NIBE Industrier AB (publ) (NIBE-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

-33.6%

SEK 29.90

vs SEK 45.06 price

Levered DCF

SEK 22.25

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.31

Grey zone

Rating

Overall 3 / 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	31.52×	74.55×	29.87×	44.95×	82.88×	47.49×	37.59×	22.24×
P/B	2.37×	2.72×	4.73×	7.01×	12.86×	7.73×	4.67×	3×
P/S	1.76×	2.15×	3.06×	4.89×	8.94×	5.01×	3.23×	2.05×
EV / EBITDA	14.18×	21.11×	17.82×	26.75×	48.18×	27.67×	21.54×	15.21×
Gross margin	35.4%	27.1%	33.5%	31.5%	33.1%	33.1%	32.8%	33.1%
Operating margin	10.1%	6.6%	14.9%	14.2%	14.5%	14.3%	12.0%	12.6%
Net margin	5.6%	2.9%	10.3%	10.9%	10.8%	10.6%	8.6%	9.2%
Current ratio	1.55×	1.5×	1.55×	1.61×	1.81×	1.42×	1.8×	2.03×
Debt / equity	0.72×	0.76×	0.75×	0.4×	0.46×	0.57×	0.57×	0.57×
Interest coverage	3.58×	1.78×	7.38×	18.31×	21.58×	17.32×	14.06×	17.68×
Dividend yield	0.8%	1.5%	0.9%	0.5%	0.3%	0.5%	0.8%	1.1%
Payout ratio	26.6%	111.7%	27.4%	23.2%	23.5%	24.6%	30.2%	25.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.5%	3.7%	15.9%	15.6%	15.5%	16.3%	12.4%	13.5%
Return on invested capital	5.2%	3.3%	9.0%	9.8%	9.4%	9.3%	7.1%	7.7%
Return on assets	3.5%	1.7%	7.0%	8.1%	7.7%	7.5%	5.8%	6.4%
Free cash flow yield	5.2%	2.1%	0.1%	0.2%	0.7%	2.9%	2.4%	2.5%
Earnings yield	3.2%	1.3%	3.4%	2.2%	1.2%	2.1%	2.7%	4.5%
Enterprise value	SEK 88.9B	SEK 106.5B	SEK 161.5B	SEK 202.3B	SEK 281B	SEK 141.4B	SEK 87.9B	SEK 52B
Net debt / EBITDA	2.72×	3.83×	2.07×	0.86×	0.9×	1.06×	1.48×	1.7×
Cash conversion cycle (days)	86	158	156	147	125	105	119	124