Swedish Logistic Property AB (SLP-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

+393.6%

SEK 165.86

vs SEK 33.60 price

Levered DCF

SEK 102.90

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.73

Distress 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
P/E	14.86×	15.73×	20.87×	10.21×	7.64×	9.6×	19.25×
P/B	1.28×	1.34×	1.25×	0.5×	0.87×	1.08×	4.37×
P/S	10.63×	13×	11.02×	10.4×	21.71×	41.72×	209.02×
EV / EBITDA	15.75×	25.74×	20.88×	6.92×	9.55×	96.89×	15.75×
Gross margin	87.5%	86.2%	82.7%	78.6%	78.4%	81.0%	69.5%
Operating margin	84.8%	82.3%	95.9%	0.2%	0.2%	0.4%	1.4%
Net margin	71.5%	82.7%	52.6%	101.9%	280.6%	434.3%	1088.1%
Current ratio	0.41×	0.15×	0.53×	0.27×	0.23×	0.3×	0.59×
Debt / equity	1.13×	0.87×	0.75×	0×	0.56×	0.53×	0.3×
Interest coverage	3.08×	2.93×	3.36×	0.01×	0.01×	0.03×	0.14×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.6%	8.5%	6.0%	4.9%	11.2%	11.3%	22.7%
Return on invested capital	3.4%	3.3%	3.8%	0.0%	0.0%	0.0%	0.0%
Return on assets	3.8%	4.2%	2.8%	53.9%	410.9%	4553.4%	4541.5%
Free cash flow yield	5.1%	4.2%	5.9%	3.3%	2.7%	0.8%	0.4%
Earnings yield	6.7%	6.4%	4.8%	9.8%	12.9%	10.4%	5.2%
Enterprise value	SEK 19.8B	SEK 15.1B	SEK 9.6B	SEK 4.2B	SEK 9.5B	SEK 5.9B	SEK 4.2B
Net debt / EBITDA	7.16×	9.96×	6.9×	-0.11×	3.7×	31.05×	0.8×
Cash conversion cycle (days)	0	-172	0	-35,116	-155	-160	-57,767