Nederman Holding AB (publ) (NMAN.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

+150.6%

SEK 345.38

vs SEK 137.80 price

Levered DCF

SEK 172.36

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.8

Distress zone

Rating

B+

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	21.74×	22.1×	18.49×	18.4×	25.06×	44.76×	20.9×	15.71×
P/B	2.37×	2.8×	2.66×	2.77×	4.45×	3.8×	3.42×	2.55×
P/S	1.03×	1.29×	1.02×	1.17×	1.89×	1.35×	1.09×	0.9×
EV / EBITDA	9.8×	10.3×	8.8×	10.58×	13.63×	16.76×	12.3×	8.49×
Gross margin	39.7%	39.4%	36.5%	36.1%	37.6%	37.9%	36.9%	37.3%
Operating margin	8.7%	10.0%	9.7%	9.3%	11.4%	6.0%	8.0%	8.3%
Net margin	4.7%	5.9%	5.5%	6.3%	7.6%	3.0%	5.2%	5.7%
Current ratio	1.62×	1.56×	1.61×	1.65×	1.53×	1.68×	1.52×	1.6×
Debt / equity	0.98×	0.91×	0.89×	0.97×	0.88×	1.36×	1.35×	0.74×
Interest coverage	3.92×	4.05×	4.66×	7.51×	11.28×	3.74×	7.75×	7.09×
Dividend yield	2.4%	1.8%	2.1%	2.0%	0.5%	0.0%	1.7%	2.2%
Payout ratio	51.3%	40.2%	38.6%	37.4%	11.5%	0.0%	35.7%	34.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	12.7%	14.4%	15.0%	17.8%	8.5%	16.4%	16.3%
Return on invested capital	6.9%	7.8%	9.2%	7.7%	9.5%	5.0%	7.3%	8.6%
Return on assets	4.0%	4.8%	5.3%	5.2%	6.3%	2.6%	4.8%	5.3%
Free cash flow yield	2.6%	5.7%	6.0%	2.9%	5.4%	4.4%	4.8%	4.8%
Earnings yield	4.6%	4.5%	5.4%	5.4%	4.0%	2.2%	4.8%	6.4%
Enterprise value	SEK 7.8B	SEK 9.3B	SEK 7.6B	SEK 7.5B	SEK 8.6B	SEK 6.2B	SEK 6.1B	SEK 3.7B
Net debt / EBITDA	2.28×	1.84×	1.51×	2×	1.53×	3.49×	2.83×	1.07×
Cash conversion cycle (days)	125	114	115	125	109	24	25	19