SEB S.A. (SK.PA) 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

+276.6%

€204.52

vs €54.30 price

Levered DCF

€205.46

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.9

Grey 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	FY2018
P/E	11.03×	20.54×	16.12×	13.63×	16.26×	24.81×	17.37×	13.37×
P/B	0.83×	1.46×	1.94×	1.36×	2.47×	3.02×	2.75×	2.67×
P/S	0.33×	0.58×	0.78×	0.54×	0.92×	1.08×	0.9×	0.82×
EV / EBITDA	7.11×	8.46×	8.84×	8.23×	9.32×	12.82×	9.04×	9.29×
Gross margin	40.0%	40.6%	39.7%	37.6%	38.1%	38.0%	11.6%	12.0%
Operating margin	7.1%	6.5%	8.3%	7.6%	9.6%	8.4%	9.1%	9.3%
Net margin	3.0%	2.8%	4.8%	4.0%	5.6%	4.3%	5.2%	6.2%
Current ratio	1.27×	1.21×	1.25×	1.31×	1.37×	1.33×	1.51×	1.47×
Debt / equity	1.07×	0.93×	1.03×	1.05×	1.28×	1.6×	1.16×	1.17×
Interest coverage	6.41×	6.61×	15.56×	17.17×	17.96×	14.6×	16.32×	19.27×
Dividend yield	7.7%	4.1%	2.2%	3.2%	1.6%	1.0%	1.7%	2.3%
Payout ratio	84.5%	83.6%	36.1%	44.2%	26.7%	24.8%	29.1%	30.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.6%	7.1%	12.1%	10.0%	15.2%	12.2%	15.9%	20.0%
Return on invested capital	5.9%	5.0%	6.9%	6.5%	7.8%	6.3%	8.8%	9.7%
Return on assets	2.6%	2.5%	4.2%	3.5%	4.5%	3.2%	4.9%	5.9%
Free cash flow yield	-0.6%	7.5%	13.6%	1.0%	4.9%	10.5%	7.0%	9.8%
Earnings yield	9.1%	4.9%	6.2%	7.3%	6.2%	4.0%	5.8%	7.5%
Enterprise value	€5.2B	€6.8B	€8.1B	€6.4B	€8.9B	€9.6B	€8.6B	€7.4B
Net debt / EBITDA	3.39×	2.53×	2.03×	2.68×	1.64×	2.91×	2.09×	2.29×
Cash conversion cycle (days)	102	90	77	96	66	54	66	75