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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
-129.9%
-SEK 0.74
vs SEK 2.48 price
Levered DCF
-SEK 3.60
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-5.85
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.01×-1×-3.1×-2.6×-5.16×-12.39×-23.5×-22.3×
P/B0.72×0.36×1.3×0.9×1.57×4.08×8.25×13.44×
P/S10.82×2.44×26.41×23.24×19.2×39.95×22.64×32.36×
EV / EBITDA-1.65×-1.48×-3.38×-2.84×-6.84×-13.09×-25.51×-25.96×
Gross margin-700.0%-21.6%20.9%76.4%13.9%41.8%28.7%13.7%
Operating margin-905.1%-240.2%-644.0%-822.8%-522.6%-313.0%-100.7%-173.0%
Net margin-1069.5%-243.7%-852.3%-894.4%-372.8%-322.6%-87.5%-175.3%
Current ratio3.45×4.55×2.65×2.51×1.99×4.78×6.22×2.03×
Debt / equity0.05×0.02×0.07×0.17×0.29×0.27×0.03×0.2×
Interest coverage-164.94×-208.36×-67.44×-32.87×-29.56×-57.99×-53.92×-96.95×
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-71.4%-36.0%-41.9%-34.5%-30.4%-32.9%-31.9%-72.8%
Return on invested capital-57.1%-34.2%-29.0%-26.6%-31.4%-24.3%-29.8%-57.3%
Return on assets-61.4%-32.1%-32.0%-25.8%-19.7%-22.0%-26.5%-42.8%
Free cash flow yield-30.1%-109.9%-27.3%-33.3%-24.9%-8.5%-7.4%-6.2%
Earnings yield-98.8%-100.0%-32.3%-38.5%-19.4%-8.1%-3.9%-5.4%
Enterprise valueSEK 132.1MSEK 83.9MSEK 365.6MSEK 250.6MSEK 503MSEK 1.5BSEK 2.5BSEK 1.8B
Net debt / EBITDA0.16×0.35×0.51×0.87×0.67×1.56×0.97×0.87×
Cash conversion cycle (days)2845562,5635,0361,6721,151372280