Peab AB (publ) (PEAB-B.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

-39.4%

SEK 56.71

vs SEK 93.60 price

Levered DCF

SEK 196.16

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.23

Grey zone

Rating

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	17.74×	9.52×	8.26×	9.43×	14.17×	8.31×	13.22×	10.01×
P/B	1.49×	1.38×	1.14×	1.25×	2.46×	2.13×	2.25×	1.85×
P/S	0.42×	0.37×	0.27×	0.28×	0.57×	0.44×	0.49×	0.4×
EV / EBITDA	7.66×	6.79×	6.94×	8.18×	9.66×	6.67×	7.87×	7.4×
Gross margin	9.4%	9.6%	8.8%	9.0%	10.0%	10.3%	9.4%	9.9%
Operating margin	3.9%	5.2%	4.2%	4.1%	5.0%	6.6%	5.8%	4.9%
Net margin	2.3%	3.9%	3.2%	3.0%	4.0%	5.3%	3.7%	4.0%
Current ratio	1.56×	1.43×	1.32×	1.28×	1.23×	1.16×	1.31×	1.32×
Debt / equity	0.71×	0.87×	1.27×	1.44×	1.1×	0.96×	0.74×	0.62×
Interest coverage	2×	4.95×	4.43×	12.47×	18.95×	25.3×	23.13×	25.23×
Dividend yield	3.2%	1.9%	7.0%	8.5%	3.9%	0.3%	4.5%	5.6%
Payout ratio	57.6%	18.0%	57.8%	80.5%	55.8%	2.6%	59.2%	56.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.3%	14.5%	13.8%	13.3%	17.4%	25.6%	17.1%	18.5%
Return on invested capital	6.1%	8.2%	5.2%	5.4%	7.3%	12.7%	9.1%	7.1%
Return on assets	3.1%	5.0%	3.9%	3.6%	4.8%	7.5%	5.4%	5.6%
Free cash flow yield	11.8%	21.6%	16.2%	-17.4%	5.2%	25.5%	-5.1%	-7.8%
Earnings yield	5.6%	10.5%	12.1%	10.6%	7.1%	12.0%	7.6%	10.0%
Enterprise value	SEK 32.9B	SEK 35.7B	SEK 33.6B	SEK 35.6B	SEK 45.7B	SEK 37.5B	SEK 36.4B	SEK 26.7B
Net debt / EBITDA	1.97×	2.45×	3.55×	4.21×	2.55×	1.96×	1.89×	1.57×
Cash conversion cycle (days)	39	171	164	172	154	137	137	126