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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
-1491.9%
-SEK 33.41
vs SEK 2.40 price
Levered DCF
-SEK 27.27
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
-1.66
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-1.2×-21.48×316.67×-135×-203.25×-3,045.11×-109.46×-413.69×
P/B2.39×2.01×5.28×4.88×7.51×54.2×53.23×112.54×
P/S2.22×5.22×11.31×14.22×35.1×47.37×84.71×270.57×
EV / EBITDA9.3×28.14×39.52×176.92×-490×628.87×-139.96×-344.81×
Gross margin-187.2%103.2%23.6%85.4%83.6%131.1%81.2%-77.3%
Operating margin-187.2%-22.5%4.4%-10.2%-16.3%-0.8%-68.2%-82.1%
Net margin-185.6%-24.3%3.6%-10.7%-17.5%-1.6%-76.9%-65.4%
Current ratio2.22×2.2×2.58×2.96×5.88×2.57×4.14×5.37×
Debt / equity0.06×0.05×0.08×0.12×0.18×0.18×0.14×0.1×
Interest coverage-252.08×-16.34×2.88×-5.98×-30.37×-1.35×-71.48×0×
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-199.6%-9.4%1.7%-3.7%-3.7%-1.8%-48.3%-27.2%
Return on invested capital-183.7%-8.1%1.9%-2.9%-2.9%-0.8%-37.7%-24.1%
Return on assets-165.2%-8.2%1.4%-3.1%-3.0%-1.2%-37.5%-22.3%
Free cash flow yield-5.3%-2.3%-0.1%-2.4%-1.4%-0.6%-1.4%0.0%
Earnings yield-83.5%-4.7%0.3%-0.8%-0.5%-0.0%-0.9%-0.2%
Enterprise valueSEK 145.6MSEK 384.9MSEK 1.1BSEK 974.7MSEK 1.3BSEK 1.1BSEK 1BSEK 1.1B
Net debt / EBITDA-0.62×-1.41×-0.76×-4.18×22.42×-1.43×0.98×1.44×
Cash conversion cycle (days)581,6233-143-271212372