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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
-749.3%
-SEK 31.56
vs SEK 4.86 price
Levered DCF
-SEK 26.73
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
1.16
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-9.12×-28.83×-91.07×-19.15×-18.89×-27.02×-13.65×-6.47×
P/B3.52×2.85×4.73×3.57×3.58×3.48×3.33×1.78×
P/S2.22×2.23×3.49×4.07×6.5×9.53×9.59×6.51×
EV / EBITDA-50.51×20.88×113.95×-91.32×-32.38×-87.01×-25.15×-5.41×
Gross margin-10.9%97.1%97.7%104.7%103.3%105.7%102.8%144.4%
Operating margin-25.3%-6.4%-1.8%-19.7%-34.2%-35.0%-80.7%-105.4%
Net margin-24.4%-7.8%-4.0%-21.2%-34.3%-35.0%-70.3%-100.6%
Current ratio1.67×1.53×1.29×2.46×2.97×4.98×4.19×4.74×
Debt / equity0.77×0.09×0.38×0.34×0×0×0×0×
Interest coverage-4.64×-3.22×-0.72×-24.29×-5,390×-4,361×-1,176.29×-6,625×
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-38.8%-10.0%-5.4%-18.6%-18.8%-12.8%-24.4%-27.5%
Return on invested capital-22.5%-7.4%-1.8%-12.5%-18.2%-12.5%-21.3%-24.5%
Return on assets-15.2%-6.7%-2.9%-10.3%-14.4%-10.6%-18.0%-20.0%
Free cash flow yield-17.9%-4.6%-3.6%-9.5%-9.7%-5.1%-10.9%-26.3%
Earnings yield-11.0%-3.5%-1.1%-5.2%-5.3%-3.7%-7.3%-15.4%
Enterprise valueSEK 78.5MSEK 71.5MSEK 107.8MSEK 81.2MSEK 88.1MSEK 94.4MSEK 80.2MSEK 24.3M
Net debt / EBITDA-5.51×-1.31×-2×6.9×5.24×22.33×5.54×3.69×
Cash conversion cycle (days)1951,4461,922-1,024-1,192-501-1,744-83