Humana AB (publ) (HUM.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

+442.5%

SEK 384.62

vs SEK 70.90 price

Levered DCF

SEK 243.70

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.75

Distress zone

Rating

—

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	10.66×	12.42×	7.65×	8.79×	12.82×	11.98×	17.2×	10.83×
P/B	0.81×	0.57×	0.47×	0.67×	1.39×	1.33×	1.42×	1.25×
P/S	0.25×	0.17×	0.14×	0.2×	0.43×	0.4×	0.43×	0.4×
EV / EBITDA	5.91×	6.06×	6.69×	7.28×	8.51×	7.88×	9.79×	9.14×
Gross margin	8.3%	8.7%	7.8%	99.3%	99.3%	95.1%	94.8%	95.0%
Operating margin	4.6%	4.5%	4.7%	4.8%	6.0%	6.1%	5.0%	5.8%
Net margin	2.4%	1.4%	1.8%	2.3%	3.4%	3.4%	2.5%	3.6%
Current ratio	0.67×	0.87×	0.81×	0.95×	1.05×	0.81×	0.84×	0.85×
Debt / equity	1.41×	1.63×	1.87×	1.97×	1.93×	1.81×	1.99×	0.89×
Interest coverage	1.98×	1.73×	1.82×	2.58×	3.57×	3.34×	2.75×	6.52×
Dividend yield	2.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.1%	1.2%
Payout ratio	21.1%	0.0%	0.0%	0.0%	0.0%	0.0%	19.7%	13.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.6%	4.6%	6.1%	7.7%	10.8%	11.1%	8.2%	11.5%
Return on invested capital	4.9%	4.1%	4.2%	4.1%	5.1%	5.6%	4.0%	7.3%
Return on assets	2.5%	1.4%	1.8%	2.1%	3.1%	3.3%	2.3%	4.7%
Free cash flow yield	26.5%	31.9%	33.5%	23.9%	16.4%	16.8%	12.5%	6.0%
Earnings yield	9.4%	8.1%	13.1%	11.4%	7.8%	8.4%	5.8%	9.2%
Enterprise value	SEK 6.6B	SEK 6.4B	SEK 6.1B	SEK 6.6B	SEK 7.8B	SEK 6.6B	SEK 6.9B	SEK 4B
Net debt / EBITDA	3.64×	4.36×	5.21×	5.23×	4.63×	4.16×	5.23×	3.12×
Cash conversion cycle (days)	27	31	35	-1,077	-975	-82	-21	-1,069