HEXPOL AB (publ) (HPOL-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

+30.9%

SEK 121.24

vs SEK 92.65 price

Levered DCF

SEK 113.23

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.74

Grey zone

Rating

A-

Overall 4 / 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	15.59×	15.94×	16.56×	15.41×	17.71×	21.52×	20.49×	14.83×
P/B	2.16×	2.22×	2.87×	2.78×	3.59×	3.32×	3.24×	2.84×
P/S	1.57×	1.73×	1.9×	1.72×	2.61×	2.26×	2.04×	1.77×
EV / EBITDA	9.95×	9.86×	10.51×	10.71×	12.04×	13.56×	13.4×	10.47×
Gross margin	21.0%	21.4%	22.0%	19.5%	21.7%	21.8%	19.8%	21.2%
Operating margin	14.4%	15.5%	16.2%	14.8%	19.2%	14.4%	10.4%	15.6%
Net margin	10.1%	10.9%	11.4%	11.2%	14.7%	10.5%	9.9%	12.0%
Current ratio	0.87×	0.93×	1.08×	1.12×	1.08×	1.63×	1.25×	1.9×
Debt / equity	0.31×	0.22×	0.18×	0.32×	0.19×	0.31×	0.41×	0.27×
Interest coverage	20.22×	13.27×	14.42×	31.33×	61.48×	23.6×	29.8×	97.73×
Dividend yield	4.8%	5.8%	3.0%	5.4%	1.9%	2.6%	2.4%	2.7%
Payout ratio	74.6%	93.2%	49.3%	83.2%	33.6%	56.2%	50.2%	40.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.9%	13.9%	17.3%	18.0%	20.2%	15.4%	15.8%	19.2%
Return on invested capital	10.3%	11.3%	14.5%	13.0%	16.4%	11.7%	8.6%	13.7%
Return on assets	8.5%	8.9%	11.2%	10.5%	13.1%	9.3%	8.8%	11.4%
Free cash flow yield	5.8%	5.9%	6.8%	5.1%	5.0%	7.0%	6.6%	6.6%
Earnings yield	6.4%	6.3%	6.0%	6.5%	5.6%	4.7%	4.9%	6.7%
Enterprise value	SEK 33.5B	SEK 37.6B	SEK 43.4B	SEK 41.1B	SEK 42.7B	SEK 31.9B	SEK 34B	SEK 25.5B
Net debt / EBITDA	0.95×	0.59×	0.38×	0.74×	0.25×	0.68×	0.94×	0.46×
Cash conversion cycle (days)	49	44	29	40	37	25	33	37