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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
+89.7%
SEK 45.34
vs SEK 23.90 price
Levered DCF
SEK 172.54
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.98
Grey 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-0.76×-13.85×-15.42×3.24×3.47×121.29×9.32×5.85×
P/B0.42×0.42×0.65×0.64×1.22×0.54×0.51×0.52×
P/S0.1×0.12×0.17×0.15×0.32×0.13×0.11×0.1×
EV / EBITDA-2.21×14.52×36.18×3.57×3.32×8.29×6.67×5.41×
Gross margin9.7%11.1%10.2%14.7%20.5%14.9%13.9%13.9%
Operating margin-2.7%-1.0%-1.0%6.1%11.5%1.8%2.0%2.7%
Net margin-13.7%-0.9%-1.1%4.7%9.2%0.1%1.1%1.7%
Current ratio1.79×1.62×1.78×2.29×1.84×1.57×1.97×2.02×
Debt / equity0.71×0.56×0.57×0.55×0.55×0.95×1.17×0.61×
Interest coverage-4.42×-1.36×-1.58×22×44.36×3.72×3.26×11×
Dividend yield0.0%0.0%16.9%14.9%0.0%0.0%4.9%0.0%
Payout ratio0.0%0.0%-260.0%48.1%0.0%0.0%46.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-55.6%-3.0%-4.2%19.8%35.0%0.4%5.4%9.0%
Return on invested capital-5.7%-1.3%-1.8%13.1%22.8%1.3%3.0%6.6%
Return on assets-24.6%-1.4%-2.0%9.7%15.9%0.2%1.9%3.8%
Free cash flow yield-4.9%0.9%37.4%14.3%0.3%65.6%37.5%11.1%
Earnings yield-131.7%-7.2%-6.5%30.9%28.8%0.8%10.7%17.1%
Enterprise valueSEK 1BSEK 1.3BSEK 1.7BSEK 1.9BSEK 2.4BSEK 1.2BSEK 1.4BSEK 908M
Net debt / EBITDA-1.34×8.27×16.07×1.6×0.98×4.87×4.42×2.62×
Cash conversion cycle (days)6663617678506054