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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
-1043.2%
-SEK 55.27
vs SEK 5.86 price
Levered DCF
-SEK 51.17
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
-5.89
Distress zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E5.92×-0.38×-3.55×-3.36×-10.02×0×0×0×
P/B0.68×0.61×1.29×2.15×2.48×0×0×0×
P/S0.31×0.23×0.8×1.37×4.07×0×0×0×
EV / EBITDA7.52×8.85×12.6×245.47×-44.26×0.37×-0.42×0×
Gross margin-56.8%55.5%43.8%28.6%34.5%139.8%353.9%0.0%
Operating margin-64.2%-66.5%-40.8%-32.8%-36.9%-486.0%-1055.1%0.0%
Net margin5.3%-60.5%-22.4%-40.6%-40.6%-496.2%-1113.3%0.0%
Current ratio1.91×0.44×0.42×0.62×2.02×1.63×1.87×3.63×
Debt / equity0×0.36×0.28×0.35×0.23×0×0.3×0×
Interest coverage0×-16.87×0×-6.35×-103.26×-95.86×-406.22×0×
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
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity11.4%-159.5%-36.4%-63.8%-24.8%-33.7%-88.1%0.0%
Return on invested capital-96.7%-127.0%-11.6%-28.1%-18.0%-33.0%-64.1%0.0%
Return on assets8.0%-66.8%-5.4%-26.9%-16.6%-31.6%-62.9%0.0%
Free cash flow yield-90.8%-39.4%-18.7%2.1%-0.7%0.0%0.0%0.0%
Earnings yield16.9%-262.3%-28.2%-29.7%-10.0%0.0%0.0%0.0%
Enterprise valueSEK 7.1MSEK 68.9MSEK 204MSEK 362.8MSEK 463.9M-SEK 4.9MSEK 3.3M-SEK 12.2M
Net debt / EBITDA-40.52×2.54×0.95×10.73×3.91×0.37×-0.42×0×
Cash conversion cycle (days)8-14-2633-897416500