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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
-193.5%
-SEK 61.68
vs SEK 66.00 price
Levered DCF
-SEK 102.32
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
6.42
Safe 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-223.92×-31.6×-23.38×-24.91×-47.89×-23.67×36.78×494.44×
P/B5.35×5.57×3.25×2.66×2.39×8.39×6.98×8.62×
P/S7.56×8.96×7.4×9.05×10.64×3.93×4.02×5.36×
EV / EBITDA49.58×-70.37×-24.3×-17.47×-34.92×-38.98×20.5×161.88×
Gross margin80.6%79.6%87.5%83.5%79.9%86.2%81.3%72.3%
Operating margin4.2%-26.9%-33.4%-43.4%-23.3%-10.6%13.4%-7.3%
Net margin-3.4%-28.4%-31.7%-36.3%-22.2%-16.6%10.9%1.1%
Current ratio2.88×3.48×5.43×8.04×14.02×1.42×2.04×2.86×
Debt / equity0.15×0.17×0.19×0.05×0.03×0.7×0.64×0.32×
Interest coverage0.78×-16.66×-70.63×-109.9×-23.23×-7.52×11.02×-5.89×
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-2.4%-17.6%-13.9%-10.7%-5.0%-35.5%18.9%1.7%
Return on invested capital2.6%-14.1%-12.0%-10.5%-4.8%-12.0%10.5%19.7%
Return on assets-1.8%-13.0%-10.5%-9.2%-4.5%-14.7%9.5%1.1%
Free cash flow yield0.4%-6.4%-8.1%-5.8%-2.5%-1.1%2.1%0.4%
Earnings yield-0.4%-3.2%-4.3%-4.0%-2.1%-4.2%2.7%0.2%
Enterprise valueSEK 1.9BSEK 1.9BSEK 1.1BSEK 804MSEK 630.3MSEK 271.5MSEK 271.8MSEK 260.5M
Net debt / EBITDA-0.68×3.23×4.29×7.44×20.2×-1.89×1.02×1.36×
Cash conversion cycle (days)24127120810849104112142