Platzer Fastigheter Holding AB (publ) (PLAZ-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

-19.3%

SEK 49.53

vs SEK 61.40 price

Levered DCF

-SEK 30.89

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.36

Distress zone

Rating

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	12.74×	28.95×	-10.7×	3.26×	9.52×	9.43×	9.02×	4.71×
P/B	0.67×	0.82×	0.81×	0.7×	1.47×	1.34×	1.55×	0.98×
P/S	5.09×	6.15×	6.94×	8.02×	13.53×	11.27×	11.73×	6.78×
EV / EBITDA	16.96×	23.39×	22.17×	5.29×	12.29×	12.45×	10.86×	8.09×
Gross margin	79.0%	78.7%	77.9%	76.5%	76.9%	76.0%	74.5%	74.8%
Operating margin	74.7%	74.7%	73.8%	17.2%	177.9%	172.2%	197.7%	70.0%
Net margin	40.0%	21.3%	-64.9%	246.2%	142.0%	119.5%	130.0%	144.0%
Current ratio	0.11×	0.45×	0.03×	0.12×	0.38×	0.24×	0.24×	0.1×
Debt / equity	1.13×	1.26×	1.12×	0.85×	1.13×	1.11×	1.16×	1.36×
Interest coverage	2.36×	2.16×	2.14×	0.82×	10.22×	9.5×	12.14×	3.55×
Dividend yield	2.8%	2.3%	2.7%	2.7%	1.5%	1.9%	1.5%	2.5%
Payout ratio	36.1%	67.3%	-29.2%	8.7%	14.7%	17.6%	14.0%	12.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.3%	2.8%	-7.6%	21.6%	15.4%	14.2%	17.2%	20.8%
Return on invested capital	3.5%	2.8%	3.0%	0.6%	6.6%	7.1%	8.4%	3.2%
Return on assets	2.2%	1.1%	-3.2%	10.3%	6.3%	5.9%	6.9%	7.9%
Free cash flow yield	6.9%	9.0%	6.0%	-6.3%	4.2%	3.8%	4.1%	7.6%
Earnings yield	7.9%	3.5%	-9.3%	30.7%	10.5%	10.6%	11.1%	21.2%
Enterprise value	SEK 23.7B	SEK 25.7B	SEK 23.9B	SEK 21.5B	SEK 28.5B	SEK 23.4B	SEK 22.8B	SEK 16.5B
Net debt / EBITDA	10.6×	14.06×	12.82×	2.87×	5.29×	5.61×	4.58×	4.63×
Cash conversion cycle (days)	6	28	-85	-366	-17	22	-126	-177