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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
-560.4%
-SEK 1.20
vs SEK 0.26 price
Levered DCF
-SEK 3.03
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-1.08
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-0.12×-0.38×-1.59×-1.88×-71.98×-44.58×-12.03×-19.32×
P/B0.08×0.13×0.33×0.35×2.26×7.46×2.42×5.87×
P/S0.25×0.78×1.79×2.93×22.29×23.89×5.92×9.15×
EV / EBITDA-0.29×-0.94×-2.45×-7.95×258.18×-137.52×-36.51×-31.8×
Gross margin103.5%102.6%109.8%108.1%91.8%87.0%108.0%120.0%
Operating margin-226.9%-214.9%-119.6%-168.1%-33.4%-52.4%-46.7%-45.1%
Net margin-215.3%-207.9%-112.7%-156.2%-31.0%-53.3%-49.4%-47.4%
Current ratio0.52×1.09×1.77×1.75×2.46×4.08×2.21×1.83×
Debt / equity0.07×0.02×0.04×0.02×0×0.02×0.07×0.23×
Interest coverage-85.73×-45.85×-42.77×-448.12×-42.41×-57.49×-27.03×-19.19×
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-65.3%-34.8%-21.0%-18.5%-3.1%-16.7%-20.2%-30.4%
Return on invested capital-52.3%-30.5%-18.1%-16.6%-2.8%-16.0%-19.1%-23.3%
Return on assets-46.5%-29.3%-17.4%-15.9%-2.7%-14.2%-15.7%-18.6%
Free cash flow yield-259.3%-73.5%-33.0%-26.6%-2.5%-2.4%-8.7%-9.9%
Earnings yield-868.0%-265.2%-62.9%-53.3%-1.4%-2.2%-8.3%-5.2%
Enterprise valueSEK 37MSEK 86.6MSEK 220.4MSEK 254.4MSEK 1.7BSEK 815.4MSEK 177.7MSEK 253.5M
Net debt / EBITDA-0.12×-0.06×-0.11×0.08×-10.96×10.59×6.98×2.7×
Cash conversion cycle (days)9091,678264319-454-186600371