Securitas AB (publ) (SECU-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

+163.0%

SEK 406.53

vs SEK 154.60 price

Levered DCF

SEK 227.46

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.37

Grey 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	16.48×	15.19×	44.38×	9.45×	14.52×	20.03×	17.55×	16.7×
P/B	2.16×	1.84×	1.55×	1.12×	2.19×	2.74×	3.01×	2.86×
P/S	0.54×	0.48×	0.36×	0.31×	0.42×	0.45×	0.53×	0.5×
EV / EBITDA	9.11×	8.03×	7.11×	8.1×	7.84×	9.29×	9.38×	10.1×
Gross margin	21.0%	21.0%	20.3%	19.4%	17.9%	16.8%	17.4%	17.6%
Operating margin	7.0%	5.7%	3.1%	4.9%	4.4%	3.5%	4.7%	4.4%
Net margin	3.3%	3.2%	0.8%	3.2%	2.9%	2.2%	3.0%	3.0%
Current ratio	1.35×	1.22×	1.03×	1.34×	1.06×	1.03×	1.36×	1.32×
Debt / equity	1.09×	1.1×	1.29×	1.33×	0.96×	1.11×	1.12×	1.03×
Interest coverage	10.26×	5.56×	1.88×	6.49×	10.72×	6.74×	8.42×	8.88×
Dividend yield	3.1%	2.8%	3.5%	3.9%	3.2%	3.6%	2.7%	2.9%
Payout ratio	50.4%	42.2%	153.9%	37.2%	46.6%	72.4%	47.8%	48.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.1%	12.1%	3.5%	11.8%	15.1%	13.7%	17.2%	17.1%
Return on invested capital	9.2%	7.3%	2.6%	5.5%	7.8%	6.7%	8.5%	8.6%
Return on assets	4.7%	4.2%	1.1%	3.7%	4.9%	4.1%	5.4%	5.4%
Free cash flow yield	8.5%	7.2%	8.6%	8.2%	9.2%	13.0%	6.3%	3.3%
Earnings yield	6.1%	6.6%	2.3%	10.6%	6.9%	5.0%	5.7%	6.0%
Enterprise value	SEK 119.8B	SEK 117.8B	SEK 96.3B	SEK 82.7B	SEK 60.7B	SEK 63.4B	SEK 76.8B	SEK 65.4B
Net debt / EBITDA	2.7×	2.68×	2.9×	4.11×	1.97×	2.2×	2.19×	2.32×
Cash conversion cycle (days)	-11	61	57	65	61	57	58	62