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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
-54.3%
SEK 10.69
vs SEK 23.40 price
Levered DCF
SEK 26.50
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
5.23
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E103.06×17.96×40.05×173.18×75.27×112.09×-98.89×37.9×
P/B3.12×3.12×5.24×5.3×8.13×8.02×16.52×8.59×
P/S2.45×2.16×3.34×4.27×7.2×7.23×6.7×4.23×
EV / EBITDA16.63×9.71×24.31×36.67×38.57×57.45×123×103.24×
Gross margin69.2%68.9%67.6%68.1%65.2%61.8%62.2%59.7%
Operating margin10.2%15.0%10.4%7.2%13.8%7.7%-4.3%0.4%
Net margin2.4%12.0%8.4%2.5%9.6%6.5%-6.7%11.1%
Current ratio3.09×2.89×2.75×3.32×3.81×3.41×2.02×1.7×
Debt / equity0.03×0.03×0.01×0.02×0.03×0.04×0.24×0×
Interest coverage49.18×257.3×116.74×50.13×135.32×23.21×-5.05×0.84×
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 equity3.0%17.4%13.1%3.1%10.9%7.2%-16.6%22.6%
Return on invested capital8.3%14.8%13.1%3.1%10.6%7.2%-8.5%0.9%
Return on assets2.1%11.5%8.8%2.2%8.2%5.3%-8.7%14.5%
Free cash flow yield4.6%2.9%2.1%-0.1%0.7%0.7%0.4%-1.7%
Earnings yield1.0%5.6%2.5%0.6%1.3%0.9%-1.0%2.6%
Enterprise valueSEK 920.4MSEK 873.1MSEK 1.3BSEK 1.2BSEK 1.8BSEK 1.5BSEK 1.4BSEK 795M
Net debt / EBITDA-2.92×-1.58×-2.4×-3.7×-2.54×-3.85×-0.83×-1.21×
Cash conversion cycle (days)225232233203145168126141