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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
+80.7%
SEK 166.11
vs SEK 91.92 price
Levered DCF
-SEK 3.18
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
-0.66
Distress zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-1.76×3.66×-1.63×11.62×-16.75×333.61×106.87×44.87×
P/B0.52×0.76×0.57×0.8×1.61×3.53×4.82×3.13×
P/S0.64×1.06×0.7×1.38×4.23×10.62×5.84×3.1×
EV / EBITDA1.66×1.59×10.11×5.54×18.78×19.64×15.71×10.31×
Gross margin75.0%82.2%72.9%73.5%85.9%74.2%65.3%4.2%
Operating margin-45.2%15.8%-48.6%16.7%-19.9%8.3%6.6%4.5%
Net margin-36.6%26.7%-43.1%11.8%-25.2%3.2%5.4%6.9%
Current ratio1.66×1.87×0.84×1.2×0.69×4.7×1.56×2.25×
Debt / equity0.08×0.08×0.4×0.34×0.46×0.05×0.23×0.16×
Interest coverage-55.71×5.38×-12.1×6.82×-7.96×9.88×19.85×0×
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
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity-29.8%19.2%-34.7%6.9%-9.6%1.1%4.5%7.0%
Return on invested capital-32.2%9.3%-23.1%5.4%-4.3%1.0%2.7%2.6%
Return on assets-21.7%14.2%-19.0%3.8%-4.6%0.9%2.7%4.6%
Free cash flow yield-5.3%-1.1%1.8%-3.1%0.3%1.8%0.1%-0.7%
Earnings yield-56.9%25.0%-61.3%8.6%-6.0%0.3%0.9%2.2%
Enterprise valueSEK 6.9BSEK 19.1BSEK 47.5BSEK 69BSEK 86.5BSEK 83.2BSEK 29.8BSEK 16.3B
Net debt / EBITDA-0.79×-0.39×3.8×1.37×3.15×-2.98×-0.45×-0.97×
Cash conversion cycle (days)401397110-27-18-265