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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
-165.9%
-SEK 9.36
vs SEK 14.20 price
Levered DCF
-SEK 9.10
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
12.35
Safe zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-27.8×-8.28×-176.96×83.82×-42.94×-34.61×-26.32×-41.36×
P/B4.33×2.2×3.43×2.09×3.24×4.79×4.23×5.16×
P/S53.02×19.59×12.79×8.41×42.26×67.45×235.95×181.48×
EV / EBITDA-27.26×-7.54×-179.83×72.09×-37.33×-33.05×-23.94×-37.69×
Gross margin-185.7%137.5%113.4%96.5%128.9%279.2%671.7%417.7%
Operating margin-185.7%-237.0%-7.1%9.9%-97.8%-197.2%-896.6%-434.5%
Net margin-192.3%-237.3%-7.2%9.9%-97.9%-197.2%-896.6%-434.6%
Current ratio4.98×2.68×3.51×5×4.75×1.72×5.64×3.65×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage0×-723.94×-68.77×0×-531.46×0×0×-6,792×
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-15.7%-26.7%-1.9%2.5%-7.5%-14.0%-16.1%-12.4%
Return on invested capital-15.2%-26.7%-1.9%2.5%-7.5%-13.8%-16.1%-12.4%
Return on assets-14.9%-24.5%-1.8%2.3%-6.8%-12.5%-15.0%-10.8%
Free cash flow yield-4.4%-8.4%-3.0%-7.8%-4.8%-5.6%-7.4%-1.8%
Earnings yield-3.6%-12.1%-0.6%1.2%-2.3%-2.9%-3.8%-2.4%
Enterprise valueSEK 385.1MSEK 173.8MSEK 303.2MSEK 171.9MSEK 256.8MSEK 240.3MSEK 228.2MSEK 256M
Net debt / EBITDA1.46×0.77×10.09×-10.99×6.05×1.24×2.4×4.07×
Cash conversion cycle (days)95405314-1,771674282630336