Norion Bank AB (NORION.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

+0.7%

SEK 66.27

vs SEK 65.80 price

Levered DCF

-SEK 6.18

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.46

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	9.68×	5.98×	7.5×	7.17×	10.92×	26.69×	-708.41×	10.03×
P/B	1.46×	0.83×	1.12×	1.11×	1.32×	1.65×	1.8×	1.68×
P/S	2.53×	1.33×	1.87×	2.13×	2.6×	3.11×	2.5×	3.04×
EV / EBITDA	6.54×	3.73×	4.36×	5.47×	8.25×	11.65×	-23.84×	9.96×
Gross margin	69.6%	65.8%	73.5%	86.9%	88.0%	84.5%	84.5%	88.9%
Operating margin	33.5%	28.6%	33.0%	39.0%	32.0%	16.1%	-11.9%	34.7%
Net margin	26.2%	22.5%	26.1%	30.8%	25.1%	12.1%	-9.6%	26.6%
Current ratio	0.14×	0.08×	0.08×	0.09×	0.17×	0.12×	0.17×	0.08×
Debt / equity	0.36×	0.33×	0.16×	0.49×	0.97×	0.26×	1.14×	0.97×
Interest coverage	1.1×	0.84×	1.24×	2.97×	2.66×	1.04×	-0.77×	3.13×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.2%	14.0%	15.6%	16.1%	12.7%	6.4%	-7.0%	14.7%
Return on invested capital	2.1%	9.3%	11.7%	9.7%	5.9%	4.6%	-3.0%	7.1%
Return on assets	2.1%	1.9%	2.4%	2.3%	1.7%	0.8%	-0.6%	1.7%
Free cash flow yield	9.0%	-2.4%	24.8%	3.0%	-45.6%	0.1%	55.7%	15.5%
Earnings yield	10.4%	16.9%	14.0%	14.5%	9.7%	3.9%	-3.9%	8.7%
Enterprise value	SEK 12.5B	SEK 6.3B	SEK 7.4B	SEK 8.2B	SEK 8.2B	SEK 5.2B	SEK 4.4B	SEK 7.1B
Net debt / EBITDA	-0.68×	-0.72×	-1.08×	0.24×	0.42×	-5.77×	7.14×	2.03×
Cash conversion cycle (days)	-76	-70	-85	-100	-98	-75	-81	-97