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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
-9742.7%
-SEK 172.22
vs SEK 1.79 price
Levered DCF
-SEK 183.77
After debt service
Piotroski score
1 / 9
Weak
Altman Z-score
-0.88
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-4.27×-0.85×-1.16×-1×-11.83×-13.91×-4.77×-6.52×
P/B2.55×0.59×2.03×7.69×10.81×14.65×29.58×4.3×
P/S10.18×2.15×11.21×11.31×104.92×153.18×145.13×118.56×
EV / EBITDA-5.92×-0.4×-1.14×-1.58×-4.1×-3.95×-5.22×-6.62×
Gross margin-165.8%55.5%36.2%-44.5%-161.7%65.8%29.2%28.2%
Operating margin-165.8%-288.8%-797.0%-1076.0%-2703.0%-3911.1%-2970.5%-1850.2%
Net margin-238.0%-253.5%-964.5%-1127.3%-2833.6%-4349.8%-3041.7%-1817.2%
Current ratio3.91×2.99×1.94×0.58×0.93×0.7×0.4×4.34×
Debt / equity0×0×0.01×3.33×0.01×0.05×0.15×0.03×
Interest coverage-308.57×-125.3×-6.76×-6.15×-9.47×-15.93×-33.22×-341.75×
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-59.7%-69.3%-174.3%-766.6%-291.9%-416.0%-619.9%-66.0%
Return on invested capital-43.6%-82.3%-149.9%-173.6%-121.5%-700.4%-967.6%-67.9%
Return on assets-54.4%-60.6%-138.2%-142.7%-95.3%-130.5%-112.2%-56.6%
Free cash flow yield-20.2%-146.2%-77.6%-100.5%-28.3%-27.3%-18.9%-19.2%
Earnings yield-23.4%-118.2%-86.1%-99.6%-27.0%-28.4%-21.0%-15.3%
Enterprise valueSEK 156.5MSEK 18MSEK 77.8MSEK 91.1MSEK 234.1MSEK 204.1MSEK 205.9MSEK 215.4M
Net debt / EBITDA0.82×0.5×0.22×-0.35×0.03×-0×0.03×-0.03×
Cash conversion cycle (days)155229-363101,039-1,366-2,036-395