Skandinaviska Enskilda Banken AB (publ) (SEB-A.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

+510.7%

SEK 1,275.84

vs SEK 208.90 price

Levered DCF

-SEK 316.64

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.29

Distress zone

Rating

B-

Overall 2 / 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	12.51×	8.65×	7.63×	9.5×	10.71×	11.61×	9.44×	8.07×
P/B	1.69×	1.34×	1.31×	1.25×	1.41×	1.06×	1.22×	1.25×
P/S	2.55×	1.67×	1.73×	2.94×	4.47×	2.94×	2.78×	2.92×
EV / EBITDA	22.6×	15.92×	-2.26×	17.51×	18.14×	29.95×	36.02×	24.3×
Gross margin	50.5%	43.9%	47.6%	74.0%	91.3%	80.0%	72.6%	71.4%
Operating margin	25.5%	24.8%	28.6%	38.7%	50.7%	32.0%	36.3%	42.7%
Net margin	20.4%	19.3%	22.7%	30.8%	41.8%	25.4%	29.4%	36.2%
Current ratio	0.17×	0.13×	1.63×	0.26×	0.26×	25.64×	17.56×	23.71×
Debt / equity	3.67×	1.99×	0.03×	1.81×	3.96×	4.6×	5.89×	4.95×
Interest coverage	0.51×	0.44×	0.55×	1.49×	5.84×	1.6×	1.33×	1.49×
Dividend yield	5.9%	7.6%	4.9%	5.0%	6.5%	7.4%	7.4%	6.7%
Payout ratio	74.2%	66.1%	37.2%	47.9%	69.8%	85.9%	69.7%	53.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.5%	15.5%	17.2%	13.1%	13.2%	9.2%	13.0%	15.5%
Return on invested capital	1.7%	1.0%	1.2%	0.8%	1.6%	1.3%	2.1%	2.7%
Return on assets	0.8%	1.0%	1.1%	0.8%	0.8%	0.5%	0.7%	0.9%
Free cash flow yield	8.2%	-11.5%	-13.6%	-27.8%	47.6%	104.1%	-32.9%	14.6%
Earnings yield	8.0%	11.6%	13.1%	10.5%	9.3%	8.6%	10.6%	12.4%
Enterprise value	SEK 932.8B	SEK 767.6B	-SEK 112.7B	SEK 623.6B	SEK 594.5B	SEK 648.7B	SEK 958.1B	SEK 680.9B
Net debt / EBITDA	13.19×	9.48×	-8.08×	10.31×	9.83×	21.51×	28.86×	17.64×
Cash conversion cycle (days)	0	-101	-17	-206	-597	-385	-182	-8,600