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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
-178.3%
-SEK 12.37
vs SEK 15.80 price
Levered DCF
-SEK 14.86
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
0.28
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-90.45×-41.53×-15.65×-73.11×-98.21×-125.44×168.57×-89.56×
P/B2.21×3.77×6.13×7.8×10.68×12.85×7.11×3.62×
P/S3.23×5.08×10.62×17.31×34.12×27.84×14.87×8.94×
EV / EBITDA18.08×53.95×-25.29×-7,200.4×-979.05×452.23×47.51×69.65×
Gross margin85.5%85.2%68.6%80.6%77.2%79.6%82.7%82.9%
Operating margin-4.4%-11.8%-64.7%-24.3%-30.2%-12.7%10.5%-8.0%
Net margin-3.6%-12.2%-67.8%-23.7%-34.7%-22.3%8.8%-9.9%
Current ratio1.67×0.69×0.76×3.66×5.15×3.13×0.57×1.53×
Debt / equity0.52×0.69×0.66×0.48×0.46×0.71×0.54×0.42×
Interest coverage-0.77×-1.85×-9.75×-5.38×-4.96×-2.19×2.1×-0.97×
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-2.5%-9.1%-39.2%-10.7%-10.9%-10.3%4.2%-4.0%
Return on invested capital-1.1%-4.2%-20.3%-6.5%-6.0%-3.1%3.2%-1.6%
Return on assets-1.4%-4.5%-20.9%-6.5%-6.9%-5.7%2.5%-2.5%
Free cash flow yield-1.0%0.8%-2.8%-0.2%-0.0%-0.3%1.8%-1.7%
Earnings yield-1.1%-2.4%-6.4%-1.4%-1.0%-0.8%0.6%-1.1%
Enterprise valueSEK 816MSEK 1.3BSEK 2.3BSEK 3.9BSEK 5.8BSEK 5.1BSEK 2.9BSEK 1.5B
Net debt / EBITDA2.63×4.44×-1.22×-75.45×-5.12×22.75×2.99×7.18×
Cash conversion cycle (days)126103105186185382160243