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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
-610.3%
-SEK 20.11
vs SEK 3.94 price
Levered DCF
-SEK 15.83
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
5.43
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/E-5.33×-7.68×-3.03×-6.32×-4.41×-6.75×-11.3×-12.99×
P/B11.57×4.26×1.92×2.01×1.92×14.89×16.05×60.84×
P/S0.92×1.02×0.74×1.24×3.93×19.6×16.18×21.52×
EV / EBITDA-5.89×-12.55×-2.89×-7.1×-3.28×-6.95×-12.3×-14.2×
Gross margin-18.8%21.3%81.1%87.8%98.8%55.3%89.7%-177.3%
Operating margin-18.8%-13.2%-24.6%-19.7%-84.9%-283.2%-140.0%-177.3%
Net margin-17.3%-13.2%-24.6%-19.6%-89.3%-289.6%-143.3%-164.3%
Current ratio0.94×1.51×1.9×3.27×3.69×3.11×2.98×1.42×
Debt / equity0×0×0.03×0.03×0.04×0.41×0.5×0.92×
Interest coverage-34.25×-34.63×-116.27×-91.08×-141.93×-89.18×-85.41×0×
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-217.5%-55.4%-63.6%-31.8%-43.7%-219.9%-142.1%-464.4%
Return on invested capital-222.6%-52.4%-60.1%-29.9%-42.2%-152.9%-92.4%-260.4%
Return on assets-36.7%-25.1%-36.1%-23.7%-33.5%-128.3%-75.6%-138.7%
Free cash flow yield-0.2%-6.5%-11.8%-23.2%-18.3%-10.1%-10.6%0.0%
Earnings yield-18.8%-13.0%-33.1%-15.8%-22.7%-14.8%-8.9%-7.6%
Enterprise valueSEK 35MSEK 41.8MSEK 23.3MSEK 43MSEK 44.3MSEK 88.5MSEK 92.8MSEK 93.8M
Net debt / EBITDA0.95×1.72×1.25×2.28×1.97×0.36×0.05×-0.09×
Cash conversion cycle (days)658810242-1,109-4163196