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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
-393.1%
-SEK 1.41
vs SEK 0.48 price
Levered DCF
-SEK 1.45
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
-0.16
Distress zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-1.69×-0.33×3.63×-27.64×15.57×-6.69×-11.77×12.81×
P/B0.29×0.24×0.33×0.61×1.36×9.94×14.93×5.11×
P/S8.91×0.99×106.47×209.16×9.78×10.99×6.91×3.04×
EV / EBITDA-39.96×-2.43×4.05×-22.16×-35.28×-7.31×-12.33×8.87×
Gross margin-249.4%2.7%100.0%-32.7%97.5%98.3%58.4%89.4%
Operating margin-175.9%-308.1%2721.2%-1013.5%63.1%-153.6%-57.7%24.8%
Net margin-528.3%-301.4%2948.5%-767.3%62.8%-160.3%-58.5%23.8%
Current ratio0.65×1.4×3.12×8.74×2.56×1.88×3.2×4.56×
Debt / equity0.69×1.57×0.08×0×0×0×0×0.25×
Interest coverage-1.81×-78.3×128.29×-527×765×-32.8×-62.88×17.79×
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-17.0%-74.6%9.1%-2.3%8.8%-145.0%-126.4%39.9%
Return on invested capital-2.8%-27.7%7.7%-3.0%8.8%-149.5%-90.0%35.2%
Return on assets-8.3%-21.0%8.3%-2.2%8.7%-94.6%-67.8%27.9%
Free cash flow yield47.0%-11.3%-3.6%-3.6%-1.6%-16.7%-7.4%9.8%
Earnings yield-59.3%-305.4%27.7%-3.7%6.4%-14.6%-8.5%7.8%
Enterprise valueSEK 1.9BSEK 4.1BSEK 1.2BSEK 1BSEK 1.2BSEK 89.2MSEK 128.5MSEK 88.1M
Net debt / EBITDA-27.88×-2.1×0.49×1.18×0.45×0.38×0.46×-1.48×
Cash conversion cycle (days)1162,1450526-3644,889150187