Svenska Handelsbanken AB (publ) (SHB-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

+2615.0%

SEK 4,234.03

vs SEK 155.95 price

Levered DCF

SEK 3,178.71

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.07

Distress zone

Rating

C+

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	11.21×	8.24×	7.45×	9.6×	9.92×	10.5×	11.66×	11.05×
P/B	1.33×	1.08×	1.06×	1.06×	1.07×	0.95×	1.24×	1.35×
P/S	1.85×	3.65×	3.49×	4.23×	4.52×	3.7×	4.43×	4.47×
EV / EBITDA	49.21×	40.84×	41.7×	44.76×	52.46×	55.05×	56.19×	58.64×
Gross margin	39.5%	100.0%	100.1%	100.0%	100.0%	100.0%	100.0%	100.0%
Operating margin	21.4%	56.2%	75.4%	111.9%	56.3%	45.5%	48.9%	92.9%
Net margin	16.5%	44.3%	46.9%	44.1%	45.5%	35.2%	38.0%	40.4%
Current ratio	0.62×	0.47×	0.43×	0.47×	0.22×	210,404×	209.14×	1,735.12×
Debt / equity	8.78×	8.76×	9.03×	8.5×	7.92×	8.15×	9.18×	10.49×
Interest coverage	0.35×	0.28×	0.42×	1.79×	3.75×	1.45×	0.98×	2.23×
Dividend yield	11.2%	11.4%	7.3%	4.8%	8.6%	0.0%	5.4%	7.6%
Payout ratio	125.2%	93.8%	54.4%	45.7%	85.3%	0.0%	63.2%	84.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.9%	13.1%	14.2%	11.1%	10.7%	9.1%	10.6%	12.2%
Return on invested capital	0.7%	1.1%	1.5%	-9.3%	1.0%	2.9%	3.6%	6.4%
Return on assets	0.7%	0.8%	0.8%	0.6%	0.6%	0.5%	0.6%	0.6%
Free cash flow yield	20.4%	20.3%	9.8%	-19.0%	24.6%	52.3%	10.2%	39.2%
Earnings yield	8.9%	12.1%	13.4%	10.4%	10.1%	9.5%	8.6%	9.0%
Enterprise value	SEK 1.6T	SEK 1.5T	SEK 1.6T	SEK 1.4T	SEK 1.3T	SEK 1.1T	SEK 1.3T	SEK 1.3T
Net debt / EBITDA	41.07×	34.78×	36×	38.08×	44.87×	47.17×	47.76×	50.2×
Cash conversion cycle (days)	0	1	1	0	0	0	0	0