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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
-365.9%
-SEK 25.15
vs SEK 9.46 price
Levered DCF
-SEK 17.52
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
5.36
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-86.11×176.58×-40.95×-13.09×-18.62×-19.76×-19.41×-58.93×
P/B2.56×1.46×1.66×1.85×3.62×6.88×9.75×6.56×
P/S3.61×1.73×2.04×2.51×4.13×7.72×7.94×10.22×
EV / EBITDA16.94×6.72×-48.39×645.04×-18.98×-20.69×-20.19×-57.37×
Gross margin19.2%72.1%67.1%58.1%117.2%117.7%112.7%115.0%
Operating margin-3.5%0.9%-4.9%-19.2%-22.1%-37.1%-40.2%-16.9%
Net margin-4.1%1.0%-5.0%-19.2%-22.3%-39.2%-40.8%-17.4%
Current ratio1.58×1.33×1.46×1.92×1.25×1.27×0.72×2.45×
Debt / equity0×0×0×0×0.01×0.04×0.05×0.05×
Interest coverage-207×19.06×-37.57×-811.71×-210.33×-35.43×-124.16×-33.09×
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-2.9%0.8%-4.1%-14.2%-19.5%-34.9%-50.1%-11.2%
Return on invested capital-2.5%0.7%-4.0%-14.1%-23.1%-40.2%-63.3%-10.4%
Return on assets-2.4%0.7%-3.4%-11.6%-15.1%-24.9%-32.8%-8.7%
Free cash flow yield6.2%-3.2%-8.4%-13.6%-11.4%-7.3%-6.3%-3.5%
Earnings yield-1.1%0.6%-2.4%-7.7%-5.4%-5.1%-5.1%-1.7%
Enterprise valueSEK 278.6MSEK 118MSEK 129.4MSEK 140.1MSEK 228.6MSEK 360MSEK 325.1MSEK 304.9M
Net debt / EBITDA-1×-0.4×4.12×-105.39×0.89×0.73×-0.02×3.75×
Cash conversion cycle (days)31-34-15-43417385517341