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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
-258.9%
-SEK 46.09
vs SEK 29.00 price
Levered DCF
-SEK 46.65
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.91
Grey 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-5.47×-3.43×-2.04×-65.24×-29.59×-11.36×-13.11×-49.63×
P/B3.37×2.45×1.48×6.68×9.25×5.39×4.34×3.93×
P/S1.66×0.95×1.07×2.26×5.93×2.78×3.94×4.97×
EV / EBITDA-9.21×-5.73×-2.26×-309.5×-37.2×-14.74×-13.11×-47.47×
Gross margin-23.4%49.0%52.3%52.8%47.1%46.1%44.6%40.1%
Operating margin-27.2%-25.8%-50.2%-4.6%-19.5%-24.8%-29.9%-9.7%
Net margin-30.3%-27.7%-52.4%-3.5%-20.0%-24.5%-30.1%-10.0%
Current ratio1.26×1.33×1.71×1.68×2.25×2.4×3.11×5.02×
Debt / equity0.86×0.91×0.52×0.41×0.19×0.24×0.02×0.01×
Interest coverage-13.63×-12.99×-20.14×-14.39×-40.88×-130.99×-275.04×-35.92×
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-61.6%-71.4%-72.7%-10.2%-31.3%-47.4%-33.1%-7.9%
Return on invested capital-29.1%-35.0%-45.5%-11.0%-29.0%-38.2%-32.5%-7.6%
Return on assets-21.3%-25.8%-35.4%-4.6%-17.4%-26.8%-24.6%-6.4%
Free cash flow yield-19.8%-12.6%-58.1%-6.5%-4.8%-6.3%-14.7%-8.4%
Earnings yield-18.3%-29.2%-49.1%-1.5%-3.4%-8.8%-7.6%-2.0%
Enterprise valueSEK 184.6MSEK 135.4MSEK 118MSEK 461.2MSEK 645.9MSEK 225.4MSEK 269.1MSEK 283.4M
Net debt / EBITDA-0.46×-0.45×0.11×1.2×1.24×0.22×0.82×9.85×
Cash conversion cycle (days)148185312192173175234162