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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
-198.5%
-SEK 4.30
vs SEK 4.36 price
Levered DCF
-SEK 4.97
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
4.53
Safe zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E174.7×-6.63×-2.16×-2.87×-3.77×-2.3×-2.26×-4.29×
P/B9.85×-4.47×-0.62×-1.98×-6.41×15.49×-4.76×5.74×
P/S4.23×1.96×0.88×2.17×2.57×1.33×3.44×3.41×
EV / EBITDA31.92×17.08×25.26×-11.69×-13.33×-9.46×-17.28×-8.64×
Gross margin-6.5%78.3%80.1%81.4%85.7%87.3%118.3%111.6%
Operating margin-6.5%-10.2%-19.1%-33.2%-41.0%-36.3%-62.0%-80.1%
Net margin2.4%-29.2%-40.7%-75.5%-68.0%-58.0%-152.4%-109.3%
Current ratio0.92×1×0.37×0.94×0.89×1.35×0.92×1.54×
Debt / equity1.31×-2.91×-1.37×-1.76×-4.49×19.15×-3.41×3.34×
Interest coverage-1.41×-0.45×-0.89×-1.91×-3.15×-2.91×-2.32×-3.86×
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 equity5.6%66.5%28.6%69.0%169.7%-673.2%210.8%-184.2%
Return on invested capital1.3%-9.7%-34.3%-26.8%-29.2%-20.9%-35.4%-32.5%
Return on assets1.3%-15.6%-21.8%-38.8%-31.3%-21.2%-62.0%-31.9%
Free cash flow yield-0.7%-9.9%-20.4%-18.9%-27.8%-16.1%-24.5%-30.4%
Earnings yield0.6%-14.9%-46.4%-34.8%-26.5%-43.4%-44.3%-32.1%
Enterprise valueSEK 953.5MSEK 537.4MSEK 415.4MSEK 570.1MSEK 535.5MSEK 274.9MSEK 658.6MSEK 523.8M
Net debt / EBITDA0.9×5.13×16.7×-5.05×-4.76×-3.03×-6.13×-2.32×
Cash conversion cycle (days)1121289916246-9674207