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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
-82.8%
SEK 0.12
vs SEK 0.73 price
Levered DCF
-SEK 2.92
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
5.5
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E0.69×-3.94×-0.12×-10.55×-14.49×7.45×-1.55×-3.22×
P/B0.41×1.17×1.03×0.69×0.53×1.51×1.63×12.51×
P/S1.94×33.55×0.23×2.13×2.16×3.38×3.42×3.26×
EV / EBITDA0.06×-1.96×0.85×-82.15×-129.44×6×-2.4×-4.1×
Gross margin77.6%-644.9%98.7%101.4%103.8%102.9%117.3%136.8%
Operating margin328.3%-1035.2%9.9%-19.6%-6.7%8.3%-216.0%-110.1%
Net margin278.8%-868.8%-295.8%-20.2%-15.0%45.4%-220.9%-101.1%
Current ratio84.85×1.11×2.46×0.31×0.38×0.2×0.33×0.93×
Debt / equity0×0×0×0.24×0.02×0.27×0×0×
Interest coverage0×0×2.31×-3.13×-0.56×1.41×-27.84×-73.38×
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 equity59.6%-30.3%-1322.2%-6.5%-3.7%20.3%-105.2%-388.2%
Return on invested capital53.3%-36.2%43.6%-4.2%-1.1%2.8%-49.7%-422.6%
Return on assets53.4%-19.7%-785.5%-4.0%-2.8%13.5%-40.8%-204.9%
Free cash flow yield-44.0%-90.6%86.6%-3.3%-33.5%1.1%-26.4%-24.9%
Earnings yield143.7%-25.9%-1285.2%-9.5%-6.9%13.4%-64.5%-31.0%
Enterprise valueSEK 750.3KSEK 3M-SEK 4.1MSEK 67.9MSEK 34.7MSEK 85.5MSEK 48.2MSEK 55.7M
Net debt / EBITDA-0.53×1.9×2.24×-18.36×3.97×0.81×0.02×0.22×
Cash conversion cycle (days)8261-404,592850621327109