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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
-184.9%
-SEK 8.57
vs SEK 10.10 price
Levered DCF
SEK 1.05
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
4.04
Safe zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-3.48×-3.51×-1.9×-5.1×-68.75×-62.9×-40.21×
P/B1.04×0.61×0.47×0.93×2.98×19.13×50.37×
P/S0.19×0.14×0.13×0.31×1.26×1.54×1.38×
EV / EBITDA-5.54×-3.27×-1.07×-5.04×-86.49×-87.24×-36×
Gross margin63.5%120.3%64.8%120.0%61.7%56.7%59.5%
Operating margin-4.9%-3.8%-6.3%-5.6%-1.5%-2.1%-4.1%
Net margin-5.5%-4.0%-6.7%-6.1%-1.8%-2.4%-3.5%
Current ratio1.46×1.62×1.7×1.98×2.55×1.3×1.06×
Debt / equity0.21×0.2×0.22×0.21×0.05×0×0.45×
Interest coverage-7.35×-6×-8.42×-12.56×-5.65×-7.12×-12.24×
Dividend yield0.0%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%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity-30.0%-17.4%-24.6%-18.3%-4.3%-30.2%-125.8%
Return on invested capital-21.9%-13.5%-19.0%-13.8%-3.4%-26.2%-80.1%
Return on assets-12.8%-8.2%-11.9%-9.5%-2.7%-8.1%-14.0%
Free cash flow yield-18.4%3.2%11.5%-87.8%-3.5%0.0%-2.6%
Earnings yield-28.8%-28.4%-52.4%-19.6%-1.5%-1.6%-2.5%
Enterprise valueSEK 58.9MSEK 22.6MSEK 18.6MSEK 106.7MSEK 354.7MSEK 568.3MSEK 597.6M
Net debt / EBITDA2.14×5.74×2.15×1.47×36.19×3.76×-0.29×
Cash conversion cycle (days)112-201129-41811385104