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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
+1390.0%
SEK 5.04
vs SEK 0.34 price
Levered DCF
SEK 6.88
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.3
Distress zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-4.76×-13.87×-41.52×5.33×63.61×-1.9×-6.65×-1.35×
P/B0.27×0.29×0.35×0.41×0.4×0.3×0.29×0.35×
P/S0.08×0.09×0.09×0.11×0.1×0.07×0.07×0.09×
EV / EBITDA4.41×3.87×3.68×3.34×3.96×6.24×2.76×-9.86×
Gross margin15.4%16.2%15.7%17.8%16.9%17.1%16.8%16.5%
Operating margin0.7%2.3%2.1%4.5%1.6%-0.9%1.5%-2.3%
Net margin-1.6%-0.6%-0.2%2.0%0.2%-3.6%-1.1%-6.7%
Current ratio1.06×1.17×1×1.27×1.33×0.95×1.28×1.42×
Debt / equity0.67×0.69×0.68×0.75×0.82×0.84×0.5×0.36×
Interest coverage0.33×1.05×1.07×2.88×0.83×-0.44×0.88×-1.07×
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-5.7%-2.1%-0.9%7.7%0.6%-15.9%-4.5%-26.2%
Return on invested capital1.3%-11.2%-6.3%5.7%0.8%-1.7%2.7%-5.1%
Return on assets-2.0%-0.8%-0.3%2.6%0.2%-4.7%-1.5%-10.1%
Free cash flow yield49.2%14.7%27.3%25.2%25.3%9.0%48.9%-38.8%
Earnings yield-20.8%-7.2%-2.4%18.7%1.6%-52.8%-15.5%-74.0%
Enterprise valueSEK 374.5MSEK 461.1MSEK 448.1MSEK 523.1MSEK 404.5MSEK 360.1MSEK 316.9MSEK 334.1M
Net debt / EBITDA2.75×2.47×2.07×1.83×2.21×4.09×1.41×-3.91×
Cash conversion cycle (days)4862386258564955