Hoist Finance AB (publ) (HOFI.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

+37.2%

SEK 264.19

vs SEK 192.50 price

Levered DCF

SEK 663.27

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.39

Distress 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	9.72×	8.97×	5.94×	3.73×	-22.29×	79.26×	8.23×	6.17×
P/B	1.59×	1.18×	0.56×	0.46×	0.53×	0.63×	0.91×	0.83×
P/S	1.69×	1.55×	0.86×	0.84×	1.02×	0.96×	1.3×	1.24×
EV / EBITDA	13.33×	10.67×	9.49×	15.51×	87.35×	50.19×	13.37×	12.69×
Gross margin	64.4%	76.7%	82.7%	82.0%	77.5%	82.9%	85.2%	87.3%
Operating margin	25.3%	25.5%	22.0%	15.7%	-1.2%	2.4%	21.9%	25.7%
Net margin	19.5%	19.9%	17.3%	25.7%	-4.6%	1.2%	17.7%	20.1%
Current ratio	0.01×	0.02×	0.02×	0.63×	0.02×	2.74×	1.17×	0.02×
Debt / equity	1.75×	1.05×	0.95×	1.14×	1.22×	1.43×	1.42×	1.54×
Interest coverage	0.76×	1.09×	1.27×	0.87×	-0.05×	0.14×	1.48×	2.02×
Dividend yield	1.8%	0.0%	0.0%	0.0%	0.0%	1.8%	1.4%	4.4%
Payout ratio	15.4%	0.0%	0.0%	0.0%	0.0%	146.3%	10.2%	27.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.4%	15.1%	11.2%	13.9%	-2.4%	0.8%	12.4%	13.4%
Return on invested capital	5.7%	6.1%	4.9%	5.2%	-0.2%	0.5%	8.5%	4.9%
Return on assets	1.8%	1.8%	1.9%	2.5%	-0.4%	0.1%	1.8%	2.0%
Free cash flow yield	0.0%	73.7%	132.7%	146.0%	133.5%	149.2%	69.9%	77.7%
Earnings yield	11.6%	12.8%	20.0%	30.4%	-4.5%	1.3%	13.6%	16.2%
Enterprise value	SEK 20.7B	SEK 14.9B	SEK 8.9B	SEK 9.3B	SEK 8.6B	SEK 10.8B	SEK 11.6B	SEK 10.4B
Net debt / EBITDA	6.97×	5.04×	5.97×	11.12×	61.01×	35.11×	8.25×	8.23×
Cash conversion cycle (days)	3	-30	-62	-128	-31	-66	-85	-81