Kallebäck Property Invest AB (publ) (KAPIAB.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

+22.1%

SEK 244.13

vs SEK 200.00 price

Levered DCF

SEK 214.89

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.09

Distress 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	9.98×	8.36×	58.13×	12.16×	7.03×	14.71×	9.04×	3.5×
P/B	1.23×	1.11×	1.12×	1.15×	1.32×	1.23×	1.35×	1.18×
P/S	8.18×	7.14×	7.22×	8.71×	10.41×	8.69×	9.71×	8.14×
EV / EBITDA	10×	8.83×	31.41×	15.53×	8.05×	16.55×	10.17×	4.51×
Gross margin	93.4%	94.1%	94.6%	100.0%	94.2%	93.0%	92.2%	94.2%
Operating margin	89.7%	90.5%	63.0%	81.7%	194.1%	94.1%	151.1%	91.5%
Net margin	82.0%	85.5%	12.4%	71.7%	148.0%	59.0%	107.3%	232.8%
Current ratio	8.64×	1.24×	1.22×	1.33×	1.2×	1.15×	1.43×	0.11×
Debt / equity	0.82×	0.83×	0.89×	0.84×	0.85×	0.94×	0.95×	1.02×
Interest coverage	3.44×	3.3×	2.77×	5.82×	14.1×	0×	8.82×	3.4×
Dividend yield	5.8%	6.8%	7.1%	6.6%	5.8%	7.1%	5.9%	6.5%
Payout ratio	58.1%	57.0%	415.2%	80.4%	41.0%	103.8%	53.2%	22.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.4%	13.3%	1.9%	9.4%	18.8%	8.4%	14.9%	33.6%
Return on invested capital	5.1%	5.5%	3.8%	4.2%	9.7%	5.0%	8.0%	5.0%
Return on assets	5.9%	6.4%	0.9%	4.5%	8.8%	3.9%	6.8%	15.4%
Free cash flow yield	8.1%	6.6%	7.2%	5.8%	10.3%	4.7%	9.5%	4.2%
Earnings yield	10.0%	12.0%	1.7%	8.2%	14.2%	6.8%	11.1%	28.6%
Enterprise value	SEK 1.2B	SEK 1.1B	SEK 1B	SEK 1.1B	SEK 1.2B	SEK 1.1B	SEK 1.1B	SEK 986.3M
Net debt / EBITDA	3.67×	3.54×	12.93×	6.07×	2.85×	6.86×	3.81×	1.96×
Cash conversion cycle (days)	-17	-10	-19	-188	-12	-15	289	-36