Solnaberg Property AB (publ) (SOLNA.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

+88.2%

SEK 222.05

vs SEK 118.00 price

Levered DCF

SEK 92.05

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.64

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	FY2018
P/E	9.57×	13.19×	-60×	-245.28×	126.47×	131.71×	292.31×	91.18×
P/B	0.74×	0.69×	2.39×	2.78×	3×	2.46×	2.05×	1.52×
P/S	5.46×	5.11×	4.76×	7.6×	10.07×	9.7×	9.35×	7.88×
EV / EBITDA	11.84×	16.02×	15.03×	24.97×	24.03×	23.45×	24.63×	22.58×
Gross margin	75.7%	75.7%	78.2%	69.0%	76.5%	79.0%	77.7%	79.1%
Operating margin	71.7%	72.2%	28.0%	12.2%	20.5%	19.8%	16.3%	23.9%
Net margin	57.1%	38.7%	-7.9%	-3.1%	7.9%	7.3%	3.2%	8.7%
Current ratio	1.12×	0.98×	0.68×	0.6×	1.59×	1.08×	1.55×	1.62×
Debt / equity	0.9×	0.93×	3.64×	3.12×	2.55×	2.14×	1.9×	1.67×
Interest coverage	3.02×	2.24×	0.83×	0.83×	2.44×	2.23×	1.64×	0×
Dividend yield	5.8%	5.0%	7.8%	7.7%	5.8%	5.2%	5.3%	3.2%
Payout ratio	55.3%	66.0%	-467.9%	-1891.4%	737.9%	692.9%	1531.1%	293.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.7%	5.3%	-4.0%	-1.1%	2.4%	1.9%	0.7%	1.7%
Return on invested capital	3.5%	3.4%	2.9%	0.9%	1.3%	1.2%	0.9%	1.2%
Return on assets	3.5%	2.4%	-0.8%	-0.3%	0.6%	0.6%	0.2%	0.6%
Free cash flow yield	8.4%	7.1%	6.1%	1.2%	5.4%	3.3%	3.2%	7.6%
Earnings yield	10.5%	7.6%	-1.7%	-0.4%	0.8%	0.8%	0.3%	1.1%
Enterprise value	SEK 967M	SEK 936.8M	SEK 892M	SEK 1B	SEK 1.1B	SEK 1.1B	SEK 1B	SEK 932.9M
Net debt / EBITDA	6.27×	8.95×	8.95×	12.93×	10.39×	10.46×	11.22×	11.3×
Cash conversion cycle (days)	-43	-32	-32	-227	-49	-14	-60	-67