Wihlborgs Fastigheter AB (publ) (WIHL.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

+60.6%

SEK 110.91

vs SEK 69.05 price

Levered DCF

SEK 59.57

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.44

Distress 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	12.64×	18.88×	-1,073.46×	10.55×	4.72×	6.41×	4.54×	3.27×
P/B	1.15×	1.39×	1.29×	1.03×	0.72×	0.73×	0.74×	0.51×
P/S	6.44×	7.72×	7.43×	7.24×	5.16×	4.64×	4.44×	2.93×
EV / EBITDA	15.32×	18.27×	58.29×	15.28×	8.65×	12.45×	10.17×	9.41×
Gross margin	71.4%	71.8%	71.3%	69.9%	71.7%	72.3%	71.7%	72.3%
Operating margin	69.3%	69.5%	68.9%	99.4%	139.8%	97.0%	120.3%	69.9%
Net margin	51.0%	40.9%	-0.7%	68.6%	109.4%	72.3%	98.0%	89.5%
Current ratio	0.46×	0.32×	0.05×	0.18×	0.1×	0.32×	0.22×	0.06×
Debt / equity	1.37×	1.31×	1.25×	1.15×	1.07×	1.15×	1.33×	1.47×
Interest coverage	2.77×	2.51×	2.75×	8.21×	13.72×	9.12×	10.68×	3.89×
Dividend yield	3.5%	3.0%	3.3%	3.8%	5.1%	4.9%	4.3%	6.1%
Payout ratio	44.3%	56.7%	-3529.6%	40.3%	24.1%	31.1%	19.7%	20.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.1%	7.4%	-0.1%	9.8%	15.3%	11.5%	16.3%	15.5%
Return on invested capital	3.5%	3.7%	4.8%	4.7%	6.9%	5.6%	7.1%	3.9%
Return on assets	3.4%	2.8%	-0.0%	4.0%	6.5%	4.7%	6.3%	5.6%
Free cash flow yield	7.8%	5.0%	6.6%	8.0%	10.7%	12.8%	12.6%	18.8%
Earnings yield	7.9%	5.3%	-0.1%	9.5%	21.2%	15.6%	22.0%	30.6%
Enterprise value	SEK 61.2B	SEK 62B	SEK 56.7B	SEK 50.9B	SEK 38.9B	SEK 36.4B	SEK 36.8B	SEK 30.5B
Net debt / EBITDA	8.3×	8.78×	28.51×	8.04×	5.14×	7.58×	6.5×	6.98×
Cash conversion cycle (days)	-110	-72	-96	-82	-72	-71	-110	-285