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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
-225.0%
-SEK 0.23
vs SEK 0.18 price
Levered DCF
-SEK 0.40
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
12.43
Safe zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-6.28×-3.49×-1.19×-0.92×-2.64×-3.04×-1.04×-3.95×
P/B7.91×3.05×1.74×1.39×1.35×1.54×0.63×1.89×
P/S41.02×37.27×14.45×12.33×36.23×58.17×25.99×162.45×
EV / EBITDA-6.37×-2.83×-0.74×-0.83×-2.51×-1.67×0.11×-2.55×
Gross margin37.5%90.2%84.9%79.4%75.1%73.5%77.0%69.1%
Operating margin-652.2%-1070.2%-1242.6%-1313.6%-1374.9%-1909.3%-2501.0%-4152.6%
Net margin-653.3%-1067.2%-1247.2%-1322.3%-1377.7%-1914.7%-2501.8%-4128.0%
Current ratio4.08×13.94×4.57×3.04×5.71×9.68×9.6×9.77×
Debt / equity0×0×0×0×0.01×0.02×0.01×0×
Interest coverage0×-248.59×-587.52×-469.17×-728.11×-796.75×-829.34×-2,024.9×
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-126.0%-87.4%-150.0%-148.5%-51.5%-50.6%-60.6%-48.1%
Return on invested capital-125.8%-87.7%-149.5%-146.8%-51.1%-49.6%-60.0%-48.4%
Return on assets-99.5%-82.0%-123.8%-110.8%-43.7%-46.2%-56.0%-44.4%
Free cash flow yield-16.3%-27.8%-90.2%-104.5%-35.3%-29.1%-92.3%-23.2%
Earnings yield-15.9%-28.6%-86.3%-107.2%-38.0%-32.9%-96.3%-25.4%
Enterprise valueSEK 283.7MSEK 177.1MSEK 55MSEK 60.9MSEK 120.9MSEK 63.5M-SEK 4.7MSEK 101.4M
Net debt / EBITDA0.41×0.86×0.47×0.15×0.32×1.65×1.25×1.64×
Cash conversion cycle (days)1,0963,6539922,0246,5401,1991,304357