Scandic Hotels Group AB (publ) (SHOT.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

+417.8%

SEK 540.60

vs SEK 104.40 price

Levered DCF

SEK 591.33

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.55

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	33.55×	21.74×	16.7×	15.64×	-4.16×	-0.87×	14.9×	12.01×
P/B	7.24×	4.28×	4.31×	2.81×	6.26×	2.54×	1.64×	1.04×
P/S	0.94×	0.64×	0.4×	0.32×	0.69×	0.69×	0.57×	0.45×
EV / EBITDA	13.47×	8.67×	8.09×	8.41×	17.15×	28.48×	7.95×	7.26×
Gross margin	54.4%	81.3%	33.5%	63.2%	58.6%	48.5%	62.4%	59.9%
Operating margin	3.6%	12.9%	12.7%	12.8%	-4.4%	-60.2%	11.3%	5.5%
Net margin	2.8%	2.9%	2.4%	2.0%	-16.6%	-79.7%	3.8%	3.7%
Current ratio	0.32×	0.31×	0.32×	0.3×	0.24×	0.17×	0.23×	0.37×
Debt / equity	15.43×	13.9×	22.13×	19.54×	34.84×	16.09×	4.93×	0.71×
Interest coverage	0.43×	1.41×	1.37×	1.37×	-0.28×	-3.52×	1.72×	5.31×
Dividend yield	2.8%	3.9%	0.1%	0.2%	0.0%	0.7%	3.3%	4.9%
Payout ratio	93.6%	85.7%	1.3%	2.5%	-0.2%	-0.6%	49.4%	58.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.6%	19.7%	25.8%	17.9%	-150.6%	-292.4%	11.0%	8.7%
Return on invested capital	1.3%	4.3%	4.5%	3.5%	-0.9%	-12.2%	4.3%	5.6%
Return on assets	1.2%	1.2%	1.0%	0.8%	-3.8%	-15.5%	1.7%	3.8%
Free cash flow yield	25.1%	38.1%	66.1%	94.1%	45.7%	7.7%	36.4%	6.3%
Earnings yield	3.0%	4.6%	6.0%	6.4%	-24.1%	-115.1%	6.7%	8.3%
Enterprise value	SEK 64.7B	SEK 58.5B	SEK 53.1B	SEK 48.8B	SEK 45.6B	SEK 37.9B	SEK 43B	SEK 13.5B
Net debt / EBITDA	9.1×	6.6×	6.74×	7.35×	14.52×	24.59×	5.96×	2.92×
Cash conversion cycle (days)	-120	-52	-14	-26	-50	-10	-17	-17