Investment AB Latour (publ) (LATO-B.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

-57.0%

SEK 93.70

vs SEK 217.90 price

Levered DCF

SEK 57.04

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.56

Safe zone

Rating

A-

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	29.31×	28.59×	28.45×	30.28×	53.82×	24×	18.34×	30.25×
P/B	3.38×	4.04×	4.11×	3.32×	7.47×	4.39×	3.76×	3.25×
P/S	5.12×	6.81×	6.56×	5.57×	12.7×	8.5×	7×	5.99×
EV / EBITDA	20.85×	23.12×	23.12×	25×	43.53×	21.25×	17.04×	25.78×
Gross margin	39.7%	39.4%	39.0%	37.5%	38.2%	39.1%	40.5%	40.2%
Operating margin	13.0%	13.2%	14.1%	14.4%	13.8%	13.7%	13.0%	11.8%
Net margin	17.5%	23.8%	23.1%	18.4%	23.6%	35.4%	38.2%	19.8%
Current ratio	1.23×	1.44×	1.27×	1.21×	1.91×	1.91×	1.56×	1.15×
Debt / equity	0.45×	0.37×	0.33×	0.37×	0.34×	0.32×	0.35×	0.25×
Interest coverage	3.3×	7.73×	9.52×	30.62×	35.5×	23.92×	26.75×	24.95×
Dividend yield	2.0%	1.5%	1.4%	1.7%	0.8%	0.6%	1.6%	2.0%
Payout ratio	59.8%	42.5%	40.1%	50.7%	43.8%	15.0%	30.0%	61.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.5%	14.1%	14.4%	11.0%	13.9%	18.3%	20.5%	10.7%
Return on invested capital	5.0%	4.9%	5.8%	5.3%	5.2%	4.8%	4.7%	4.4%
Return on assets	7.2%	9.2%	9.8%	7.2%	9.1%	12.6%	13.8%	7.7%
Free cash flow yield	-0.2%	1.7%	2.5%	0.9%	0.6%	1.4%	1.6%	1.3%
Earnings yield	3.4%	3.5%	3.5%	3.3%	1.9%	4.2%	5.5%	3.3%
Enterprise value	SEK 160.7B	SEK 189.7B	SEK 178.8B	SEK 138.3B	SEK 245.1B	SEK 133.1B	SEK 105.7B	SEK 75.5B
Net debt / EBITDA	2.15×	1.62×	1.44×	2.22×	1.66×	0.86×	1.29×	1.63×
Cash conversion cycle (days)	74	140	134	163	138	104	112	112