Avarda Bank AB (publ) (TFBANK.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

+101.2%

SEK 436.61

vs SEK 217.00 price

Levered DCF

SEK 573.93

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.62

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	16.51×	13.02×	9.73×	11.58×	18.31×	9.54×	11.65×	7.97×
P/B	3.48×	2.83×	1.7×	2.18×	3.45×	1.72×	2.8×	2.1×
P/S	2.85×	2.44×	1.47×	2.37×	4.25×	1.89×	2.89×	2.43×
EV / EBITDA	12.21×	9.74×	7.28×	8.53×	10.24×	3.7×	7.65×	0×
Gross margin	78.2%	75.1%	79.5%	86.8%	89.6%	87.6%	87.8%	100.0%
Operating margin	23.0%	24.5%	20.4%	27.2%	30.4%	26.6%	33.4%	0.0%
Net margin	18.0%	19.7%	15.9%	21.4%	23.9%	20.5%	25.6%	30.6%
Current ratio	8.83×	0.01×	0.01×	0.01×	45.62×	0.13×	0.06×	0.05×
Debt / equity	0.24×	0.18×	0.23×	0.17×	0.18×	0.26×	0.27×	0.15×
Interest coverage	1.06×	0.98×	1×	2.07×	2.93×	2.14×	2.73×	0×
Dividend yield	1.0%	0.4%	0.0%	0.6%	0.4%	0.4%	2.0%	3.2%
Payout ratio	16.2%	4.6%	0.0%	6.3%	7.8%	3.4%	22.3%	25.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.0%	22.8%	18.4%	19.7%	19.4%	18.7%	24.8%	26.4%
Return on invested capital	2.3%	17.5%	12.5%	15.3%	16.7%	13.9%	17.9%	0.0%
Return on assets	2.3%	2.5%	1.7%	1.9%	2.1%	2.0%	2.6%	3.2%
Free cash flow yield	7.2%	-20.8%	57.6%	26.7%	3.8%	18.0%	12.4%	12.8%
Earnings yield	6.3%	8.1%	10.8%	9.0%	5.6%	10.9%	8.9%	12.6%
Enterprise value	SEK 11.3B	SEK 8.3B	SEK 4.2B	SEK 4B	SEK 3.9B	SEK 1B	SEK 2.4B	SEK 1.4B
Net debt / EBITDA	0.75×	0.58×	0.85×	0.5×	-2.7×	-2.89×	-0.49×	0×
Cash conversion cycle (days)	-78	-113	-80	-53	-85	-103	-106	0