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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
-254.9%
-SEK 159.81
vs SEK 103.20 price
Levered DCF
-SEK 165.82
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
1.42
Distress zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-13.94×-47.78×-5.13×-6.63×-13.39×-8.59×-10.79×-5.62×
P/B0.9×0.38×0.32×0.47×0.78×0.59×0.94×0.58×
P/S2.18×0.76×0.77×1.57×2.94×3.34×6.59×3.08×
EV / EBITDA-215.26×4.88×-190.78×-13.99×-24.73×-10.23×-14.72×-8.09×
Gross margin-11.7%70.1%-15.5%69.0%61.3%57.4%63.2%62.2%
Operating margin-20.5%-6.2%-12.4%-29.5%-20.3%-31.0%-60.3%-55.5%
Net margin-15.6%-1.6%-15.0%-23.7%-21.9%-38.9%-61.1%-54.8%
Current ratio0.92×0.67×0.77×0.84×1.44×1.9×1.71×1.58×
Debt / equity0.05×0.03×0.06×0.03×0.02×0.02×0.03×0×
Interest coverage-3.02×-3.44×-8.41×-49.68×-29.43×-36.48×-42.33×-101.32×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-6.5%-0.8%-6.2%-7.0%-5.8%-6.9%-8.7%-10.4%
Return on invested capital-7.4%-2.9%-4.8%-7.8%-4.5%-5.2%-8.2%-10.1%
Return on assets-5.1%-0.6%-4.4%-5.3%-4.5%-6.0%-7.4%-9.4%
Free cash flow yield-18.0%13.0%-21.7%-11.2%-12.2%-9.6%-6.8%-21.2%
Earnings yield-7.2%-2.1%-19.5%-15.1%-7.5%-11.6%-9.3%-17.8%
Enterprise valueSEK 650.1MSEK 238.6MSEK 193.6MSEK 273.8MSEK 448.2MSEK 279.6MSEK 400.2MSEK 228.9M
Net debt / EBITDA-2.35×-0.59×18.47×1.78×4.44×1.8×1.38×0.38×
Cash conversion cycle (days)86-1114-155272242101