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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
-525.9%
-SEK 25.13
vs SEK 5.90 price
Levered DCF
-SEK 19.92
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
-1.83
Distress zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-2.01×-14.87×-3.96×-10.9×-37.91×-131.61×-1,360×
P/B0.74×0.92×2.39×5.29×10.8×209.5×95.94×
P/S0.68×1.52×2.32×4.98×18.87×32.74×40.38×
EV / EBITDA3.01×-42.92×-4.43×-15.76×-52.14×-315.22×1,318.43×
Gross margin5.3%55.3%43.1%4.7%8.8%22.8%18.2%
Operating margin-36.3%-21.4%-55.8%-46.8%-49.6%-20.8%-0.5%
Net margin-33.6%-18.6%-58.5%-45.7%-49.8%-24.9%-3.0%
Current ratio0.62×0.45×1.09×1.99×2.84×1.01×0.76×
Debt / equity0.01×0.03×0×0.01×0.02×1.19×0.54×
Interest coverage-36.05×-93.56×-402.69×-217.58×-83.11×-23.51×-0.38×
Dividend yield0.0%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%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity-36.9%-11.3%-60.2%-48.5%-28.5%-159.2%-7.2%
Return on invested capital-31.0%-13.4%-55.4%-47.4%-31.2%-60.6%-1.9%
Return on assets-20.1%-6.8%-43.2%-35.2%-20.5%-27.9%-2.1%
Free cash flow yield1.2%2.5%-9.6%-13.4%-2.2%0.2%0.0%
Earnings yield-49.6%-12.3%-25.2%-9.2%-2.6%-0.8%-0.1%
Enterprise valueSEK 24.7MSEK 48.8MSEK 73.4MSEK 274.9MSEK 825.5MSEK 1.3BSEK 1.3B
Net debt / EBITDA-0.66×4.33×0.53×0.96×3.61×-0.91×7.13×
Cash conversion cycle (days)7018-883319761