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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
+211.8%
SEK 199.53
vs SEK 64.00 price
Levered DCF
SEK 219.03
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
6.24
Safe zone
Rating
A+
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E23.67×7.23×9.84×26.3×17.02×21.18×20.18×8.97×
P/B1.55×1.55×2.55×3.52×6.85×8.2×2.36×3.32×
P/S0.75×0.76×0.95×1.26×2.56×2.61×0.74×0.8×
EV / EBITDA3.22×2.24×3.64×6.98×9.42×10.79×4.5×4.32×
Gross margin60.2%68.4%67.6%66.9%61.6%58.0%56.8%51.5%
Operating margin5.9%10.3%8.4%5.7%16.4%14.0%4.2%9.9%
Net margin3.2%10.5%9.7%4.8%15.1%12.3%3.7%8.9%
Current ratio4.28×3.71×2.99×2.27×2.4×1.98×1.69×1.4×
Debt / equity0×0×0×0.01×0.02×0.01×0.04×0×
Interest coverage24.67×329.88×94.61×298.69×181.61×188.6×42.75×896.55×
Dividend yield8.8%7.3%5.1%3.4%1.6%0.6%2.5%1.9%
Payout ratio207.3%52.4%50.6%88.2%27.3%13.1%49.9%17.3%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity6.6%21.5%26.0%13.4%40.3%38.7%11.7%37.1%
Return on invested capital12.0%19.8%21.0%14.0%41.2%38.7%11.3%37.0%
Return on assets5.5%17.8%20.9%10.2%31.7%28.2%8.2%24.1%
Free cash flow yield19.9%20.7%10.4%7.3%5.6%4.0%4.9%6.5%
Earnings yield4.2%13.8%10.2%3.8%5.9%4.7%5.0%11.1%
Enterprise valueSEK 494.8MSEK 585.9MSEK 1.1BSEK 1.6BSEK 3.2BSEK 3.4BSEK 771.6MSEK 1B
Net debt / EBITDA-1.4×-1.04×-0.61×-0.77×-0.4×-0.58×-0.8×-0.59×
Cash conversion cycle (days)-23-39-520-814-11