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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
-1925.6%
-SEK 4.11
vs SEK 0.23 price
Levered DCF
-SEK 5.28
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
23.86
Safe zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-13.81×-3×-2.72×-2.95×-2.57×-1.84×-2.16×-8.52×
P/B1.05×0.74×1.9×2.14×2.06×0.92×1.53×2.48×
P/S7.74×18.13×25.06×25.84×14.97×9.24×26.25×49.14×
EV / EBITDA-12.91×-2.67×-1.55×-2.54×-2.43×-0.9×-1.63×-6.59×
Gross margin-60.8%97.7%100.0%81.0%70.5%59.2%168.5%82.2%
Operating margin-60.8%-195.2%-1002.4%-876.0%-618.7%-498.5%-1213.0%-579.4%
Net margin-56.1%-604.3%-995.9%-1001.2%-618.8%-498.5%-1213.1%-577.7%
Current ratio5.49×6.88×18.12×7.92×5.62×5.29×5.75×14.98×
Debt / equity0×0×0.04×0×0×0×0×0×
Interest coverage0×-35.05×0×-5,953.67×-6,100×-9,927.5×-25,995×-759.92×
Dividend yield0.0%22.7%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%-68.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-7.6%-24.8%-75.6%-83.0%-85.3%-49.9%-70.8%-29.1%
Return on invested capital-8.3%-8.0%-58.5%-72.6%-85.3%-49.9%-70.7%-29.2%
Return on assets-7.4%-24.3%-55.6%-75.7%-76.4%-44.6%-64.0%-27.6%
Free cash flow yield-6.9%-21.1%-35.0%-33.1%-30.7%-45.3%-51.4%-13.5%
Earnings yield-7.2%-33.3%-39.7%-38.7%-41.3%-54.0%-46.2%-11.8%
Enterprise valueSEK 69.4MSEK 46.7MSEK 25.2MSEK 35.7MSEK 31.4MSEK 13.3MSEK 36.1MSEK 105.8M
Net debt / EBITDA2.34×0.42×0.99×1.21×1×1.59×0.91×3.04×
Cash conversion cycle (days)42-600957-335-176-377-623-1,747