Neobo Fastigheter AB (publ) (NEOBO.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

-440.8%

-SEK 57.70

vs SEK 16.93 price

Levered DCF

SEK 1.90

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.16

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	34.28×	-15.75×	-1.46×	-1.38×	0.67×	6.35×	9.11×	18.31×
P/B	0.42×	0.49×	0.31×	0.35×	0.15×	0.88×	1.49×	1.15×
P/S	2.88×	3.35×	2.26×	3.34×	3.9×	9.55×	11.53×	16.46×
EV / EBITDA	20.92×	68.12×	-8.75×	-5.61×	0.57×	5,241.61×	4,841.9×	5,354.84×
Gross margin	54.8%	52.0%	51.7%	49.4%	51.9%	50.4%	47.9%	49.6%
Operating margin	54.9%	52.1%	51.8%	0.1%	0.3%	0.4%	0.4%	0.3%
Net margin	8.4%	-21.3%	-154.6%	-241.2%	581.7%	150.5%	126.3%	83.8%
Current ratio	0.8×	0.18×	0.53×	32.45×	0.82×	39.82×	43.07×	42.59×
Debt / equity	1.08×	1.15×	1.14×	0.96×	0×	1.18×	1.14×	0×
Interest coverage	1.77×	1.19×	1.18×	0.01×	0.01×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.4%	0.4%	0.4%	0.4%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.3%	2.2%	3.2%	6.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.2%	-3.1%	-21.4%	-25.5%	22.4%	13.8%	16.3%	5.8%
Return on invested capital	2.1%	2.7%	3.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Return on assets	0.6%	-1.4%	-9.5%	-12.4%	96.0%	5.9%	7.3%	19.6%
Free cash flow yield	6.0%	3.0%	10.5%	19.8%	-2.7%	3.9%	0.1%	0.8%
Earnings yield	2.9%	-6.3%	-68.4%	-72.2%	149.1%	15.8%	11.0%	5.1%
Enterprise value	SEK 9.4B	SEK 10B	SEK 9.1B	SEK 10B	SEK 2.4B	SEK 10B	SEK 7.9B	SEK 4.5B
Net debt / EBITDA	14.93×	47.4×	-6.82×	-4.07×	-0.08×	2,854.8×	2,061.89×	-121.63×
Cash conversion cycle (days)	14	-24	-13	-3	406	339	68	73