New Nordic Healthbrands AB (NNH.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

-27.5%

SEK 10.56

vs SEK 14.55 price

Levered DCF

SEK 64.85

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

2.82

Grey 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	17.58×	-12.1×	-16.65×	-63.04×	25.7×	19.79×	17.88×	15.54×
P/B	1.39×	0.92×	0.97×	1.6×	4.55×	3.36×	4.92×	5.14×
P/S	0.25×	0.17×	0.19×	0.37×	1.06×	0.78×	1.11×	1.05×
EV / EBITDA	9.26×	-48.31×	-91.18×	-108.81×	19×	13.95×	13.58×	11.43×
Gross margin	2.8%	64.5%	65.2%	65.3%	68.0%	68.7%	69.7%	70.5%
Operating margin	2.6%	-0.8%	-0.6%	-1.0%	5.5%	5.3%	8.0%	8.7%
Net margin	1.4%	-1.4%	-1.2%	-0.6%	4.1%	3.9%	6.2%	6.7%
Current ratio	1.6×	1.55×	1.64×	1.73×	1.99×	2.26×	2.09×	1.99×
Debt / equity	0.35×	0.39×	0.25×	0.43×	0.2×	0.01×	0.12×	0.05×
Interest coverage	5.65×	-1.64×	-1.12×	-3.11×	48.22×	43.43×	93.57×	100.66×
Dividend yield	0.0%	0.0%	0.0%	4.3%	1.7%	3.1%	1.9%	1.7%
Payout ratio	0.0%	0.0%	0.0%	-274.3%	43.6%	61.0%	33.1%	26.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.9%	-7.6%	-5.8%	-2.5%	17.7%	17.0%	27.5%	33.1%
Return on invested capital	7.1%	-3.2%	-2.3%	-1.6%	16.1%	17.4%	27.3%	30.6%
Return on assets	3.3%	-3.1%	-2.5%	-1.1%	8.9%	9.3%	14.2%	16.3%
Free cash flow yield	5.3%	-7.1%	25.1%	-10.2%	-1.9%	5.1%	-0.5%	4.1%
Earnings yield	5.7%	-8.3%	-6.0%	-1.6%	3.9%	5.0%	5.6%	6.4%
Enterprise value	SEK 163M	SEK 116.9M	SEK 116M	SEK 217.3M	SEK 560.2M	SEK 343M	SEK 502.8M	SEK 401.4M
Net debt / EBITDA	1.1×	-9.91×	-10.08×	-18.85×	0.43×	-0.36×	0.03×	-0.3×
Cash conversion cycle (days)	72	99	95	175	178	136	142	124