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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
-13592.2%
-SEK 29.14
vs SEK 0.22 price
Levered DCF
-SEK 35.57
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-0.62
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-2.27×37.42×22.21×31.41×69.26×190.71×273.33×-62.78×
P/B0.92×0.79×1.71×1.96×2.15×3×1.8×4.03×
P/S1.28×1.88×1.59×1.98×2.25×2.45×1.6×1.93×
EV / EBITDA-28.7×13.54×10.3×12.76×18.21×26.03×14.48×38.85×
Gross margin82.2%93.9%89.7%92.2%83.9%78.6%81.7%88.3%
Operating margin-48.1%9.8%10.6%8.8%3.9%2.3%1.3%-3.7%
Net margin-56.5%5.1%7.1%6.3%3.2%1.3%0.6%-3.1%
Current ratio1.37×0.66×1.16×1.28×1.17×1.37×0.9×0.77×
Debt / equity0.87×0.64×0.38×0.34×0.26×0.39×0.09×0.04×
Interest coverage-3.5×2.04×5.61×7.23×5.27×4.13×5.85×-1.97×
Dividend yield0.0%1.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%37.4%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-40.4%2.1%7.7%6.2%3.1%1.6%0.7%-6.4%
Return on invested capital-16.7%2.3%6.4%4.9%2.1%1.5%0.9%-5.2%
Return on assets-17.5%1.1%4.5%3.6%1.8%0.9%0.4%-2.1%
Free cash flow yield-12.2%-6.3%0.1%-1.5%4.8%-5.1%-30.3%-4.9%
Earnings yield-44.0%2.7%4.5%3.2%1.4%0.5%0.4%-1.6%
Enterprise valueSEK 696MSEK 801.6MSEK 323.5MSEK 328.8MSEK 330.3MSEK 387.3MSEK 211.3MSEK 204.1M
Net debt / EBITDA-13.71×6.03×1.69×1.57×1.79×2.6×0.48×-0.03×
Cash conversion cycle (days)7182,32754467683139210862