Hufvudstaden AB (publ) (HUFV-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

-30.7%

SEK 76.48

vs SEK 110.30 price

Levered DCF

SEK 81.97

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.67

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	29.67×	67.28×	-14.91×	41.54×	9.25×	-19.1×	12.14×	6.54×
P/B	0.89×	0.86×	1×	0.96×	0.88×	0.98×	1.22×	0.97×
P/S	7.54×	7.71×	9.71×	10.93×	10.36×	15.19×	19.27×	15×
EV / EBITDA	24.96×	22.15×	26.21×	35.51×	9.28×	-22.34×	11.04×	6.99×
Gross margin	47.8%	48.8%	49.6%	49.3%	50.9%	67.4%	70.9%	71.0%
Operating margin	47.9%	27.8%	-76.2%	39.7%	146.4%	64.8%	206.3%	262.4%
Net margin	25.4%	11.5%	-65.1%	26.3%	111.9%	-79.5%	158.8%	229.4%
Current ratio	0.23×	0.24×	0.27×	0.24×	0.48×	0.27×	0.73×	0.54×
Debt / equity	0.44×	0.37×	0.35×	0.31×	0.32×	0.33×	0.29×	0.25×
Interest coverage	4.49×	2.83×	-7.81×	7.36×	31.09×	9.96×	38.16×	40.04×
Dividend yield	2.3%	2.2%	1.9%	1.8%	1.8%	2.9%	2.0%	2.6%
Payout ratio	67.7%	149.8%	-28.3%	72.9%	17.1%	-55.0%	24.3%	16.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.0%	1.3%	-6.7%	2.3%	9.5%	-5.1%	10.0%	14.9%
Return on invested capital	2.5%	1.2%	-3.6%	1.7%	6.1%	2.0%	6.5%	9.9%
Return on assets	1.7%	0.7%	-4.0%	1.4%	5.8%	-3.1%	6.3%	9.5%
Free cash flow yield	5.2%	5.0%	4.6%	3.2%	3.6%	3.6%	3.4%	3.5%
Earnings yield	3.4%	1.5%	-6.7%	2.4%	10.8%	-5.2%	8.2%	15.3%
Enterprise value	SEK 36.6B	SEK 34.6B	SEK 38.5B	SEK 39.3B	SEK 36.1B	SEK 36.5B	SEK 45.6B	SEK 34.5B
Net debt / EBITDA	8.05×	6.45×	6.64×	8.37×	2.25×	-5.25×	1.79×	1.27×
Cash conversion cycle (days)	6	19	11	-0	-60	-93	-73	-124