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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
-194.6%
-SEK 18.01
vs SEK 19.05 price
Levered DCF
-SEK 20.81
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.66
Distress zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-26.27×-9.38×-4.28×-1.83×-6.82×-5.6×-18.74×-15.35×
P/B18.15×-80.48×9.88×3.32×6.02×5.56×26.81×11.64×
P/S7.81×5×3.76×2.41×17.28×11.53×4.64×5.92×
EV / EBITDA193.02×-56.27×-10.33×-3.39×-9.88×-7.96×-14.86×-19.05×
Gross margin18.6%24.2%1.7%124.3%122.2%113.8%68.9%69.4%
Operating margin-26.2%-44.4%-81.2%-129.6%-228.3%-202.0%-29.2%-37.2%
Net margin-30.0%-53.2%-88.1%-131.7%-253.6%-205.8%-24.8%-38.6%
Current ratio0.83×0.56×0.62×0.79×1.69×0.97×0.74×1.4×
Debt / equity0.49×-12.41×1.41×0.8×0.23×0.13×0.93×0×
Interest coverage-6.1×-5.94×-15.59×-82.87×-55.62×-47.26×-63.46×-617.26×
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-69.6%857.2%-231.7%-181.6%-88.3%-99.1%-143.0%-75.8%
Return on invested capital-37.3%-56.2%-85.5%-98.9%-64.7%-86.3%-76.0%-73.2%
Return on assets-22.1%-38.4%-51.2%-64.8%-55.8%-53.0%-27.7%-34.6%
Free cash flow yield1.7%-4.3%-16.8%-52.8%-14.3%-16.0%-5.6%-7.4%
Earnings yield-3.8%-10.7%-23.4%-54.8%-14.7%-17.8%-5.3%-6.5%
Enterprise valueSEK 395.1MSEK 244.8MSEK 150.4MSEK 81.7MSEK 341.9MSEK 235MSEK 468.9MSEK 422.1M
Net debt / EBITDA-1.97×-5.84×-0.96×-0.46×0.42×0.59×-0.19×1.31×
Cash conversion cycle (days)5889691437224-299