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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
-4108.5%
-SEK 152.72
vs SEK 3.81 price
Levered DCF
-SEK 227.45
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-2.93
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-5.81×-5.9×-3.55×-58.27×-8.97×-17.19×-3.99×-5.62×
P/B3.47×2.86×0.9×1.23×1.83×1.77×3.27×7.9×
P/S8.54×56.69×16.43×6.05×129.09×8.94×5.91×17.95×
EV / EBITDA-4.79×-5.17×-3×-54.69×-6.15×-9.38×-3.29×-5.28×
Gross margin100.0%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Operating margin-155.1%-1054.2%-517.7%-15.6%-1436.0%-51.2%-147.1%-319.7%
Net margin-147.0%-960.9%-462.2%-10.5%-1439.1%-52.0%-148.4%-319.5%
Current ratio5.67×9.91×14.93×12.41×18.98×14.45×4.09×3.12×
Debt / equity0.02×0.02×0.02×0.02×0.02×0.02×0.09×0×
Interest coverage0×-848.75×-579.85×-78.34×-538.39×-224.63×-285.99×-20,538.67×
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-59.7%-48.5%-25.2%-2.1%-20.4%-10.3%-82.1%-140.6%
Return on invested capital-62.1%-52.2%-27.8%-2.5%-19.9%-10.0%-82.2%-140.6%
Return on assets-49.6%-43.4%-23.6%-2.0%-19.3%-9.6%-61.5%-102.3%
Free cash flow yield-13.2%-15.4%-30.2%-2.7%-10.4%-5.3%-23.3%-21.0%
Earnings yield-17.2%-16.9%-28.1%-1.7%-11.1%-5.8%-25.1%-17.8%
Enterprise valueSEK 1.6BSEK 2.1BSEK 937.5MSEK 1.5BSEK 1.6BSEK 600.4MSEK 415.8MSEK 623M
Net debt / EBITDA1.05×1.02×0.76×17.99×3.35×11.21×1.09×0.58×
Cash conversion cycle (days)53255614117788116226