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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
-9441.2%
-SEK 39.98
vs SEK 0.43 price
Levered DCF
-SEK 46.89
After debt service
Piotroski score
1 / 9
Weak
Altman Z-score
-0.42
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-2.69×-112.11×-4.37×-4.5×-11.08×-11.94×-21.29×-81.37×
P/B0.74×2.63×2.12×4.57×8.17×2.69×3.04×11.97×
P/S3.28×5.82×12.97×194.28×2,519.92×1,636.25×5,263.49×589.03×
EV / EBITDA-3.91×313.18×-4.31×-5.37×-12.13×-11.81×-58.86×-133.66×
Gross margin-79.7%94.6%52.8%494.7%3059.2%2945.1%-7133.0%96.8%
Operating margin-112.9%0.5%-271.9%-3375.9%-19659.2%-12204.1%-9974.7%-521.1%
Net margin-121.0%-5.2%-298.4%-4317.4%-22771.7%-13714.2%-24785.1%-723.8%
Current ratio1.39×1.44×1.24×0.45×0.7×3.08×3.1×0.73×
Debt / equity0.46×0.2×0.25×0.07×0.08×0.15×0.26×0.91×
Interest coverage-13.13×0.08×-9.91×-7.21×-12.63×-16.16×-1.35×-2.57×
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-27.2%-2.3%-48.8%-101.5%-73.9%-22.5%-14.3%-14.7%
Return on invested capital-17.3%0.2%-35.5%-74.2%-54.0%-17.4%-4.6%-5.6%
Return on assets-17.3%-1.8%-29.0%-50.7%-37.4%-17.6%-10.4%-5.6%
Free cash flow yield-63.0%-10.7%-36.9%-22.0%-2.5%-1.3%-26.4%-10.1%
Earnings yield-36.9%-0.9%-23.0%-22.2%-9.0%-8.4%-4.7%-1.2%
Enterprise valueSEK 39.5MSEK 117.1MSEK 66.9MSEK 106.7MSEK 203MSEK 104.5MSEK 105.3MSEK 105.8M
Net debt / EBITDA-0.68×-8.04×0.49×0.4×0.75×1.72×-3.65×-8.81×
Cash conversion cycle (days)55-607-798133,5055,535-514-297,841