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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
+1310.9%
SEK 44.30
vs SEK 3.14 price
Levered DCF
SEK 1.17
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
2.35
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/E25×-20×-27.5×-2.74×-8.39×-7.65×-4.02×-1.83×
P/B2.9×3.59×3.32×3.24×5.3×3.15×1.79×0.74×
P/S1.23×1.33×1.3×1.77×5.75×5.75×3.7×3.07×
EV / EBITDA4.22×8.69×7.16×-14.03×130.07×89.87×-8.29×-2.85×
Gross margin25.0%50.2%50.0%-36.6%-32.5%-30.9%-90.1%-163.2%
Operating margin6.6%-6.6%-4.6%-64.2%-68.7%-74.4%-90.1%-162.8%
Net margin4.9%-6.6%-4.6%-64.2%-68.7%-75.3%-91.9%-167.6%
Current ratio0.92×0.8×0.91×0.98×0.91×1.26×0.53×0.74×
Debt / equity0×0×0×0×0.03×0.03×0.05×0.05×
Interest coverage0×-2,906×-575×-1,064.46×-233.29×-66.19×-30.91×-33.9×
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 equity11.7%-17.7%-11.7%-117.7%-63.3%-41.3%-44.4%-40.4%
Return on invested capital15.5%-17.7%-11.8%-117.5%-61.4%-39.5%-41.5%-39.3%
Return on assets4.3%-6.1%-4.9%-56.0%-37.7%-32.7%-30.8%-33.0%
Free cash flow yield-8.2%16.4%10.6%-13.9%1.6%-7.2%-1.7%-37.9%
Earnings yield4.0%-4.9%-3.5%-36.4%-11.9%-13.1%-24.8%-54.5%
Enterprise valueSEK 47.6MSEK 48.2MSEK 54.4MSEK 57.4MSEK 176.4MSEK 174MSEK 99MSEK 61.1M
Net debt / EBITDA-0.55×-1.93×-1.35×3.15×-8.17×-4.17×0.02×-0.09×
Cash conversion cycle (days)165737555686672107