Sweco AB (SWEC-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

+3.6%

SEK 147.67

vs SEK 142.60 price

Levered DCF

SEK 189.25

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.55

Safe 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	24.42×	28.59×	29.12×	21.66×	40.72×	41.48×	30.48×	18.62×
P/B	4.38×	4.98×	4.58×	3.6×	7.07×	7.09×	5.94×	3.69×
P/S	1.72×	1.93×	1.7×	1.47×	2.79×	2.57×	2.06×	1.24×
EV / EBITDA	12.47×	14.34×	14.22×	11.67×	20.76×	20.74×	16.23×	9.93×
Gross margin	10.5%	9.9%	8.5%	9.0%	9.1%	8.5%	8.9%	8.5%
Operating margin	10.4%	9.8%	8.5%	9.2%	9.1%	8.2%	9.2%	8.3%
Net margin	7.0%	6.8%	5.8%	6.8%	6.8%	6.2%	6.8%	6.7%
Current ratio	1.09×	1.14×	1.12×	1.13×	1.21×	1.31×	1.06×	1.26×
Debt / equity	0.53×	0.57×	0.63×	0.45×	0.51×	0.78×	0.84×	0.43×
Interest coverage	12.75×	11.04×	9.9×	28.78×	23.22×	16.73×	15.77×	47.09×
Dividend yield	2.2%	1.8%	2.0%	2.4%	1.3%	1.4%	1.5%	2.5%
Payout ratio	53.3%	51.1%	58.1%	53.1%	52.4%	56.7%	46.2%	47.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	17.9%	17.4%	15.7%	16.6%	17.4%	17.1%	19.5%	19.9%
Return on invested capital	12.2%	11.6%	10.2%	11.3%	11.2%	9.6%	10.6%	12.3%
Return on assets	7.4%	7.3%	6.5%	7.5%	7.6%	6.5%	7.2%	8.5%
Free cash flow yield	6.6%	6.2%	4.4%	6.1%	3.2%	5.6%	4.8%	4.9%
Earnings yield	4.1%	3.5%	3.4%	4.6%	2.5%	2.4%	3.3%	5.4%
Enterprise value	SEK 59.5B	SEK 64.4B	SEK 54B	SEK 39.4B	SEK 64.2B	SEK 57.3B	SEK 47.8B	SEK 25.2B
Net debt / EBITDA	1.07×	1.14×	1.46×	1.06×	1.14×	1.37×	1.81×	0.77×
Cash conversion cycle (days)	51	114	92	98	98	87	88	143