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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
-102.8%
-SEK 0.48
vs SEK 16.96 price
Levered DCF
SEK 3.83
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
6.16
Safe zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E51.84×55.44×-88.03×-210.95×-26.38×-7.51×-1.45×-1.45×
P/B7.57×4.32×3.87×4.29×11.73×4.92×2.45×1.56×
P/S4.26×2.71×2.43×3.54×4.59×1.78×0.83×1.17×
EV / EBITDA29.52×25×31.06×39.72×-63.85×-11.87×-3.98×-1.73×
Gross margin53.6%55.7%58.0%83.6%71.0%74.1%73.4%60.0%
Operating margin8.3%3.9%-3.3%-0.6%-16.6%-22.0%-32.7%-81.7%
Net margin8.2%5.0%-2.8%-1.7%-17.2%-23.7%-57.0%-80.9%
Current ratio2.19×1.66×2.02×2.04×1.17×1.01×0.89×1×
Debt / equity0.12×0.2×0.3×0.12×0.77×0.5×0.71×0.22×
Interest coverage6.71×5.07×-5.73×-0.51×-10.16×-12.03×-17.66×-142.13×
Dividend yield0.5%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio23.9%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity14.5%7.9%-4.4%-2.0%-44.1%-65.6%-168.6%-107.5%
Return on invested capital11.9%5.1%-4.0%-0.6%-23.1%-57.0%-50.2%-77.9%
Return on assets8.3%3.6%-2.2%-1.1%-13.8%-19.9%-53.5%-58.2%
Free cash flow yield-0.3%11.6%-1.3%5.4%-8.3%-3.7%-24.7%-58.4%
Earnings yield1.9%1.8%-1.1%-0.5%-3.8%-13.3%-68.8%-69.1%
Enterprise valueSEK 784.3MSEK 375.5MSEK 308.9MSEK 339MSEK 472.5MSEK 145.7MSEK 72.2MSEK 71.9M
Net debt / EBITDA-3.1×-4.22×-5.39×-9.42×-1.11×0.35×-0.54×-0.06×
Cash conversion cycle (days)1056666159163782697