Trelleborg AB (publ) (TREL-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

-14.4%

SEK 389.46

vs SEK 455.00 price

Levered DCF

SEK 316.54

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.98

Safe zone

Rating

B+

Overall 3 / 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	24.92×	24.07×	21.46×	18.54×	17.35×	18.25×	-230.89×	11.65×
P/B	2.45×	2.28×	1.92×	1.7×	1.95×	1.71×	1.56×	1.23×
P/S	2.61×	2.76×	2.35×	2.11×	1.9×	1.51×	1.25×	1.09×
EV / EBITDA	13.15×	13.53×	10.5×	13.42×	13.35×	10.46×	20.5×	7.97×
Gross margin	37.6%	35.3%	36.4%	36.4%	32.5%	32.0%	32.0%	32.2%
Operating margin	18.2%	16.1%	16.4%	17.0%	15.8%	13.1%	12.8%	13.2%
Net margin	10.5%	29.4%	10.9%	17.5%	11.0%	8.3%	-0.5%	9.4%
Current ratio	1.36×	1.45×	2.2×	1.39×	1.78×	1.51×	1.46×	1.55×
Debt / equity	0.25×	0.21×	0.2×	0.67×	0.35×	0.53×	0.58×	0.41×
Interest coverage	12.34×	13.6×	8.05×	12.61×	21.95×	12.06×	11.27×	13.34×
Dividend yield	1.9%	1.7%	1.9%	2.3%	2.1%	0.0%	2.8%	3.3%
Payout ratio	47.8%	16.0%	40.8%	28.2%	36.5%	0.0%	-647.2%	38.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.9%	24.2%	9.0%	14.0%	11.3%	9.4%	-0.7%	10.6%
Return on invested capital	9.8%	7.6%	8.0%	5.9%	8.8%	7.0%	-3.3%	7.6%
Return on assets	6.5%	16.7%	6.2%	6.8%	6.7%	5.0%	-0.4%	6.2%
Free cash flow yield	4.1%	3.4%	4.5%	4.1%	4.2%	8.4%	6.7%	5.4%
Earnings yield	4.0%	10.6%	4.7%	8.3%	5.8%	5.5%	-0.4%	8.6%
Enterprise value	SEK 96.6B	SEK 101.2B	SEK 78B	SEK 84.8B	SEK 72.4B	SEK 59B	SEK 60.1B	SEK 47.1B
Net debt / EBITDA	0.96×	0.86×	-0.3×	3.36×	1.47×	1.68×	4.91×	1.68×
Cash conversion cycle (days)	77	120	131	123	103	103	108	104