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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
+272.7%
SEK 142.17
vs SEK 38.15 price
Levered DCF
SEK 242.23
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
3.2
Safe zone
Rating
A+
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E11.64×10.04×11.22×20.87×15.28×14.46×22.39×118.37×
P/B1.5×1.53×1.32×1.44×2.22×2.98×2.76×3.2×
P/S0.72×0.7×0.74×0.75×1.12×1.31×1.46×1.46×
EV / EBITDA5.9×5.29×5×8.96×8.71×8.74×11.96×27.33×
Gross margin22.9%21.4%21.6%15.5%19.5%23.6%20.1%13.2%
Operating margin8.0%8.3%9.0%4.9%9.3%12.0%8.2%2.0%
Net margin6.2%7.0%6.6%3.6%7.3%9.1%6.5%1.2%
Current ratio3.08×2.5×3.25×2.38×2.89×2.03×2×1.7×
Debt / equity0.21×0.22×0.17×0.25×0.13×0.16×0.29×0.37×
Interest coverage49.74×55.57×35.23×20.46×84.86×20.05×49.56×5.97×
Dividend yield3.1%2.7%2.7%4.2%0.0%8.6%0.0%0.0%
Payout ratio35.7%26.8%29.9%87.2%0.0%124.7%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity12.9%15.2%11.8%6.9%14.5%20.6%12.3%2.7%
Return on invested capital10.6%11.7%10.1%5.5%12.0%17.3%8.8%2.4%
Return on assets8.9%10.0%8.5%4.7%10.5%13.9%8.1%1.7%
Free cash flow yield15.4%15.2%21.2%9.7%1.3%9.3%7.0%4.4%
Earnings yield8.6%9.9%8.9%4.8%6.5%6.9%4.5%0.8%
Enterprise valueSEK 986MSEK 966.7MSEK 668.9MSEK 794.7MSEK 1.1BSEK 1.2BSEK 1.2BSEK 1.3B
Net debt / EBITDA-0.25×-0.09×-0.61×0.87×0.36×0.27×0.44×2.3×
Cash conversion cycle (days)96119117133136115135126