Stenhus Fastigheter i Norden AB (publ) (SFAST.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

-69.1%

SEK 3.30

vs SEK 10.70 price

Levered DCF

SEK 0.61

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.55

Distress 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	FY2020	FY2019
P/E	10.98×	76.4×	-9.46×	16.47×	7.1×	9.27×	42.08×
P/B	0.7×	0.73×	0.68×	0.57×	1.44×	0.49×	0×
P/S	4.01×	4.2×	3.82×	4.93×	19.84×	8.01×	15.14×
EV / EBITDA	12.79×	19.94×	408.61×	21.74×	8.46×	3.33×	0×
Gross margin	77.3%	77.4%	77.5%	78.1%	79.2%	51.8%	51.0%
Operating margin	70.7%	70.9%	71.6%	64.9%	384.9%	332.2%	51.5%
Net margin	36.4%	5.6%	-40.5%	29.8%	279.2%	260.0%	36.3%
Current ratio	0.65×	0.31×	0.26×	0.23×	0.41×	3.92×	0×
Debt / equity	1.4×	1.31×	1.43×	1.39×	0.96×	0.52×	0×
Interest coverage	1.8×	1.58×	1.68×	2.42×	21.61×	21.17×	3.88×
Dividend yield	1.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	19.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	6.3%	1.0%	-7.2%	3.5%	20.3%	15.9%	0.0%
Return on invested capital	3.5%	2.3%	4.9%	2.2%	11.0%	10.9%	0.0%
Return on assets	2.5%	0.4%	-2.8%	1.4%	9.8%	10.2%	0.0%
Free cash flow yield	10.0%	6.0%	8.8%	8.2%	3.4%	4.3%	0.0%
Earnings yield	9.1%	1.3%	-10.6%	6.1%	14.1%	32.5%	2.4%
Enterprise value	SEK 12B	SEK 11.6B	SEK 11.7B	SEK 11.7B	SEK 9B	SEK 921.7M	SEK 0
Net debt / EBITDA	8.36×	12.64×	273.15×	15.22×	3.19×	0.92×	0×
Cash conversion cycle (days)	48	17	-48	-213	-127	-34	0