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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
-1411.9%
-SEK 41.59
vs SEK 3.17 price
Levered DCF
-SEK 39.25
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
16.39
Safe 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-15.41×-2.01×-4.52×-16.41×-67.07×-6.23×-5.73×-4.5×
P/B4.64×1.68×5.82×10.86×7.91×7.39×2.94×2.76×
P/S3.66×2.95×5.84×17.79×39.17×38.26×43.34×25.97×
EV / EBITDA-11.76×-1.11×-4.01×-14.52×-85.1×-5.47×-4.1×-3.21×
Gross margin76.5%78.6%61.1%69.8%84.7%58.3%96.4%93.5%
Operating margin-28.0%-149.2%-126.2%-114.1%-50.0%-631.1%-755.9%-581.2%
Net margin-24.4%-146.7%-129.4%-108.8%-59.1%-615.8%-755.7%-578.3%
Current ratio3.2×6.41×3.29×3.73×9.64×5.46×14.64×11.12×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage-90.77×-4,221.78×-18,472.33×-2,049.7×-608.72×-5,072.67×0×-19,071×
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-31.0%-83.8%-129.0%-66.4%-11.9%-118.9%-51.3%-61.6%
Return on invested capital-31.6%-85.2%-125.9%-69.6%-10.1%-120.6%-51.3%-61.9%
Return on assets-21.5%-71.2%-91.4%-49.1%-10.7%-97.9%-47.8%-56.3%
Free cash flow yield-8.4%-57.5%-23.3%-5.6%-1.7%-15.8%-16.7%-20.8%
Earnings yield-6.7%-49.8%-22.2%-6.1%-1.5%-16.1%-17.4%-22.3%
Enterprise valueSEK 193.5MSEK 40.8MSEK 217MSEK 669.2MSEK 755.4MSEK 243.7MSEK 165.1MSEK 116.4M
Net debt / EBITDA2.12×0.93×0.73×1.43×11.57×0.74×1.9×1.49×
Cash conversion cycle (days)3955749218962969610,7534,079