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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
-1306.2%
-SEK 1.98
vs SEK 0.16 price
Levered DCF
-SEK 4.38
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-1.86
Distress 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-1.34×-1.38×-4.89×-5.45×-7.74×-13.01×-8.26×-2.48×
P/B3.04×1.22×-193.38×4.11×7.53×3.49×42.93×2.19×
P/S3.26×6.2×254.36×193.13×30.1×20.11×17.3×12.55×
EV / EBITDA-2.51×-2.05×-6.51×-6.12×-12.45×-20.77×-12.75×-2.15×
Gross margin-233.8%29.5%-5.3%208.0%38.1%92.9%84.7%36.8%
Operating margin-222.4%-407.6%-4848.4%-3224.2%-302.2%-124.6%-191.7%-514.3%
Net margin-242.8%-451.4%-5208.4%-3542.8%-388.2%-153.9%-210.0%-503.9%
Current ratio1.85×1.65×3.25×8.63×3.92×5.7×0.55×3.18×
Debt / equity0.95×0.69×-0.35×0.06×0.19×0.14×2.22×0.2×
Interest coverage-9.99×-9.4×-12.25×-10.01×-12.07×-5.78×-17.52×-17.51×
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-226.5%-88.6%3959.8%-75.3%-97.2%-26.7%-521.1%-88.1%
Return on invested capital-64.6%-47.4%-105.9%-34.5%-43.9%-15.1%-59.8%-73.6%
Return on assets-58.2%-45.9%-97.1%-35.7%-51.0%-17.0%-50.8%-60.8%
Free cash flow yield-59.3%-90.4%-15.5%-17.9%-13.8%-15.4%-24.0%-28.2%
Earnings yield-74.4%-72.8%-20.5%-18.3%-12.9%-7.7%-12.1%-40.2%
Enterprise valueSEK 86.8MSEK 92.7MSEK 357.7MSEK 234.7MSEK 387.5MSEK 271MSEK 185MSEK 34.9M
Net debt / EBITDA-0.52×-0.06×0.17×1.71×0.04×4.09×-0.56×1.05×
Cash conversion cycle (days)189745-3471,06827663549254