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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
-1240.6%
-SEK 14.17
vs SEK 1.24 price
Levered DCF
-SEK 15.36
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
0.64
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-6.27×-2.33×-0.53×-12.82×-10.2×-4.7×-29.72×37.64×
P/B4.16×3.99×0.61×6.17×5.21×2.13×11.94×8.51×
P/S2.83×5.76×2.4×21.22×13.95×7.59×6.49×6.36×
EV / EBITDA-16.42×-5.59×-2.06×-39.5×-19.34×-11.06×-406.65×22.63×
Gross margin18.8%4.6%68.0%-33.9%28.9%75.5%49.4%57.3%
Operating margin-51.8%-250.4%-404.6%-174.4%-126.1%-77.6%-14.0%16.4%
Net margin-45.3%-248.6%-447.7%-164.6%-137.2%-161.7%-21.8%16.9%
Current ratio1.35×1.4×2.67×0.96×8.45×7.16×7.17×5.57×
Debt / equity2.1×3.29×1.22×1.36×0.84×0.84×2.21×0.07×
Interest coverage-2.62×-3.1×-7.3×-4.73×-5.62×-3×-1.89×26.96×
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-66.5%-171.9%-114.2%-47.9%-51.2%-45.5%-40.2%22.6%
Return on invested capital-24.3%-37.3%-45.6%-21.1%-24.8%-11.8%-8.0%18.4%
Return on assets-18.0%-31.0%-42.9%-18.7%-26.4%-22.4%-11.5%17.7%
Free cash flow yield-12.2%-23.6%-109.8%-15.1%-13.6%-24.3%-8.7%-4.3%
Earnings yield-16.0%-43.1%-186.8%-7.8%-9.8%-21.3%-3.4%2.7%
Enterprise valueSEK 671.3MSEK 539.6MSEK 335MSEK 1.4BSEK 1.4BSEK 543.8MSEK 1.3BSEK 1.3B
Net debt / EBITDA-5.03×-2.48×-1.33×-7.08×-0.75×0.04×-34.42×-0.69×
Cash conversion cycle (days)1946927081,534468556279142