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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
+78.0%
SEK 56.95
vs SEK 32.00 price
Levered DCF
SEK 37.40
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
2.86
Grey zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-10.63×-1.15×-4.35×-23.09×-7.11×-6.44×-8.18×-14.08×
P/B1.57×1.3×4.44×4.6×2.91×1.95×2.49×2.27×
P/S0.12×0.13×0.31×0.74×0.45×0.42×0.65×0.77×
EV / EBITDA3.02×-27.78×273.04×24.28×90.33×26.92×-104.72×29.16×
Gross margin54.2%52.2%46.5%50.0%56.7%55.5%53.4%54.1%
Operating margin1.3%-4.7%-3.6%-1.1%-4.4%-3.8%-6.1%-3.0%
Net margin-1.1%-8.6%-7.1%-3.2%-6.3%-6.5%-7.9%-5.5%
Current ratio0.84×0.92×0.93×1.28×0.99×1.22×1.36×1.54×
Debt / equity2.55×2.1×2.51×1.42×1.74×0.89×0.87×0.34×
Interest coverage0.29×-1.47×-1.31×-0.48×-1.94×-1.67×-3.21×-1.73×
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-14.8%-87.8%-102.0%-19.9%-40.8%-30.3%-30.4%-16.2%
Return on invested capital4.8%-15.2%-13.0%-2.6%-13.1%-11.7%-14.4%-5.5%
Return on assets-2.3%-15.4%-14.9%-5.3%-9.2%-10.9%-11.6%-6.8%
Free cash flow yield35.7%-8.9%-4.8%-11.3%-14.2%15.2%-2.0%-3.7%
Earnings yield-9.4%-67.8%-23.0%-4.3%-14.1%-15.5%-12.2%-7.1%
Enterprise valueSEK 55MSEK 65.4MSEK 127.8MSEK 227MSEK 131MSEK 110.6MSEK 183MSEK 183M
Net debt / EBITDA1.54×-15.41×92.83×5.29×31.3×7.78×-27.26×3.8×
Cash conversion cycle (days)1019585148159149181199