AB SKF (publ) (SKF-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

-28.8%

SEK 197.57

vs SEK 277.50 price

Levered DCF

SEK 214.58

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.44

Grey zone

Rating

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	28.65×	14.59×	14.46×	16.25×	13.63×	22.67×	15.48×	8.23×
P/B	2.1×	1.58×	1.75×	1.4×	2.29×	2.84×	2.42×	1.79×
P/S	1.23×	0.96×	0.89×	0.75×	1.22×	1.3×	1×	0.7×
EV / EBITDA	9.58×	7.08×	7.03×	7.18×	7.68×	10.01×	7.59×	4.95×
Gross margin	26.8%	27.7%	25.2%	25.2%	28.5%	22.7%	24.3%	24.4%
Operating margin	8.2%	10.5%	10.7%	8.8%	13.2%	9.4%	10.9%	12.9%
Net margin	4.3%	6.6%	6.2%	4.6%	9.0%	5.7%	6.5%	8.5%
Current ratio	2.12×	2.05×	2.17×	2.45×	2.19×	2.17×	2.07×	2.26×
Debt / equity	0.28×	0.34×	0.41×	0.41×	0.44×	0.52×	0.51×	0.48×
Interest coverage	9.59×	9.49×	10.3×	14.56×	24.39×	16.71×	10.42×	14.44×
Dividend yield	3.2%	4.1%	3.6%	4.5%	3.0%	1.4%	3.2%	4.4%
Payout ratio	92.0%	59.2%	52.5%	72.7%	41.1%	31.8%	49.1%	36.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.3%	10.9%	12.1%	8.6%	16.8%	12.5%	15.6%	21.7%
Return on invested capital	6.1%	8.3%	9.3%	6.5%	10.3%	7.0%	8.7%	12.0%
Return on assets	3.7%	5.4%	5.7%	4.0%	7.4%	4.7%	5.9%	8.4%
Free cash flow yield	4.1%	6.0%	8.7%	0.6%	1.4%	5.0%	6.6%	9.2%
Earnings yield	3.5%	6.9%	6.9%	6.2%	7.3%	4.4%	6.5%	12.2%
Enterprise value	SEK 118.6B	SEK 103.5B	SEK 100.8B	SEK 83.6B	SEK 106B	SEK 101.2B	SEK 97.5B	SEK 65.7B
Net debt / EBITDA	0.5×	0.62×	0.58×	0.95×	0.44×	0.37×	0.9×	0.43×
Cash conversion cycle (days)	149	136	134	141	136	109	120	120