NP3 Fastigheter AB (publ) (NP3.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

+37.7%

SEK 308.46

vs SEK 224.00 price

Levered DCF

SEK 117.50

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.05

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	13.65×	17.64×	-43.47×	9.43×	10.12×	10.9×	8.3×	7.12×
P/B	1.49×	1.57×	1.7×	1.42×	2.94×	1.42×	1.49×	0.96×
P/S	7.01×	7.42×	7.37×	6.98×	15.93×	6.04×	6.1×	3.92×
EV / EBITDA	13.55×	19.15×	35.59×	11.88×	11.05×	13.62×	11.55×	13.52×
Gross margin	75.9%	75.8%	75.3%	74.1%	73.7%	75.0%	71.3%	70.1%
Operating margin	71.9%	71.6%	71.2%	100.1%	73.7%	74.9%	71.4%	88.4%
Net margin	56.1%	45.9%	-3.5%	78.9%	162.9%	60.4%	78.2%	55.1%
Current ratio	0.33×	0.18×	0.38×	0.3×	0.17×	0.34×	0.56×	0.26×
Debt / equity	1.33×	1.35×	1.55×	1.62×	1.56×	1.66×	1.69×	1.89×
Interest coverage	2.81×	2.38×	2.07×	4.36×	3.83×	3.87×	3.92×	4.96×
Dividend yield	2.3%	1.4%	2.1%	2.9%	1.3%	3.4%	3.2%	4.9%
Payout ratio	29.0%	22.8%	-445.2%	25.3%	12.9%	34.1%	25.3%	35.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.9%	9.7%	-0.8%	16.1%	30.1%	14.2%	19.0%	13.4%
Return on invested capital	4.9%	4.6%	6.0%	5.8%	4.1%	5.1%	5.2%	5.9%
Return on assets	4.6%	3.7%	-0.3%	5.6%	10.8%	4.9%	6.6%	4.3%
Free cash flow yield	6.4%	5.8%	4.2%	6.7%	2.9%	5.3%	3.9%	1.4%
Earnings yield	8.0%	6.2%	-0.5%	11.3%	10.2%	10.0%	12.8%	14.0%
Enterprise value	SEK 29.9B	SEK 27.4B	SEK 25.2B	SEK 23B	SEK 29.9B	SEK 14.1B	SEK 12.9B	SEK 9.8B
Net debt / EBITDA	6.32×	8.82×	16.85×	6.28×	3.77×	7.28×	6.06×	8.95×
Cash conversion cycle (days)	33	39	16	18	22	56	20	-15,431