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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
-101.2%
-SEK 0.03
vs SEK 2.45 price
Levered DCF
-SEK 1.70
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-8.87
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-7.32×-3.31×-3.87×16.82×-10.89×-6.7×-9.9×-32.98×
P/B626.61×4.5×5.67×2.86×3.68×3.31×2.96×4.84×
P/S3.15×4.37×3.13×1.56×3.05×3.46×6.32×10.82×
EV / EBITDA-3.12×-4.2×-3.48×10.35×-13.51×-5.48×-7.91×-24.46×
Gross margin-53.7%-44.5%-25.5%0.9%-2.0%-17.8%-35.9%7.3%
Operating margin-79.4%-150.0%-56.6%-13.5%-26.9%-56.4%-65.3%-0.0%
Net margin-43.0%-132.1%-80.8%9.3%-28.0%-51.6%-63.9%-32.8%
Current ratio0.88×1.29×2.25×4.01×3.57×6.03×11.7×8.99×
Debt / equity0.47×0×0×0.22×0.13×0×0×0×
Interest coverage-5.28×-32.56×-8.5×-11.38×-39.43×-606.47×-63.25×-0.09×
Dividend yield0.0%0.0%1.1%0.8%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%-4.1%13.6%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-8563.3%-136.1%-146.5%17.0%-33.9%-49.3%-29.9%-14.7%
Return on invested capital-10770.5%-154.1%-98.9%-22.4%-27.2%-53.6%-29.8%-0.0%
Return on assets-15.2%-35.1%-83.1%12.3%-22.4%-42.1%-27.0%-12.3%
Free cash flow yield-15.8%-25.7%-12.0%-11.6%-10.8%-16.3%-8.8%-4.1%
Earnings yield-13.7%-30.2%-25.8%5.9%-9.2%-14.9%-10.1%-3.0%
Enterprise valueSEK 14.6MSEK 18.9MSEK 94.1MSEK 118.4MSEK 123.2MSEK 95.6MSEK 126.3MSEK 155.1M
Net debt / EBITDA0.89×1.79×0.49×-1.34×2.07×1.77×3.41×4.96×
Cash conversion cycle (days)527710711331437352-19