Sveafastigheter AB (SVEAF.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

-381.3%

-SEK 87.09

vs SEK 30.96 price

Levered DCF

-SEK 38.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.3

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
P/E	97.1×	-4.41×	-1.8×	-2.8×	0.36×
P/B	0.55×	0.33×	0.6×	0.53×	0.19×
P/S	5.31×	3.64×	7.02×	7.88×	0.35×
EV / EBITDA	41.51×	-32.91×	-3.49×	-5.02×	0.77×
Gross margin	65.8%	63.3%	60.7%	59.5%	96.8%
Operating margin	50.1%	43.9%	44.3%	43.5%	95.7%
Net margin	5.5%	-82.7%	-389.3%	-282.1%	97.6%
Current ratio	0.5×	0.63×	1.55×	1.99×	70.09×
Debt / equity	0.87×	0.83×	0.64×	0.56×	0.39×
Interest coverage	1.98×	1.19×	1.06×	1.36×	79×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021
Return on equity	0.6%	-7.6%	-33.2%	-18.8%	52.6%
Return on invested capital	2.0%	2.1%	1.4%	1.2%	23.8%
Return on assets	0.3%	-3.9%	-13.9%	-7.7%	25.3%
Free cash flow yield	8.1%	14.7%	-2.6%	0.0%	16.3%
Earnings yield	1.0%	-22.7%	-55.5%	-35.8%	281.3%
Enterprise value	SEK 20.7B	SEK 17B	SEK 16B	SEK 13.4B	SEK 6.4B
Net debt / EBITDA	25.14×	-23.32×	-1.77×	-2.06×	0.41×
Cash conversion cycle (days)	-10	-28	1,377	1,175	142