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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
-139.4%
-SEK 0.02
vs SEK 0.06 price
Levered DCF
-SEK 0.08
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-1.37
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.05×-1.63×-9.18×-5.55×-13.97×2.68×-0.89×-12.95×
P/B0.48×0.7×1.56×1.49×1.34×0.69×2.19×6.6×
P/S10.92×32.34×8.35×100.61×28.95×12.68×12.65×26.44×
EV / EBITDA-1.14×-1.77×-10.09×-6.93×-14.22×3.19×-3.8×-18.98×
Gross margin-976.5%-521.7%113.3%-148.3%66.8%25.0%11.7%-33.1%
Operating margin-1171.1%-1840.1%-89.3%-1773.8%-209.3%725.7%-567.0%-169.0%
Net margin-1004.5%-1932.4%-90.9%-1802.0%-196.0%463.3%-994.1%-204.3%
Current ratio0.85×1.25×1.17×3.54×4.73×0.57×0.38×0.59×
Debt / equity0.07×0.06×0.07×0.07×0.1×0.2×1.49×1.04×
Interest coverage-21.15×-18.83×-29.45×-51.52×-14.4×36.35×-1.33×-4.77×
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-44.3%-42.1%-17.0%-26.7%-9.1%25.3%-172.3%-51.0%
Return on invested capital-48.3%-37.8%-15.4%-24.6%-8.8%14.3%-39.5%-20.7%
Return on assets-32.0%-35.2%-14.0%-23.4%-7.9%18.7%-55.5%-17.8%
Free cash flow yield0.0%-43.8%-7.1%-9.1%-13.3%20.9%-17.7%-5.6%
Earnings yield-92.0%-59.8%-10.9%-17.9%-6.8%36.5%-78.6%-7.7%
Enterprise valueSEK 18.5MSEK 35.1MSEK 65.4MSEK 60.1MSEK 52.4MSEK 24.2MSEK 48.2MSEK 149.7M
Net debt / EBITDA0.1×0.01×-0.33×1.2×2.17×0.65×-1.52×-2.52×
Cash conversion cycle (days)553487363761691469194501