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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
-13951.0%
-SEK 325.50
vs SEK 2.35 price
Levered DCF
-SEK 357.45
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
8.48
Safe zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-3.3×-9.14×-6.41×-1.72×-288.89×-1,166.67×-656.25×
P/B-46.25×15.6×12.81×1.3×8.42×2,589.51×742.3×
P/S3.29×2.75×11.52×2.48×79.57×5,520.81×2,938.3×
EV / EBITDA-4.09×-10.21×-7.22×-3.03×-329.95×-1,210.42×-622.75×
Gross margin-43.3%-6.6%-35.8%-43.6%87.5%100.0%100.0%
Operating margin-79.3%-40.0%-178.2%-186.2%-64.4%-530.8%-471.1%
Net margin-99.9%-30.1%-179.7%-126.5%-49.8%-530.8%-447.1%
Current ratio14.88×0.55×0.7×1.51×3.73×1.1×3.23×
Debt / equity-4.7×1.65×1.37×0.14×0×0×0×
Interest coverage-24.88×0×-22.73×-396.06×0×0×0×
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 equity1402.6%-170.5%-199.8%-66.1%-5.3%-249.0%-113.0%
Return on invested capital-143.3%-74.4%-68.0%-65.4%-5.5%-249.0%-119.0%
Return on assets-230.2%-49.2%-64.1%-40.4%-3.9%-28.5%-79.2%
Free cash flow yield-11.9%-13.7%-11.4%-42.4%-3.5%0.2%0.0%
Earnings yield-30.3%-10.9%-15.6%-50.9%-0.6%-0.1%-0.2%
Enterprise valueSEK 753.5MSEK 335.4MSEK 296.5MSEK 74MSEK 674.9MSEK 817.5MSEK 818.6M
Net debt / EBITDA-0.36×-0.75×-0.46×-0.29×17.43×3.44×0.96×
Cash conversion cycle (days)27374249-765110331