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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
-809.2%
-SEK 58.72
vs SEK 8.28 price
Levered DCF
-SEK 75.74
After debt service
Piotroski score
1 / 9
Weak
Altman Z-score
4.67
Safe 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-3.96×-9.42×248.7×-27.27×35×-392.86×-6.52×-4.59×
P/B1.07×1.64×7.38×3.06×4.68×35.86×4.31×7.03×
P/S2.01×3.2×10.13×5.92×13.42×20.21×3.83×5.02×
EV / EBITDA-4.23×-7.23×119.13×-20.05×258.78×-1,078.71×-6.04×-4.34×
Gross margin69.2%82.7%87.7%81.9%83.6%81.0%79.9%78.2%
Operating margin-56.4%-46.5%6.3%-26.5%1.9%-4.3%-58.6%-109.5%
Net margin-50.7%-33.9%3.9%-21.8%38.2%-5.0%-58.6%-109.5%
Current ratio2.77×4.54×4.62×5.76×6.13×2.62×3.35×2.53×
Debt / equity0.02×0.03×0.04×0.06×0×0.06×0.03×0.09×
Interest coverage-83.91×-88.47×11.64×-1,966.12×61.45×-21.85×-72.93×-129.92×
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-26.9%-17.3%2.8%-11.3%13.3%-8.8%-66.1%-153.2%
Return on invested capital-25.4%-16.8%2.9%-9.8%0.6%6.0%-64.5%-160.8%
Return on assets-22.8%-15.2%2.4%-9.8%11.8%-5.8%-48.7%-98.7%
Free cash flow yield-31.6%-17.4%-2.3%-8.3%-6.6%-0.9%-18.6%-22.6%
Earnings yield-25.2%-10.6%0.4%-3.7%2.8%-0.2%-15.3%-21.8%
Enterprise valueSEK 167.8MSEK 256.7MSEK 1BSEK 405.7MSEK 672.9MSEK 865MSEK 90MSEK 103.6M
Net debt / EBITDA0.4×0.98×-1.2×1.68×-28.75×7.63×0.83×0.39×
Cash conversion cycle (days)407603551501576352278105