Skanska AB (publ) (SKA-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

+23.9%

SEK 350.61

vs SEK 283.00 price

Levered DCF

SEK 236.61

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.15

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	18.26×	17.22×	14.98×	8.23×	14.07×	8.75×	14.42×	12.62×
P/B	1.69×	1.53×	1.33×	1.23×	2.11×	2.24×	2.64×	1.97×
P/S	0.59×	0.54×	0.45×	0.42×	0.67×	0.54×	0.5×	0.34×
EV / EBITDA	10.76×	11.47×	10.78×	6.96×	8.89×	7.07×	9.45×	8.3×
Gross margin	8.2%	8.2%	8.0%	10.2%	10.9%	10.5%	9.4%	8.3%
Operating margin	3.5%	3.8%	3.2%	6.1%	5.8%	7.9%	4.3%	3.3%
Net margin	3.2%	3.1%	3.0%	5.1%	4.8%	6.2%	3.5%	2.7%
Current ratio	1.54×	1.55×	1.56×	1.51×	1.51×	1.52×	1.35×	1.25×
Debt / equity	0.26×	0.32×	0.32×	0.27×	0.33×	0.39×	0.49×	0.3×
Interest coverage	15.34×	14.33×	53.35×	477.19×	41.88×	48.4×	41.97×	112.94×
Dividend yield	3.2%	2.4%	4.1%	6.1%	4.1%	1.6%	2.8%	5.8%
Payout ratio	58.2%	40.7%	61.6%	50.0%	57.1%	13.6%	40.8%	73.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.2%	8.9%	8.9%	15.0%	15.0%	25.6%	18.3%	15.6%
Return on invested capital	5.9%	5.8%	5.7%	10.8%	10.3%	16.2%	10.8%	17.4%
Return on assets	3.6%	3.2%	3.2%	5.4%	4.9%	7.9%	4.8%	3.9%
Free cash flow yield	3.9%	6.7%	0.8%	-2.6%	5.7%	11.2%	3.9%	11.9%
Earnings yield	5.5%	5.8%	6.7%	12.1%	7.1%	11.4%	6.9%	7.9%
Enterprise value	SEK 109.6B	SEK 97.3B	SEK 74.8B	SEK 72.7B	SEK 100.6B	SEK 81.9B	SEK 94.3B	SEK 55.6B
Net debt / EBITDA	0.53×	0.21×	-0.01×	0.45×	0.36×	-0.38×	0.73×	-0.31×
Cash conversion cycle (days)	120	206	200	165	234	173	154	140