Fastighets AB Trianon (publ) (TRIAN-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

-60.0%

SEK 6.20

vs SEK 15.50 price

Levered DCF

-SEK 3.54

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.18

Distress zone

Rating

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	12.39×	18.56×	-10.53×	24.82×	6.89×	9.73×	11.55×	8.58×
P/B	0.71×	0.75×	0.53×	0.61×	1.72×	1.43×	1.26×	1.11×
P/S	4.74×	5.22×	3.53×	4.21×	14.53×	9.15×	8.01×	6.36×
EV / EBITDA	17.13×	24.78×	143.46×	29.17×	9.04×	14.17×	17.71×	15.57×
Gross margin	66.2%	67.3%	64.0%	54.3%	63.2%	66.1%	62.5%	60.7%
Operating margin	57.4%	59.5%	61.3%	20.4%	270.6%	146.9%	120.9%	61.7%
Net margin	38.9%	29.1%	-27.3%	16.9%	211.1%	93.9%	69.4%	74.3%
Current ratio	0.11×	0.07×	0.14×	0.06×	0.07×	0.21×	0.92×	0.41×
Debt / equity	1.37×	1.39×	1.48×	1.36×	1.35×	1.63×	1.67×	1.69×
Interest coverage	1.73×	1.53×	1.5×	1.03×	17.57×	9.06×	7.71×	4.51×
Dividend yield	0.1%	0.2%	2.2%	2.4%	0.8%	0.0%	1.1%	1.6%
Payout ratio	1.7%	3.6%	-28.4%	59.7%	5.2%	0.1%	12.8%	13.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.8%	4.2%	-4.1%	2.4%	25.0%	14.7%	10.9%	12.9%
Return on invested capital	2.7%	2.4%	3.0%	1.0%	9.9%	6.6%	5.2%	3.1%
Return on assets	2.3%	1.6%	-1.5%	1.0%	9.6%	5.0%	3.7%	4.2%
Free cash flow yield	5.6%	3.2%	4.8%	13.5%	6.1%	13.1%	4.1%	6.9%
Earnings yield	8.2%	5.6%	-7.7%	4.0%	14.5%	10.3%	8.7%	11.7%
Enterprise value	SEK 10.9B	SEK 11.4B	SEK 10B	SEK 10.5B	SEK 15.9B	SEK 10.5B	SEK 8.1B	SEK 5.5B
Net debt / EBITDA	11.22×	16.03×	105.18×	20.05×	3.94×	7.35×	9.91×	9.38×
Cash conversion cycle (days)	-19	-19	-0	-92	-119	-57	-74	-16,350