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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
+2079.3%
SEK 6.56
vs SEK 0.30 price
Levered DCF
SEK 11.51
After debt service
Piotroski score
1 / 9
Weak
Altman Z-score
0.47
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-30.1×-23×-18.38×-1.93×-5×-1.6×-9.03×-0.75×
P/B0.46×0.7×0.5×1.2×0.84×4.89×6.97×0.85×
P/S0.24×0.37×0.26×0.53×0.52×0.25×1.59×0.17×
EV / EBITDA7.15×14.8×6.46×5.21×-10.22×-6.14×-13.7×-2.2×
Gross margin47.2%48.7%47.8%44.5%62.4%51.4%50.3%48.2%
Operating margin-0.3%-2.5%1.6%-3.1%-9.2%-13.8%-16.6%-18.1%
Net margin-0.8%-1.6%-1.4%-27.3%-10.4%-15.8%-18.5%-22.6%
Current ratio0.91×0.96×0.91×0.66×0.77×0.61×0.8×0.67×
Debt / equity0.34×0.35×0.33×0.89×0.43×8×1.38×1.03×
Interest coverage-0.18×-1.43×0.76×-2.88×-8.23×-6.82×-8.47×-12.79×
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-1.5%-3.0%-2.7%-62.3%-17.0%-306.6%-81.4%-113.2%
Return on invested capital-0.5%-1.3%2.2%-3.6%-10.2%-29.8%-30.6%-44.6%
Return on assets-0.8%-1.6%-1.3%-18.3%-8.2%-20.0%-23.6%-34.5%
Free cash flow yield12.3%2.5%-38.8%-29.2%-46.6%-13.7%-8.3%-99.4%
Earnings yield-3.3%-4.4%-5.4%-51.7%-20.2%-62.7%-11.7%-133.1%
Enterprise valueSEK 159.2MSEK 200.5MSEK 120.7MSEK 229.8MSEK 144.1MSEK 60.5MSEK 163.8MSEK 35.4M
Net debt / EBITDA2.96×4.57×1.4×1.82×-1.88×-3.58×-1.48×-1.11×
Cash conversion cycle (days)6449288634-535-0