AB Industrivärden (publ) (INDU-C.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

-100.9%

-SEK 4.62

vs SEK 518.50 price

Levered DCF

-SEK 10.65

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

19.57

Safe zone

Rating

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	5.07×	11.92×	5.29×	-7.84×	4.68×	14.14×	3.38×	-9.58×
P/B	0.94×	0.95×	0.95×	0.87×	0.87×	0.99×	0.9×	0.94×
P/S	18.82×	11.68×	5.22×	-7.89×	4.66×	13.98×	3.37×	-9.61×
EV / EBITDA	5.2×	12.41×	5.53×	-8.36×	4.91×	14.98×	3.51×	-10.42×
Gross margin	100.0%	98.6%	99.3%	100.6%	99.8%	99.5%	100.0%	100.2%
Operating margin	374.1%	98.5%	99.2%	100.7%	99.8%	99.4%	100.0%	100.4%
Net margin	371.4%	98.0%	98.7%	100.6%	99.5%	98.9%	99.6%	100.4%
Current ratio	680×	307×	190.8×	227.5×	188×	65.33×	59.5×	353×
Debt / equity	0.04×	0.05×	0.05×	0.06×	0.05×	0.06×	0.04×	0.09×
Interest coverage	252.87×	70.29×	136.99×	-172.56×	650.61×	212.18×	1,301.3×	-416.5×
Dividend yield	2.0%	2.2%	2.2%	2.7%	2.9%	0.0%	2.5%	3.0%
Payout ratio	10.1%	26.5%	11.7%	-20.9%	13.5%	0.0%	8.4%	-28.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.5%	7.9%	17.9%	-11.1%	18.6%	7.0%	26.5%	-9.8%
Return on invested capital	17.7%	7.6%	16.9%	-10.4%	17.4%	6.5%	25.1%	-8.9%
Return on assets	17.8%	7.6%	16.9%	-10.4%	17.6%	6.5%	25.5%	-8.9%
Free cash flow yield	5.1%	5.5%	4.3%	4.8%	5.6%	0.4%	3.8%	4.4%
Earnings yield	19.7%	8.4%	18.9%	-12.8%	21.4%	7.1%	29.6%	-10.4%
Enterprise value	SEK 185.4B	SEK 157.8B	SEK 149.4B	SEK 116.9B	SEK 131.1B	SEK 127.1B	SEK 105.1B	SEK 86.8B
Net debt / EBITDA	0.17×	0.55×	0.27×	-0.53×	0.24×	0.92×	0.14×	-0.84×
Cash conversion cycle (days)	3	-4	-8	-21	6,900	-20	0	-66