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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
-383.6%
-SEK 51.90
vs SEK 18.30 price
Levered DCF
-SEK 26.99
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3
Safe zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-30.34×-46.14×-23.91×-33.22×19.3×-0.26×-1.61×-7.51×
P/B2.3×2.1×1.4×3.78×1.4×-0.31×2.95×1.88×
P/S0.96×1.01×0.82×2.12×1.23×0.25×0.29×0.4×
EV / EBITDA36.21×10.65×18.97×304.92×9.25×0.66×-3.88×-23.66×
Gross margin56.3%50.2%45.5%58.4%67.7%0.9%45.2%45.9%
Operating margin-2.1%0.7%-1.9%-5.3%7.0%-90.6%-16.6%-4.0%
Net margin-3.1%-2.2%-3.5%-6.4%6.4%-97.2%-18.2%-5.3%
Current ratio1.41×1.53×2.23×2.02×3.79×0.2×0.99×1.14×
Debt / equity0.21×0.12×0.22×0.31×0.03×-0.52×2.61×0.55×
Interest coverage-1.35×0.4×-0.97×-7.09×50.96×-68.89×-7.82×-2.44×
Dividend yield0.0%0.0%0.0%0.0%7.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%135.2%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-7.5%-4.6%-5.9%-11.4%7.2%119.4%-184.0%-25.1%
Return on invested capital-4.0%1.3%-2.5%-6.5%6.9%174.5%-54.5%-11.4%
Return on assets-4.5%-2.9%-3.8%-6.2%5.7%-317.3%-28.5%-9.1%
Free cash flow yield2.5%7.4%-5.7%-2.5%-5.5%9.2%-37.4%-46.1%
Earnings yield-3.3%-2.2%-4.2%-3.0%5.2%-387.4%-62.3%-13.3%
Enterprise valueSEK 470.8MSEK 373.6MSEK 275.4MSEK 641.8MSEK 117.7MSEK 7.7MSEK 11MSEK 13.1M
Net debt / EBITDA1.42×0.13×1.87×16.49×-4.88×0.39×-1.77×-4.01×
Cash conversion cycle (days)147173160210278-21186178