Swedbank AB (publ) (SWED-A.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

+660.5%

SEK 2,950.01

vs SEK 387.90 price

Levered DCF

-SEK 906.11

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.19

Distress zone

Rating

B-

Overall 2 / 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	11.02×	7.04×	6.7×	9.1×	9.78×	12.48×	7.91×	10.45×
P/B	1.6×	1.12×	1.15×	1.13×	1.26×	1.04×	1.12×	1.61×
P/S	3.11×	1.71×	1.74×	3.08×	4.11×	3.11×	2.86×	4.32×
EV / EBITDA	23.17×	17.88×	18.61×	24.15×	23.71×	34.76×	33.13×	32.71×
Gross margin	59.9%	50.9%	55.1%	79.5%	94.0%	86.9%	82.7%	83.0%
Operating margin	35.6%	30.7%	33.3%	41.5%	52.0%	32.4%	44.8%	51.8%
Net margin	28.3%	24.2%	26.0%	33.1%	42.0%	24.9%	36.1%	41.3%
Current ratio	0.19×	0.24×	0.2×	0.26×	0.27×	0.24×	0.19×	0.16×
Debt / equity	4.03×	4.22×	4.4×	5.01×	5×	4.97×	6.51×	6.14×
Interest coverage	0.89×	0.62×	0.74×	2.02×	8.73×	2.48×	2.59×	3.05×
Dividend yield	6.8%	6.9%	4.8%	6.3%	8.0%	0.0%	10.2%	6.6%
Payout ratio	74.5%	48.9%	32.1%	59.1%	78.1%	0.0%	80.7%	68.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.5%	15.9%	17.2%	12.1%	12.9%	8.3%	14.2%	15.4%
Return on invested capital	2.0%	2.1%	2.2%	-2.9%	1.5%	0.9%	1.5%	1.7%
Return on assets	1.1%	1.2%	1.2%	0.7%	0.8%	0.5%	0.8%	0.9%
Free cash flow yield	-12.9%	32.7%	-63.9%	-9.5%	24.1%	67.5%	24.2%	5.3%
Earnings yield	9.1%	14.2%	14.9%	10.7%	10.2%	8.0%	12.6%	9.6%
Enterprise value	SEK 1T	SEK 843.1B	SEK 849.2B	SEK 714.4B	SEK 652.1B	SEK 638.2B	SEK 863.1B	SEK 900.9B
Net debt / EBITDA	14.86×	12.67×	13.6×	17.42×	16.29×	25.97×	27.14×	24.68×
Cash conversion cycle (days)	0	1	1	3	4	4	-141	-108