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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
-1910.7%
-SEK 3.23
vs SEK 0.18 price
Levered DCF
-SEK 4.16
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-13.53
Distress 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-0.15×-1.4×-4.36×-2.73×-8.63×10.26×-277.69×-46.91×
P/B0.44×0.84×3.19×0.6×0.74×1.01×2.96×4.93×
P/S0.29×1.08×4.61×5.23×3.98×1.57×2.43×3.48×
EV / EBITDA-0.59×-1.66×-5.03×1.19×76.29×10.29×14×26.36×
Gross margin95.9%97.1%-85.4%79.4%56.7%53.2%48.1%60.7%
Operating margin-110.7%-79.0%-96.9%-254.6%-41.7%-3.3%2.4%-6.0%
Net margin-192.6%-77.0%-105.6%-191.7%-46.0%15.3%-0.9%-7.4%
Current ratio0.26×1×0.69×12.47×13.14×0.84×1.25×1.25×
Debt / equity0.16×0.07×0.12×0.02×0.02×0.39×0.29×0.47×
Interest coverage-35.11×-31.03×-12.56×-28.17×-5.12×-1.09×0.68×-1.99×
Dividend yield0.0%0.0%52.1%420.3%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%-227.2%-1145.9%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-290.0%-59.5%-73.1%-22.1%-8.6%9.8%-1.1%-10.5%
Return on invested capital-97.8%-43.7%-52.9%-28.7%-7.3%-1.0%1.5%-3.8%
Return on assets-119.4%-36.3%-39.4%-20.3%-7.8%5.2%-0.6%-4.3%
Free cash flow yield-300.7%-70.3%-21.0%-68.6%-3.2%-0.3%-0.6%-2.7%
Earnings yield-661.6%-71.2%-22.9%-36.7%-11.6%9.7%-0.4%-2.1%
Enterprise valueSEK 12.1MSEK 57.2MSEK 253.4M-SEK 33M-SEK 20.3MSEK 347.9MSEK 252.4MSEK 204.2M
Net debt / EBITDA-0.06×0.41×0.25×3.91×1,109.66×2.03×0.28×-0.19×
Cash conversion cycle (days)-247-20054-378-19-39-174