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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
-2726.0%
-SEK 2.82
vs SEK 0.11 price
Levered DCF
-SEK 3.45
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-5.25
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-0.14×-0.18×-1.24×-3.17×-13.44×-31.4×-131.36×
P/B-0.07×-0.17×122.3×2.67×2.1×12.9×247.55×
P/S2.37×4.84×40.21×46.76×29.34×272.04×120.38×
EV / EBITDA-23.48×-13.23×-6.09×-4.03×-8.84×-30.44×-180.86×
Gross margin-959.9%-823.6%-271.9%106.0%99.6%94.8%-92.7%
Operating margin-959.9%-932.7%-3163.2%-1029.9%-197.1%-819.3%-63.3%
Net margin-1703.6%-2634.7%-3286.5%-1471.4%-220.1%-872.5%-91.6%
Current ratio2×1.39×0.73×0.57×6.89×4.16×0.28×
Debt / equity-1.58×-2.65×206.89×0.4×0.01×0.01×1.83×
Interest coverage-0.78×-0.51×-4.92×-10.25×-61.8×-33.21×-6.11×
Dividend yield0.0%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%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity51.8%90.9%-9996.4%-84.0%-15.8%-41.4%-188.3%
Return on invested capital-44.3%-17.4%-40.9%-35.7%-12.2%-38.6%-90.7%
Return on assets-74.1%-43.1%-37.3%-37.7%-11.8%-32.2%-31.8%
Free cash flow yield-121.9%-129.3%-81.7%-32.9%-13.9%-0.6%-1.6%
Earnings yield-720.0%-544.5%-81.7%-31.5%-7.5%-3.2%-0.8%
Enterprise valueSEK 1BSEK 778.2MSEK 495.7MSEK 535.4MSEK 390.3MSEK 1.1BSEK 1.2B
Net debt / EBITDA-22.44×-12.42×-3.27×0.04×6.51×2.99×-1.24×
Cash conversion cycle (days)2,2183,773-6610,291-30,006-20,632101