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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
-323.4%
-SEK 83.01
vs SEK 37.16 price
Levered DCF
-SEK 98.17
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-0.05
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-5.22×-3.05×-1.66×-3.62×-7.2×-24.09×-9.32×-44.76×
P/B-31.35×-4.18×-8.2×3.67×5.21×8.16×5.96×12.91×
P/S12.55×14.38×10.27×14.31×116.57×1,662.73×997.54×3,305.31×
EV / EBITDA-6.25×-4.89×-2.14×-2.72×-6.19×-21.81×-9.04×-43.43×
Gross margin62.4%51.2%52.9%75.1%54.5%83.7%74.3%72.7%
Operating margin-234.3%-372.3%-588.0%-372.8%-1592.7%-6970.8%-10630.1%-7340.6%
Net margin-240.3%-471.2%-620.3%-395.5%-1618.4%-6901.5%-10701.8%-7384.6%
Current ratio1.94×2.29×2.66×6.06×5.5×12.2×6.51×11.98×
Debt / equity-10.49×-1.83×-5.16×1.31×0.05×0×0.02×0×
Interest coverage-4.43×-4.76×-7.47×-13.19×-777.49×-1,654×-767.37×-349.15×
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 equity600.2%136.9%495.4%-101.4%-72.4%-33.9%-64.0%-28.8%
Return on invested capital-57.8%-115.4%-111.9%-40.3%-63.6%-32.5%-62.3%-29.3%
Return on assets-45.8%-100.8%-81.7%-36.2%-54.1%-29.3%-54.2%-26.2%
Free cash flow yield-19.7%-27.4%-54.9%-22.9%-12.2%-2.9%-10.1%-1.9%
Earnings yield-19.1%-32.8%-60.4%-27.6%-13.9%-4.2%-10.7%-2.2%
Enterprise valueSEK 3BSEK 3.1BSEK 1.5BSEK 1.5BSEK 3.3BSEK 9BSEK 3.2BSEK 10.7B
Net debt / EBITDA-0.48×-1.05×-0.19×1.27×1.14×2.75×0.49×1.79×
Cash conversion cycle (days)-116159-282-430-1,137-9,539-21,316-18,167