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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
+2063.4%
SEK 15.71
vs SEK 0.73 price
Levered DCF
-SEK 3.16
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-0.09
Distress zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-0.07×-177.73×40×21.4×13.41×36.08×-23.43×0×
P/B0.02×0.52×0.88×1.55×0.91×2.74×3.09×0×
P/S0.02×0.53×1×1.65×1.11×9.39×9.4×0×
EV / EBITDA-7.45×2.45×5.13×13.92×8.11×18.47×18.92×-10.04×
Gross margin15.0%29.7%25.1%22.4%21.1%109.3%110.3%-65.9%
Operating margin-11.1%11.9%13.6%9.4%12.1%41.9%-23.1%-65.9%
Net margin-24.5%-0.3%2.8%7.6%8.3%25.8%-40.1%-91.8%
Current ratio0.22×1.18×1.54×1.71×1.31×3.83×5.18×0.11×
Debt / equity1.01×0.74×0.8×0.05×0.09×0.09×0.24×0×
Interest coverage-0.68×0.86×1.36×39.13×0×23.99×-5.91×0×
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-26.8%-0.3%2.5%7.1%6.8%7.5%-13.2%-3.0%
Return on invested capital-5.1%-4.7%3.3%6.5%6.0%6.4%-6.1%-1.3%
Return on assets-10.7%-0.1%1.0%5.5%4.9%6.1%-10.3%-0.5%
Free cash flow yield-17.4%23.7%-5.4%1.3%11.1%1.8%3.0%0.0%
Earnings yield-1342.2%-0.6%2.8%4.6%7.5%2.7%-4.3%0.0%
Enterprise valueSEK 207.3MSEK 375.8MSEK 470.4MSEK 447.1MSEK 210.7MSEK 268.7MSEK 217.8M-SEK 3.9M
Net debt / EBITDA-7.28×1.34×2.16×-1×-0.58×-1.43×0.54×-10.04×
Cash conversion cycle (days)16753-68-926955-195