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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
-87.1%
SEK 0.07
vs SEK 0.52 price
Levered DCF
-SEK 1.01
After debt service
Piotroski score
1 / 9
Weak
Altman Z-score
-4.07
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-3.17×-0.88×-1.28×-1.05×-6.36×-5.59×-6.03×-11.06×
P/B-31.79×12.62×1.12×0.89×4.91×2.61×1.65×3.18×
P/S13.71×18.57×5.43×11.49×55.78×39.68×32.02×464.5×
EV / EBITDA-13.37×-3.21×-3.06×-1.51×-8.81×-7.5×-12.94×-16.56×
Gross margin-24.8%100.0%100.0%100.0%-79.4%-86.0%100.0%-1376.0%
Operating margin-226.9%-1388.2%-376.7%-936.8%-819.8%-675.0%-499.5%-4205.4%
Net margin-432.2%-2124.1%-423.3%-1086.8%-875.9%-712.5%-532.6%-4207.4%
Current ratio0.05×0.05×2.29×0.93×0.58×1.45×0.21×0.83×
Debt / equity0×6.98×0.46×0.22×0.46×0.09×0.13×0×
Interest coverage-1.49×-1.9×-8.65×-7.01×-15.83×-19.02×-15.61×-13,646.5×
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 equity1002.3%-1443.9%-87.0%-83.8%-77.1%-46.9%-27.4%-28.8%
Return on invested capital625.9%-118.3%-52.9%-59.0%-49.5%-40.7%-22.7%-28.8%
Return on assets-95.4%-83.4%-49.1%-53.0%-45.2%-38.8%-22.1%-25.7%
Free cash flow yield-28.4%-28.6%-7.3%-73.8%-7.3%-12.3%-10.9%-3.0%
Earnings yield-31.5%-114.4%-77.9%-94.6%-15.7%-18.0%-16.6%-9.1%
Enterprise valueSEK 123MSEK 64.2MSEK 63.6MSEK 67.7MSEK 347.1MSEK 265.5MSEK 143.1MSEK 293.5M
Net debt / EBITDA0.04×-1.12×-0.85×-0.01×-0.16×0.59×-0.71×0.45×
Cash conversion cycle (days)83330-92,4341,480-150-201109-90