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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
-12652.6%
-SEK 76.88
vs SEK 0.61 price
Levered DCF
-SEK 81.93
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
3.53
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-1,664.41×150×-7.71×-3.3×-2.96×-3.4×-3.4×-10.06×
P/B5.59×4.77×5.11×4.91×1.81×1.94×1.26×9.13×
P/S3.17×2.31×4.6×8.12×6.14×3.28×1.84×19.95×
EV / EBITDA43.74×29.63×-9.32×-3.79×-3.79×-4.52×-11.28×-13.34×
Gross margin0.6%54.8%51.8%40.0%84.5%52.9%39.4%143.7%
Operating margin0.6%2.4%-59.1%-243.1%-209.6%-91.8%-35.3%-178.1%
Net margin-0.2%1.5%-59.6%-243.9%-207.2%-97.4%-54.1%-199.5%
Current ratio1.72×1.75×1.95×2.1×1.81×3.76×2.88×0.45×
Debt / equity0×0×0×0×0.19×0×0×0.84×
Interest coverage0.79×9.98×-503.04×-51.89×-142.33×-15.5×-3.76×-8.34×
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-0.3%3.2%-66.3%-147.3%-61.2%-57.4%-37.0%-91.3%
Return on invested capital1.1%4.6%-65.0%-132.6%-50.0%-47.7%-24.0%-68.7%
Return on assets-0.2%1.9%-44.0%-101.2%-41.0%-44.3%-30.7%-32.7%
Free cash flow yield-0.7%-0.9%-14.0%-18.1%-37.8%-39.3%-41.9%-11.3%
Earnings yield-0.1%0.7%-13.0%-30.0%-33.7%-29.6%-29.4%-10.0%
Enterprise valueSEK 377.5MSEK 283.4MSEK 280.2MSEK 202.2MSEK 109MSEK 115.9MSEK 55.8MSEK 146.5M
Net debt / EBITDA-1.97×-1.84×0.7×0.21×0.11×0.41×1.65×-1.01×
Cash conversion cycle (days)87361520967227112744