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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
-482.1%
-SEK 4.66
vs SEK 1.22 price
Levered DCF
-SEK 4.36
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-12.32
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-1.8×-5.58×-1.02×-0.99×-1.63×-8.02×-16.31×-24.07×
P/B-2.12×-1.36×6.72×-10.33×2.11×3.84×8.61×7.17×
P/S0.36×0.15×0.4×0.43×0.93×4.14×48.19×174.15×
EV / EBITDA-1.97×9.12×-2.28×-3.93×-3.31×-14.86×-23.5×-28.79×
Gross margin77.9%-29.9%74.1%76.0%-53.7%-50.0%-268.3%-725.6%
Operating margin-17.3%-28.9%-77.6%-40.8%-53.7%-50.0%-268.3%-725.6%
Net margin-20.1%-30.4%-39.1%-43.8%-57.1%-51.7%-295.5%-723.5%
Current ratio0.64×0.82×0.59×0.34×0.7×0.8×4.76×3.52×
Debt / equity-0.23×-0.78×0.98×-5.4×0.17×0.03×0.01×0.01×
Interest coverage-9.87×-267.22×-26.58×-8.39×-11.52×-25.98×-1,636.53×-242.26×
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 equity117.3%275.5%-661.1%1041.3%-130.0%-47.8%-52.8%-29.8%
Return on invested capital206.0%-617.8%-559.9%-82.2%-76.4%-37.4%-47.3%-29.5%
Return on assets-69.7%-120.4%-106.8%-46.1%-43.6%-27.1%-47.5%-27.0%
Free cash flow yield-29.8%-160.2%-62.6%-67.5%-1.1%-6.2%-3.3%-4.4%
Earnings yield-55.4%-202.4%-98.4%-100.8%-61.5%-12.5%-6.1%-4.2%
Enterprise valueSEK 60MSEK 23.2MSEK 124.1MSEK 190.6MSEK 225.2MSEK 645.5MSEK 784.5MSEK 583.3M
Net debt / EBITDA0.11×-1.07×-0.24×-1.35×0.27×0.45×1.07×0.95×
Cash conversion cycle (days)-87-5-56-1355640110947