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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
-4580.5%
-SEK 11.83
vs SEK 0.26 price
Levered DCF
-SEK 11.29
After debt service
Piotroski score
0 / 9
Weak
Altman Z-score
-5.87
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-2.57×-2.23×-6.21×-12.57×-35.8×-21.26×-6.41×-7.49×
P/B1.36×1.37×3.27×3.78×5.88×14.33×5.01×20.85×
P/S8.24×8.7×24.48×78.12×225.44×105.43×63.53×160.4×
EV / EBITDA-1.58×-1.12×-5.02×-9.96×-30.68×-20.48×-5.38×-7.44×
Gross margin-328.0%-42.7%-8.7%-398.3%-371.4%-291.0%-773.1%-1247.1%
Operating margin-328.0%-404.8%-405.4%-626.7%-634.5%-496.6%-1183.9%-2143.2%
Net margin-321.3%-393.4%-393.6%-609.9%-627.9%-496.2%-1184.1%-2141.0%
Current ratio10.02×6.14×6.67×15.4×37.02×11.97×8.23×1.86×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage-13,802.15×-31,814.38×-14,581.13×-2,588.99×-3,277.57×-2,002.98×-2,755.06×-866.23×
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-52.9%-62.1%-52.6%-29.5%-16.4%-67.5%-93.5%-278.3%
Return on invested capital-50.3%-60.5%-52.1%-29.3%-16.4%-64.1%-89.8%-242.1%
Return on assets-45.8%-51.6%-44.8%-27.3%-15.8%-59.4%-80.3%-164.9%
Free cash flow yield-47.7%-40.8%-19.4%-9.4%-3.0%-5.3%-19.6%-12.9%
Earnings yield-39.0%-45.2%-16.1%-7.8%-2.8%-4.7%-18.6%-13.3%
Enterprise valueSEK 51.4MSEK 46MSEK 197.5MSEK 339.5MSEK 742.8MSEK 353.9MSEK 95MSEK 102M
Net debt / EBITDA1.19×1.14×1.27×2.85×5.75×1.27×1.14×0.23×
Cash conversion cycle (days)488320591564657405-95-107