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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
-1399.8%
-SEK 61.61
vs SEK 4.74 price
Levered DCF
-SEK 65.70
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
2.33
Grey 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-18.71×2,512.2×17.67×-120.83×-75.68×-35×-102.5×-130.45×
P/B2.4×4.72×5.8×9.52×13.92×24.84×27.28×22.47×
P/S1.52×2.53×2.69×7.41×21.3×14.72×16.19×75.36×
EV / EBITDA-61.5×57.33×14.85×-13,992.05×-84.47×-44.45×-323.3×-160.01×
Gross margin0.5%49.3%43.6%45.5%63.7%29.5%37.2%64.0%
Operating margin-4.6%1.8%14.5%-5.0%-25.4%-39.6%-14.6%-53.9%
Net margin-8.1%0.1%15.2%-6.3%-28.5%-42.2%-15.6%-56.5%
Current ratio1.09×1.35×1.61×1.42×2.47×0.35×0.92×4.37×
Debt / equity0.21×0.02×0.04×0.05×0.08×0.28×0.42×0.08×
Interest coverage-1.3×7.57×56.99×-7.27×-15.91×-30.14×-30.42×0×
Dividend yield0.0%1.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%2403.2%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-12.8%0.2%32.8%-8.1%-18.6%-71.3%-26.2%-16.8%
Return on invested capital-6.0%0.2%29.9%-6.1%-16.0%-51.9%-17.3%-14.9%
Return on assets-8.6%0.1%21.5%-5.2%-14.6%-45.5%-12.3%-14.6%
Free cash flow yield-6.8%-2.0%4.0%-1.8%-3.8%-2.8%-2.8%0.0%
Earnings yield-5.3%0.0%5.7%-0.9%-1.3%-2.9%-1.0%-0.7%
Enterprise valueSEK 299.5MSEK 542.1MSEK 652.7MSEK 741.6MSEK 948.3MSEK 736MSEK 738.7MSEK 719.4M
Net debt / EBITDA-4.22×0.25×-0.84×197.92×0.75×-0.44×-4.36×2.09×
Cash conversion cycle (days)378-212118-19-30-58