Humble Group AB (publ) (HUMBLE.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

-1619.3%

-SEK 86.29

vs SEK 5.68 price

Levered DCF

SEK 7.10

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.29

Distress zone

Rating

B-

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	204.75×	44.46×	-40.71×	-75.12×	-15.14×	-36.49×	-2.89×	-1.95×
P/B	0.71×	1.06×	0.88×	0.69×	1.66×	6.11×	5.66×	2.36×
P/S	0.43×	0.72×	0.4×	0.59×	3.41×	57.42×	7.54×	6.27×
EV / EBITDA	9.6×	10.62×	10.32×	10.1×	-152.18×	-164.74×	-3.41×	-2.64×
Gross margin	4.0%	31.5%	37.0%	32.5%	34.7%	40.8%	27.8%	98.9%
Operating margin	3.5%	4.5%	2.7%	5.1%	-20.6%	-164.5%	-260.6%	-313.6%
Net margin	0.2%	1.6%	-1.0%	-0.8%	-22.5%	-159.0%	-263.3%	-320.8%
Current ratio	1.54×	1.47×	1.19×	1.24×	1.84×	1.46×	1.75×	2.44×
Debt / equity	0.56×	0.42×	0.36×	0.67×	0.63×	0.08×	0.09×	0.15×
Interest coverage	1.64×	1.59×	0.77×	0.96×	-4.17×	-52.4×	-191.74×	-43.2×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.3%	2.4%	-2.2%	-0.9%	-11.0%	-16.9%	-197.3%	-120.9%
Return on invested capital	0.9%	3.3%	4.0%	-111.8%	-4.5%	-12.9%	-177.4%	-104.2%
Return on assets	0.2%	1.3%	-1.2%	-0.4%	-5.0%	-10.5%	-124.9%	-88.0%
Free cash flow yield	8.5%	2.6%	21.5%	3.9%	-4.0%	-2.1%	-28.3%	-53.2%
Earnings yield	0.5%	2.2%	-2.5%	-1.3%	-6.6%	-2.8%	-34.9%	-51.2%
Enterprise value	SEK 5.9B	SEK 7.3B	SEK 5.7B	SEK 5.1B	SEK 6.7B	SEK 1.8B	SEK 43.4M	SEK 20.7M
Net debt / EBITDA	3.95×	2.59×	2.5×	4.58×	-34.66×	5.38×	0.13×	-0.07×
Cash conversion cycle (days)	52	70	41	108	176	-503	-115	5,835