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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
-477.3%
-SEK 9.13
vs SEK 2.42 price
Levered DCF
-SEK 4.55
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
2.45
Grey 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-12.3×-38.55×-12×-31.62×-153.46×-84.18×-32.4×-36×
P/B1.18×1.87×1.41×1.9×3.68×3.61×3.54×3.56×
P/S1.04×1.72×1.43×1.85×3.82×4.08×4.21×5.53×
EV / EBITDA52.17×34.54×-57.69×536.41×127.45×135.3×-103.34×-105.45×
Gross margin-6.1%46.3%43.0%39.1%38.5%42.8%39.7%40.7%
Operating margin-6.1%-3.7%-10.8%-5.3%-2.0%-3.1%-13.3%-14.3%
Net margin-8.6%-4.5%-12.0%-5.7%-2.5%-4.9%-13.1%-15.6%
Current ratio1.77×2.58×2.75×3.03×3.33×2.81×2.16×2.39×
Debt / equity0.17×0.13×0.14×0.15×0.12×0.22×0.32×0.3×
Interest coverage-3.49×-2.3×-8.52×-8.06×-4.15×-2.07×-10.58×-11.51×
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-9.8%-4.9%-11.8%-5.9%-2.4%-4.3%-11.0%-10.1%
Return on invested capital-5.9%-3.5%-9.3%-4.7%-1.7%-2.2%-8.3%-7.1%
Return on assets-7.3%-3.9%-9.3%-4.6%-1.9%-3.2%-7.5%-6.9%
Free cash flow yield3.6%-0.7%-3.5%-10.8%0.1%-3.5%-5.8%-3.0%
Earnings yield-8.3%-2.6%-8.4%-3.1%-0.7%-1.2%-3.1%-2.8%
Enterprise valueSEK 215.1MSEK 363.3MSEK 289MSEK 418.4MSEK 802.5MSEK 687.1MSEK 573.6MSEK 605M
Net debt / EBITDA3.89×1.92×-3.41×11.49×-5.7×2.07×-4.82×0.47×
Cash conversion cycle (days)9314515612510515312481