Holmen AB (HOLM-A.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

+63.5%

SEK 485.55

vs SEK 297.00 price

Levered DCF

SEK 363.68

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.41

Distress zone

Rating

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	19.01×	22.57×	18.69×	11.41×	23.43×	32.21×	5.43×	13.08×
P/B	0.99×	1.12×	1.21×	1.18×	1.5×	1.5×	1.18×	1.26×
P/S	2.48×	2.83×	3.03×	2.8×	3.61×	3.9×	2.79×	1.85×
EV / EBITDA	12.48×	13.19×	11.54×	7.72×	14.85×	18.56×	4.2×	9.62×
Gross margin	1.7%	45.0%	53.2%	57.4%	50.5%	49.2%	99.7%	49.2%
Operating margin	10.7%	16.3%	20.9%	31.4%	19.2%	15.2%	65.5%	14.8%
Net margin	13.1%	12.6%	16.2%	24.5%	15.4%	12.1%	51.5%	14.1%
Current ratio	1.38×	1.45×	1.63×	2.23×	1.71×	1.51×	1.12×	1.18×
Debt / equity	0.09×	0.06×	0.06×	0.06×	0.09×	0.11×	0.12×	0.15×
Interest coverage	17.17×	36.84×	47.55×	109.09×	81.11×	47.67×	247×	62.68×
Dividend yield	3.4%	2.8%	3.8%	2.8%	2.5%	0.9%	2.4%	3.7%
Payout ratio	65.6%	64.0%	70.1%	31.7%	58.0%	28.7%	13.0%	48.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.2%	5.0%	6.5%	10.3%	6.4%	4.7%	21.8%	9.7%
Return on invested capital	2.9%	3.8%	5.0%	7.9%	4.8%	3.5%	15.7%	6.9%
Return on assets	3.6%	3.5%	4.6%	7.2%	4.4%	3.2%	14.7%	6.1%
Free cash flow yield	3.1%	1.9%	5.9%	6.1%	2.2%	2.0%	3.9%	3.9%
Earnings yield	5.3%	4.4%	5.3%	8.8%	4.3%	3.1%	18.4%	7.6%
Enterprise value	SEK 59.4B	SEK 67.9B	SEK 71.1B	SEK 68.3B	SEK 74.2B	SEK 68.1B	SEK 51.6B	SEK 32.9B
Net debt / EBITDA	0.99×	0.67×	0.32×	0.14×	0.77×	1.18×	0.34×	0.94×
Cash conversion cycle (days)	82	112	105	103	94	123	8,491	119