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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
-68.8%
SEK 15.29
vs SEK 49.06 price
Levered DCF
-SEK 21.05
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
0.47
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E10.64×27.23×-13.51×5.34×6.57×11.62×8.71×4.93×
P/B0.86×1.02×0.94×0.6×1.57×1.33×1.59×1.14×
P/S5.91×6.99×6.51×5.16×13.57×9.49×10.25×6.84×
EV / EBITDA16.05×22.43×-49.13×12.2×9.71×15.35×10.12×8.51×
Gross margin74.5%74.7%74.6%74.1%75.3%76.4%74.2%72.8%
Operating margin66.7%66.3%65.6%64.4%66.2%0.0%65.4%196.2%
Net margin55.5%25.7%-56.5%96.7%206.7%81.6%117.7%138.6%
Current ratio0.93×0.52×0.59×0.56×0.47×0.7×0.41×0.3×
Debt / equity1.58×1.6×1.66×1.52×1.53×1.56×1.69×1.67×
Interest coverage1.96×0×0×0×0×0×0×0×
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 equity8.1%3.7%-8.2%11.3%23.8%11.4%18.3%23.2%
Return on invested capital2.8%2.5%2.7%2.2%2.3%0.0%2.6%8.9%
Return on assets2.8%1.2%-2.7%3.9%8.0%3.7%5.7%7.3%
Free cash flow yield6.6%5.2%6.0%9.0%1.2%-1.2%4.0%7.9%
Earnings yield9.4%3.7%-8.7%18.7%15.2%8.6%11.5%20.3%
Enterprise valueSEK 223.3BSEK 228BSEK 211.9BSEK 187.5BSEK 239.3BSEK 163.3BSEK 159.4BSEK 112.5B
Net debt / EBITDA10.22×13.58×-31.11×8.67×4.78×8.09×5.17×5.04×
Cash conversion cycle (days)100256398460399-9674271