Stendörren Fastigheter AB (publ) (STEF-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

+449.4%

SEK 853.81

vs SEK 155.40 price

Levered DCF

SEK 403.36

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.75

Distress zone

Rating

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	37.41×	21.7×	-21.2×	20.34×	7.15×	16.85×	16.41×	6.66×
P/B	1.17×	1.13×	1.2×	1×	1.66×	1.06×	1.24×	1×
P/S	5.96×	6.74×	5.39×	7.44×	13.24×	6.84×	8.04×	5.19×
EV / EBITDA	22.89×	22.15×	20.43×	20.86×	8.74×	19.86×	17.38×	12.74×
Gross margin	79.8%	81.3%	80.1%	74.8%	74.3%	73.1%	67.1%	66.3%
Operating margin	72.3%	79.6%	72.2%	45.6%	247.9%	76.2%	90.9%	66.1%
Net margin	15.9%	36.3%	-25.4%	36.6%	185.1%	40.6%	49.0%	78.0%
Current ratio	1.43×	0.6×	0.18×	0.34×	0.3×	0.37×	0.14×	0.19×
Debt / equity	1.79×	1.49×	1.59×	1.21×	1.12×	1.31×	1.31×	1.9×
Interest coverage	1.77×	1.69×	1.82×	1.76×	13.96×	3.59×	3.24×	3.48×
Dividend yield	0.4%	0.8%	1.1%	1.1%	0.6%	1.3%	0.9%	2.1%
Payout ratio	13.9%	14.1%	-24.0%	21.6%	4.3%	21.1%	15.5%	14.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.1%	6.1%	-5.7%	4.9%	23.2%	6.3%	7.6%	15.1%
Return on invested capital	2.7%	3.6%	5.4%	1.9%	10.7%	3.6%	4.3%	3.6%
Return on assets	1.0%	2.2%	-1.9%	2.0%	9.8%	2.5%	3.0%	4.8%
Free cash flow yield	5.7%	3.6%	5.9%	21.8%	2.6%	6.3%	2.9%	5.1%
Earnings yield	2.7%	5.4%	-4.7%	4.9%	14.0%	5.9%	6.1%	15.0%
Enterprise value	SEK 16B	SEK 13.9B	SEK 12B	SEK 11.7B	SEK 14.3B	SEK 9.3B	SEK 9.7B	SEK 7.9B
Net debt / EBITDA	13.65×	12.48×	11.54×	11.12×	3.47×	10.63×	8.82×	8.25×
Cash conversion cycle (days)	-21	-126	-221	-119	12	-92	-21	-182