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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
-644.1%
-SEK 14.04
vs SEK 2.58 price
Levered DCF
-SEK 13.05
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
4.99
Safe zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-5.14×-3.79×-3.07×-4.38×-42.61×-1,254.55×5,307.69×
P/B7.87×8.08×-12.01×5.64×6.31×207.13×167.06×
P/S5.57×3.62×5.4×14.52×41.73×34.17×25.23×
EV / EBITDA-6.07×-4.26×-3.47×-3.71×-35.93×-2,533.75×2,039.33×
Gross margin-14.1%-19.5%-97.6%-207.2%-51.1%79.6%77.1%
Operating margin-99.1%-84.7%-172.2%-333.7%-99.6%-60.3%1.2%
Net margin-107.8%-94.3%-176.4%-333.1%-99.9%-2.7%0.5%
Current ratio1.06×1.18×0.61×5.6×10.31×1.01×1.89×
Debt / equity0.84×1.06×-1.52×0×0×0×0×
Interest coverage-10.32×-8.22×-33.43×-15,329×-405.2×-111×2.5×
Dividend yield0.0%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%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity-152.3%-210.8%392.4%-129.4%-15.1%-16.5%3.1%
Return on invested capital-76.1%-91.7%-730.5%-129.6%-15.1%-365.5%3.1%
Return on assets-60.0%-82.2%-238.3%-106.6%-13.7%-3.7%1.0%
Free cash flow yield-20.9%-33.1%-17.6%-23.1%-3.5%0.3%0.0%
Earnings yield-19.4%-26.1%-32.7%-22.9%-2.4%-0.1%0.0%
Enterprise valueSEK 58.7MSEK 45.3MSEK 51.9MSEK 56.7MSEK 144.6MSEK 119.1MSEK 112.2M
Net debt / EBITDA-0.25×0.02×-0.31×0.66×6.26×9.13×-1.84×
Cash conversion cycle (days)18171140257210-59-33