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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
-30788.7%
-SEK 22.10
vs SEK 0.07 price
Levered DCF
-SEK 19.46
After debt service
Piotroski score
1 / 9
Weak
Altman Z-score
-0.53
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-2.29×-8.57×-7.18×-6.44×-11.98×-2.36×-2.02×-2.51×
P/B0.68×1.47×1.51×1.56×4.77×5.59×3.38×4.73×
P/S1.55×2.18×2.02×5.8×14.15×36.32×47.62×83.38×
EV / EBITDA-2.46×-8.63×-6.91×-5.43×-11.27×-2.2×-1.62×-2.45×
Gross margin-59.0%90.6%84.2%141.4%121.0%52.4%-7.4%-187.8%
Operating margin-59.0%-26.0%-28.1%-86.1%-116.4%-1515.3%-2307.1%-3303.4%
Net margin-67.8%-25.7%-28.4%-88.0%-117.2%-1526.3%-2330.2%-3316.8%
Current ratio1.69×1.61×1.44×3.26×3.23×2.25×3.85×2.13×
Debt / equity0.03×0×0.04×0.03×0.05×0.13×0×0.12×
Interest coverage-50.36×-68.01×-46.76×-46.01×-147.2×-137.72×-99.28×-245.78×
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-29.7%-17.3%-21.2%-23.7%-39.5%-234.9%-165.2%-188.3%
Return on invested capital-21.3%-17.5%-20.1%-22.2%-37.3%-206.0%-163.6%-166.9%
Return on assets-21.2%-13.9%-14.7%-18.5%-29.5%-136.9%-123.7%-121.1%
Free cash flow yield-60.8%-16.7%-9.8%-36.6%-15.0%-40.2%-54.3%-44.1%
Earnings yield-43.7%-11.8%-14.1%-15.2%-8.3%-42.0%-48.9%-39.8%
Enterprise valueSEK 68.9MSEK 160MSEK 108.4MSEK 117.3MSEK 264.6MSEK 124MSEK 104.9MSEK 119.5M
Net debt / EBITDA0.2×0.12×0.75×1.53×1.32×0.24×0.46×0.09×
Cash conversion cycle (days)1021,25764579-6531,6972,0991,104