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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
-130.1%
-SEK 7.02
vs SEK 23.30 price
Levered DCF
-SEK 39.09
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
-2.84
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/E-1.36×-400.25×-3.43×-8.14×-69.45×-112.24×3,990.96×953×
P/B0.85×0.76×1.31×0.99×2.35×4.59×4.21×6.05×
P/S0.99×1.16×2×3.04×12.65×39.42×21.93×24.85×
EV / EBITDA-48.97×6.78×11.68×24×535.66×-157.55×390.55×296.97×
Gross margin38.9%51.8%49.4%81.7%79.7%92.5%86.6%87.3%
Operating margin-16.8%-14.9%-28.2%-27.6%-12.7%-37.4%-3.6%0.8%
Net margin-72.7%-0.3%-58.3%-37.3%-18.2%-35.0%0.6%2.6%
Current ratio1.27×3.25×2.41×2.59×3.63×17.82×5.45×19.69×
Debt / equity0.86×0.59×0.64×0.27×0.24×0.04×0×0×
Interest coverage-0.78×-2.95×-5.91×-6.3×-2.7×-9.07×-33.52×9.07×
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-62.3%-0.2%-38.1%-12.1%-3.4%-4.1%0.1%0.6%
Return on invested capital-7.9%-5.8%-10.5%-6.6%-1.8%-3.5%-0.7%0.2%
Return on assets-29.5%-0.1%-19.4%-8.2%-2.3%-3.8%0.1%0.6%
Free cash flow yield3.7%3.2%-2.8%-11.7%-4.3%-2.2%-2.2%-2.8%
Earnings yield-73.3%-0.2%-29.2%-12.3%-1.4%-0.9%0.0%0.1%
Enterprise valueSEK 1.7BSEK 3.4BSEK 5.2BSEK 7.7BSEK 17BSEK 6.2BSEK 2.3BSEK 1.1B
Net debt / EBITDA-6.38×2.31×2.61×2.88×35.39×18.89×-6.74×-6.03×
Cash conversion cycle (days)1551621894885061,031588188