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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
-6020.1%
-SEK 12.79
vs SEK 0.22 price
Levered DCF
-SEK 23.30
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-15.66
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-0.01×-0.09×-1.1×-4.52×-4,554.69×200×766.67×287.5×
P/B-0.02×0.08×0.34×0.47×1.21×9.29×20.9×21.03×
P/S0.02×0.03×0.19×0.29×1.87×79.51×54.02×36.17×
EV / EBITDA-3.4×2.4×2.89×3.23×11.18×98.01×270.96×121.37×
Gross margin24.8%30.2%31.9%32.7%38.1%334.4%112.8%95.5%
Operating margin-37.5%-24.0%-6.6%-2.5%4.6%54.0%11.0%18.3%
Net margin-149.6%-34.2%-17.5%-6.4%-0.0%39.4%6.9%12.4%
Current ratio0.25×0.41×1.42×1.12×1.49×4.44×6.72×5.62×
Debt / equity-0.93×1.48×0.69×0.27×0.16×0.11×0.34×0.19×
Interest coverage-3.49×-2.23×-0.81×-0.87×4.61×7.19×5.74×7.7×
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 equity180.2%-84.4%-30.6%-10.4%-0.0%4.6%2.7%7.2%
Return on invested capital662.6%-23.4%-5.6%-2.0%-0.0%4.6%2.4%6.9%
Return on assets-361.7%-23.9%-12.9%-4.2%-0.0%3.8%1.8%5.4%
Free cash flow yield123.8%172.0%-72.6%-32.4%-6.3%-2.3%-2.1%0.6%
Earnings yield-8103.5%-1084.2%-90.9%-22.1%-0.0%0.5%0.1%0.3%
Enterprise valueSEK 519MSEK 503.5MSEK 619.5MSEK 415.3MSEK 814.8MSEK 689.1MSEK 592.6MSEK 410.8M
Net debt / EBITDA-3.32×2.27×1.83×0.67×-0.71×-4.1×-3.55×-4.28×
Cash conversion cycle (days)55657688-14514107-714