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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
-120.6%
-SEK 1.54
vs SEK 7.48 price
Levered DCF
-SEK 1.82
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
1.19
Distress zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-13.16×-9.97×104.55×-7.43×-4.01×-7.25×-5.98×31.62×
P/B3.03×2.3×2.78×1.3×0.88×1.67×0.71×0.86×
P/S3.87×2.7×2.01×1.53×1.39×8.44×2.54×11.06×
EV / EBITDA-137.68×-105.81×16.13×12.97×24.68×-66.38×-49.36×-41.45×
Gross margin2.0%3.2%19.2%-0.7%-5.9%-62.1%-19.9%-15.3%
Operating margin-13.7%-8.4%13.3%16.2%4.0%-54.2%-23.3%-49.7%
Net margin-29.4%-27.2%2.0%-20.6%-34.8%-115.1%-35.1%34.9%
Current ratio4.05×5.51×4.61×7.4×4.74×4.04×2.89×2.7×
Debt / equity1.43×1.08×0.94×1.13×1.17×1.12×0.83×0.55×
Interest coverage-0.9×-0.63×1.91×1.4×0.23×-1.51×-1.57×-5.42×
Dividend yield1.5%1.5%0.2%0.0%0.0%1.0%2.9%1.8%
Payout ratio-19.8%-14.5%24.5%0.0%0.0%-7.5%-21.3%55.6%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-23.0%-23.2%2.8%-17.4%-22.1%-22.8%-9.8%2.7%
Return on invested capital-4.2%-3.3%3.3%5.2%0.9%-4.6%-3.1%-1.1%
Return on assets-9.1%-10.7%1.3%-7.7%-9.1%-9.8%-4.7%1.5%
Free cash flow yield-1.8%12.3%1.0%-14.4%9.8%-14.0%1.0%-3.8%
Earnings yield-7.6%-10.1%1.0%-13.4%-25.0%-13.6%-13.8%3.2%
Enterprise valueSEK 626.8MSEK 617.4MSEK 849.9MSEK 565MSEK 457.6MSEK 768.6MSEK 509.1MSEK 520.5M
Net debt / EBITDA-42.63×-29.87×3.54×5.81×12.93×-25.72×-26.34×-15.82×
Cash conversion cycle (days)2021592412763106873631,664