Nivika Fastigheter AB (publ) (NIVI-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

+52.9%

SEK 55.04

vs SEK 36.00 price

Levered DCF

SEK 40.32

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.69

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	16.07×	30.21×	-6.28×	5.08×	9.5×	13.28×	11.2×	8.28×
P/B	0.71×	0.72×	0.18×	0.28×	0.47×	0.6×	0.68×	0.89×
P/S	5.2×	5.91×	3.25×	6.03×	10.52×	12.11×	13.31×	18.7×
EV / EBITDA	20.91×	20.89×	5.39×	3.27×	15.25×	7.97×	8.7×	85,538.21×
Gross margin	73.0%	71.2%	73.7%	72.7%	71.8%	68.5%	67.2%	70.9%
Operating margin	66.3%	63.4%	1.8%	1.5%	1.9%	2.9%	0.2%	0.0%
Net margin	32.2%	19.6%	-51.8%	118.7%	110.9%	91.3%	118.8%	225.7%
Current ratio	1.62×	0.62×	0.53×	0.56×	0.63×	0.41×	15.3×	14.56×
Debt / equity	1.19×	0.99×	0.01×	0×	0×	0×	0×	0×
Interest coverage	2.87×	1.82×	0.04×	0.06×	0.05×	0.1×	0.01×	0×
Dividend yield	1.1%	0.0%	0.0%	0.8%	0.5%	0.4%	0.8%	0.7%
Payout ratio	18.1%	0.0%	0.0%	3.9%	4.5%	5.7%	8.8%	5.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.4%	2.4%	-2.9%	5.6%	5.0%	4.5%	6.1%	10.8%
Return on invested capital	2.7%	2.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Return on assets	1.8%	1.1%	-243.3%	451.4%	229.9%	301.0%	287.3%	506.8%
Free cash flow yield	11.6%	12.3%	18.0%	4.0%	3.6%	3.4%	2.9%	3.1%
Earnings yield	6.2%	3.3%	-15.9%	19.7%	10.5%	7.5%	8.9%	12.1%
Enterprise value	SEK 10.8B	SEK 9.3B	SEK 2.1B	SEK 3B	SEK 3.3B	SEK 3.1B	SEK 2.4B	SEK 2.5B
Net debt / EBITDA	12.94×	11.93×	0.24×	-0.17×	-0.82×	-0.19×	-0.66×	-2,185.93×
Cash conversion cycle (days)	-53	10	-5	-86	-113	-223	-304	55