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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
-3896.5%
-SEK 15.11
vs SEK 0.40 price
Levered DCF
-SEK 17.02
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
-8.67
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-5.84×-9.07×-2.79×-1.41×-2.49×-2.53×-1.08×-2.08×
P/B5.5×7.42×2.32×1.88×2.48×1.72×2.01×9.23×
P/S4.54×10.14×5.86×63.54×57.6×967.39×11.29×7.01×
EV / EBITDA-4.97×-9.32×-2.36×-0.86×-1.91×-1.44×-1.05×-2.5×
Gross margin-92.9%62.2%79.4%-118.9%16.6%1982.5%101.5%66.1%
Operating margin-98.2%-111.4%-209.0%-4513.9%-2312.1%-37457.9%-1040.2%-337.8%
Net margin-74.6%-110.3%-207.4%-4504.3%-2311.4%-38270.2%-1046.2%-339.2%
Current ratio1.69×1.93×3.02×2.9×6.37×4.92×1.55×2.79×
Debt / equity0×0×0×0×0×0×0×2.13×
Interest coverage-1,528.27×-183.47×-984.44×0×-1,515.2×-95.74×-317.59×-226.8×
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-90.5%-80.7%-82.0%-133.3%-99.5%-68.2%-186.3%-446.7%
Return on invested capital-115.0%-79.8%-82.0%-133.5%-99.5%-66.8%-185.2%-142.2%
Return on assets-46.9%-45.3%-62.5%-102.0%-88.4%-57.4%-115.9%-108.3%
Free cash flow yield-18.6%-7.6%-44.8%-59.6%-41.3%-34.6%-99.5%-57.5%
Earnings yield-16.4%-10.9%-35.4%-70.9%-40.1%-39.6%-92.6%-48.4%
Enterprise valueSEK 74.7MSEK 136.5MSEK 37.1MSEK 20.9MSEK 42.1MSEK 29.8MSEK 23.4MSEK 56.7M
Net debt / EBITDA0.2×1.17×0.8×0.6×0.66×1.23×0.19×-0.07×
Cash conversion cycle (days)185295127747114,7503,149-67