L E Lundbergföretagen AB (publ) (LUND-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

-57.2%

SEK 249.33

vs SEK 582.50 price

Levered DCF

SEK 229.07

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.79

Distress 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	10.5×	19.72×	18.74×	72.8×	11.08×	30.43×	8.55×	18.05×
P/B	0.99×	1.09×	1.26×	1.1×	1.27×	1.28×	1.26×	1.01×
P/S	4.36×	3.96×	4.44×	3.51×	4.81×	5.16×	4.43×	3.02×
EV / EBITDA	8.49×	12.09×	13.72×	13.49×	7.78×	21.68×	4.82×	8.39×
Gross margin	18.2%	48.1%	50.0%	58.6%	51.2%	51.0%	89.7%	53.8%
Operating margin	26.5%	32.9%	31.7%	25.6%	66.6%	22.4%	102.4%	39.4%
Net margin	41.5%	20.1%	23.7%	4.8%	43.4%	17.0%	51.8%	16.7%
Current ratio	1.69×	0.96×	1.13×	1.4×	1.27×	1.14×	0.9×	0.84×
Debt / equity	0.19×	0.18×	0.18×	0.21×	0.22×	0.25×	0.25×	0.25×
Interest coverage	11.52×	16.97×	18.16×	23.14×	55.03×	17.28×	98.17×	34.52×
Dividend yield	0.9%	0.9%	0.7%	0.8%	0.7%	0.0%	0.8%	1.1%
Payout ratio	9.4%	16.9%	13.7%	61.4%	7.6%	0.0%	6.7%	20.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.5%	5.5%	6.7%	1.5%	11.4%	4.2%	14.7%	5.6%
Return on invested capital	3.0%	4.1%	4.4%	3.0%	7.7%	2.5%	11.6%	5.9%
Return on assets	5.0%	2.8%	3.4%	0.7%	5.6%	2.0%	6.8%	2.6%
Free cash flow yield	1.5%	4.5%	6.1%	6.7%	3.8%	2.7%	5.1%	6.1%
Earnings yield	9.5%	5.1%	5.3%	1.4%	9.0%	3.3%	11.7%	5.5%
Enterprise value	SEK 149.9B	SEK 143.5B	SEK 153.6B	SEK 128.2B	SEK 145.9B	SEK 128.7B	SEK 119.3B	SEK 79.7B
Net debt / EBITDA	1.3×	1.62×	1.57×	1.9×	1.06×	3.27×	0.7×	1.57×
Cash conversion cycle (days)	85	110	104	107	100	110	209	86