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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
-22.1%
SEK 10.44
vs SEK 13.40 price
Levered DCF
SEK 6.72
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
7.3
Safe zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-3.37×-12.68×-2.63×-2.5×-2.21×-1.94×-1.06×-0.97×
P/B0.76×0.69×10.5×7.51×5.24×22.6×8.71×12.4×
P/S290.28×28,949.51×25.72×0×0×31,846.26×10,539.54×6,247.14×
EV / EBITDA-2.71×-9×-23.62×-21.85×-18.18×-18.95×-9.23×-8.86×
Gross margin-144.3%-41600.0%95.7%0.0%0.0%-164940.0%-99672.7%-64539.1%
Operating margin-8887.5%-110800.0%-110.1%0.0%0.0%-164940.0%-99672.7%-64539.1%
Net margin-8601.1%-228000.0%-97.7%0.0%0.0%-164051.4%-99742.0%-64178.1%
Current ratio52.31×55.39×5.04×23.57×41.93×5.62×5.69×3.96×
Debt / equity0×0×0.01×0.01×0×0.05×0×0.02×
Interest coverage-57.09×-29.16×-472.98×-1,259.28×-869.4×-510.88×-1,437.9×-550.73×
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-22.4%-5.4%-39.9%-30.0%-23.7%-116.4%-82.4%-127.4%
Return on invested capital-23.1%-2.6%-44.5%-44.8%-26.6%-111.7%-82.0%-125.3%
Return on assets-22.3%-5.4%-31.8%-28.6%-23.1%-93.8%-68.0%-95.1%
Free cash flow yield-1.1%-0.6%-1.5%-5.2%-5.5%-6.4%-9.2%-9.8%
Earnings yield-29.6%-7.9%-3.8%-4.0%-4.5%-5.2%-9.5%-10.3%
Enterprise valueSEK 2BSEK 2BSEK 2.2BSEK 2.2BSEK 1.8BSEK 1.1BSEK 801.2MSEK 718M
Net debt / EBITDA0.72×3.83×3.11×3.45×4.2×0.92×1.46×1.01×
Cash conversion cycle (days)9,441539,100-583-2,246-1,311-19-135,194