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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
+9.1%
SEK 0.20
vs SEK 0.18 price
Levered DCF
-SEK 0.31
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-0.85
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-5.72×-3.47×-2.12×-3.15×-0.83×-2.18×-4.12×-1.12×
P/B-5.45×-75.15×-26.42×-22.01×5.34×1.75×4.38×0.82×
P/S1.34×1.44×0.94×2.47×0.6×1.13×2.45×1.18×
EV / EBITDA-11.4×-5.45×-3.23×-4.22×-1.29×-2.29×-4.81×-0.75×
Gross margin-16.4%89.8%15.9%89.3%93.6%94.8%93.3%93.8%
Operating margin-20.0%-38.4%-39.8%-73.1%-61.5%-56.1%-55.7%-99.5%
Net margin-23.4%-41.4%-44.6%-75.2%-66.0%-52.8%-59.0%-106.0%
Current ratio0.89×0.44×0.38×0.33×0.29×1.02×0.61×2.13×
Debt / equity-1.3×-0.37×-0.19×-0.29×0.41×0.09×0.03×0.04×
Interest coverage-6.08×-11.64×-8.69×-18.29×-10.89×-10.8×-39.91×-32.99×
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 equity95.1%2164.8%1252.8%669.7%-590.6%-82.2%-105.6%-73.7%
Return on invested capital-278.5%2008.3%1384.7%924.3%-389.7%-79.9%-97.1%-66.8%
Return on assets-63.0%-100.5%-78.9%-86.3%-80.0%-39.4%-51.9%-57.8%
Free cash flow yield-6.9%-13.2%-27.8%-26.2%-58.9%-43.0%-18.1%-86.4%
Earnings yield-17.5%-28.8%-47.4%-30.4%-110.5%-46.9%-24.1%-90.1%
Enterprise valueSEK 37.5MSEK 33.8MSEK 21.2MSEK 47.7MSEK 14.4MSEK 20.6MSEK 60.7MSEK 14M
Net debt / EBITDA-0.77×0.09×0.19×0.13×-0.05×0.84×0.21×0.56×
Cash conversion cycle (days)-4-18721-227-393-521-547-372