×	44.22×	26.33×	19.9×
P/B	2.65×	2.21×	2.89×	2.66×	4.14×	4.6×	2.99×	2.75×
P/S	4.99×	4.56×	5.32×	5.08×	8.32×	7.25×	4.65×	3.88×
EV / EBITDA	17.64×	13.89×	18.34×	16.95×	24.41×	22.49×	15.94×	13.82×
Gross margin	66.3%	66.8%	65.2%	65.1%	64.4%	63.1%	62.8%	62.1%
Operating margin	17.0%	26.5%	22.4%	24.9%	23.3%	20.9%	22.8%	24.6%
Net margin	11.4%	18.9%	15.8%	19.5%	18.5%	16.4%	18.0%	19.4%
Current ratio	1.01×	1.06×	0.89×	0.99×	0.96×	0.99×	1.18×	1.13×
Debt / equity	0.4×	0.34×	0.41×	0.39×	0.34×	0.45×	0.41×	0.44×
Interest coverage	6.35×	7.8×	7.89×	36.14×	51×	33.49×	37.65×	50.01×
Dividend yield	1.4%	1.4%	1.1%	1.1%	0.7%	0.8%	1.2%	1.3%
Payout ratio	62.1%	34.1%	37.6%	29.4%	29.7%	36.9%	30.7%	26.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.0%	9.2%	8.6%	10.3%	9.2%	10.4%	11.6%	13.8%
Return on invested capital	4.9%	7.4%	6.7%	7.2%	6.7%	7.0%	7.9%	9.1%
Return on assets	3.6%	5.7%	5.1%	6.1%	5.7%	5.8%	6.6%	7.5%
Free cash flow yield	3.8%	3.9%	2.6%	2.9%	2.5%	3.3%	3.6%	3.8%
Earnings yield	2.3%	4.2%	3.0%	3.8%	2.2%	2.3%	3.9%	5.0%
Enterprise value	SEK 30.5B	SEK 27.9B	SEK 32.6B	SEK 29.7B	SEK 38.6B	SEK 29.6B	SEK 20.3B	SEK 16.7B
Net debt / EBITDA	2×	1.65×	2.06×	1.99×	1.59×	1.76×	1.71×	1.72×
Cash conversion cycle (days)	146	157	155	151	136	131	142	150