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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
-5295.1%
-SEK 363.66
vs SEK 7.00 price
Levered DCF
-SEK 789.37
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-1.35
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-2.9×-5.06×-1.12×-2.74×-3.47×-7.9×-7.71×-6.28×
P/B2.09×2.58×0.84×2.1×3.01×2.55×7.83×11.12×
P/S4.94×9.77×33.13×72.01×85.31×160.6×116.83×54.78×
EV / EBITDA-3.32×-4.84×-0.61×-2.51×-3.16×-5.83×-7.41×-5.89×
Gross margin-187.2%98.4%-327.3%23.3%271.9%256.2%309.5%200.0%
Operating margin-187.2%-200.2%-3046.0%-2651.7%-2553.8%-2001.1%-1499.1%-862.7%
Net margin-170.5%-196.4%-2968.9%-2603.7%-2482.6%-2015.9%-1514.1%-875.4%
Current ratio1.38×2.15×2.42×2.97×3.79×8.9×2.53×1.58×
Debt / equity0.17×0.01×0.01×0.02×0.05×0.05×0.2×0.36×
Interest coverage-54.72×-1,410.64×-1,137.67×-1,132.82×-202.53×-135.89×-100.23×-67.92×
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-72.4%-51.8%-75.3%-75.8%-87.7%-32.1%-101.5%-177.7%
Return on invested capital-67.9%-51.9%-76.8%-75.6%-85.7%-30.4%-84.0%-128.9%
Return on assets-49.4%-41.5%-62.4%-67.8%-75.4%-28.1%-69.0%-81.4%
Free cash flow yield-35.3%-18.7%-72.0%-35.3%-27.6%-13.9%-19.1%-16.6%
Earnings yield-34.5%-20.1%-89.6%-36.2%-29.1%-12.6%-13.0%-16.0%
Enterprise valueSEK 55.6MSEK 76MSEK 14.5MSEK 51.4MSEK 55.8MSEK 70.9MSEK 77.9MSEK 71.1M
Net debt / EBITDA0.04×0.77×0.58×0.34×0.36×2.28×0.41×0.47×
Cash conversion cycle (days)179-67219-7597641,795412431