Nordrest Holding AB (publ) (NREST.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

+46.3%

SEK 375.37

vs SEK 256.50 price

Levered DCF

SEK 1,180.69

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

7.35

Safe 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
P/E	16.09×	11.33×	17.71×	56.44×	90.66×
P/B	12.52×	9.46×	14.81×	36.09×	38.59×
P/S	1.23×	0.71×	0.81×	1.19×	2.93×
EV / EBITDA	10.33×	5.99×	7.59×	17.81×	35.95×
Gross margin	8.4%	35.0%	53.7%	53.6%	62.4%
Operating margin	9.0%	8.4%	8.9%	5.0%	4.9%
Net margin	7.7%	6.3%	4.6%	2.1%	3.2%
Current ratio	1.38×	1.4×	1.32×	1.04×	0.98×
Debt / equity	0.33×	0.24×	0.36×	0.52×	0.46×
Interest coverage	23.55×	11.16×	73.45×	44.34×	24.7×
Dividend yield	2.0%	6.7%	1.4%	1.4%	0.2%
Payout ratio	32.7%	76.2%	24.8%	78.9%	17.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	78.3%	83.5%	83.6%	64.0%	42.6%
Return on invested capital	29.4%	42.5%	53.1%	47.9%	28.8%
Return on assets	18.8%	18.2%	14.6%	6.3%	6.2%
Free cash flow yield	5.7%	7.7%	4.4%	4.9%	2.4%
Earnings yield	6.3%	8.8%	5.6%	1.8%	1.1%
Enterprise value	SEK 3.1B	SEK 1.2B	SEK 1.3B	SEK 1.3B	SEK 1.4B
Net debt / EBITDA	-0.27×	-0.78×	-0.5×	-1.4×	-1.42×
Cash conversion cycle (days)	36	40	35	2	-8