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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
-1052.3%
-SEK 3.24
vs SEK 0.34 price
Levered DCF
-SEK 7.17
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-9.24
Distress 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-1.17×-0.74×-0.74×-2.44×-16.22×-31.55×-12.92×-9.69×
P/B0.95×1.5×0.96×1.94×7.84×6.81×5.02×4.01×
P/S6.14×7.52×12.74×79.59×475.64×598.64×235.06×69.47×
EV / EBITDA-0.26×-0.59×-0.19×-1.62×-16.99×-33.16×-13.86×-10.37×
Gross margin-523.5%93.8%94.3%136.4%228.2%253.7%507.8%287.4%
Operating margin-523.5%-995.9%-1740.0%-3264.1%-2938.9%-1934.6%-1784.3%-722.7%
Net margin-522.1%-1016.6%-1712.2%-3265.1%-2934.1%-1901.0%-1814.4%-717.3%
Current ratio4.3×1.7×3.11×5.08×5.9×17.13×4.67×2.56×
Debt / equity0.05×0.11×0.08×0.08×0.11×0.01×0.04×0×
Interest coverage-176.89×-93.61×-438.91×-393.09×-770.53×-669.68×-67.3×-620.51×
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-80.9%-202.8%-129.2%-79.7%-48.4%-21.6%-38.8%-41.4%
Return on invested capital-76.5%-172.7%-118.9%-72.8%-43.3%-21.8%-37.8%-40.9%
Return on assets-64.8%-134.9%-95.0%-64.1%-39.6%-20.5%-33.6%-35.4%
Free cash flow yield-77.0%-132.2%-123.5%-36.2%-5.7%-3.1%-8.1%-12.1%
Earnings yield-85.0%-135.2%-134.4%-41.0%-6.2%-3.2%-7.7%-10.3%
Enterprise valueSEK 16.1MSEK 45MSEK 21.3MSEK 165.5MSEK 908.5MSEK 1.1BSEK 355.5MSEK 191.9M
Net debt / EBITDA1.07×0.26×0.63×1.02×1.2×4.31×1.46×0.91×
Cash conversion cycle (days)125-913-4071,0328293056362