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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
-15122.9%
-SEK 48.90
vs SEK 0.33 price
Levered DCF
-SEK 38.26
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
3.11
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-0.09×-0.21×-0.23×-3.55×3.88×5.97×2.23×1.73×
P/B-0.2×0.32×0.27×0.53×0.86×0.9×0.78×0.61×
P/S0.23×0.29×0.42×1.51×4.97×6.12×5×5.02×
EV / EBITDA-7.86×-10.43×-3.38×317.08×6.02×132.67×332.54×152.05×
Gross margin22.1%60.3%62.8%66.0%67.9%69.0%76.4%76.4%
Operating margin-3.7%-45.0%-151.5%0.7%194.0%139.9%271.9%322.5%
Net margin-243.2%-141.7%-186.9%-42.6%128.2%102.7%224.4%290.7%
Current ratio0.34×0.06×0.11×0.56×1.25×2.35×1.18×0.88×
Debt / equity-9.65×7.36×2.92×1.47×1.75×0.91×0.92×0.51×
Interest coverage-0.03×-0.54×-3.51×0.02×4.36×3.52×9.43×12.87×
Dividend yield0.0%4.6%0.0%8.6%2.8%3.2%0.0%0.0%
Payout ratio0.0%-0.9%0.0%-30.5%10.7%18.9%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity214.2%-152.7%-118.0%-14.9%22.3%15.1%34.9%35.3%
Return on invested capital-0.3%-5.6%-23.0%0.1%8.3%9.1%19.5%24.4%
Return on assets-23.4%-17.1%-28.1%-5.7%6.3%7.2%15.2%22.0%
Free cash flow yield-51.2%-23.9%-75.7%-18.6%-28.3%-61.6%2.1%-0.8%
Earnings yield-1059.3%-480.8%-440.9%-28.2%25.8%16.8%44.9%57.9%
Enterprise valueSEK 2.5BSEK 2.3BSEK 2.4BSEK 3.2BSEK 5.1BSEK 2BSEK 2.1BSEK 912.1M
Net debt / EBITDA-7.69×-9.99×-3.09×228.38×3.86×35.97×162.35×60.48×
Cash conversion cycle (days)43-24-3811834257331-22