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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
-767.7%
-SEK 11.20
vs SEK 1.68 price
Levered DCF
-SEK 17.60
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
0.46
Distress zone
Rating
D+
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-4.37×-0.91×-2.79×-2.11×-0.32×-4.73×-6.31×-9.63×
P/B-18.53×4.78×12.2×2.42×2.14×13.07×5.87×12.79×
P/S15.35×8.2×19.66×85.33×3.81×0×0×0×
EV / EBITDA-5.24×-0.85×-2.79×-1.18×-0.07×-4.26×-5.11×-8.73×
Gross margin83.0%91.6%103.1%99.9%55.1%0.0%0.0%0.0%
Operating margin-317.6%-895.8%-719.6%-4181.3%-1201.2%0.0%0.0%0.0%
Net margin-350.9%-899.3%-707.3%-4044.9%-1209.1%0.0%0.0%0.0%
Current ratio2.63×4.23×4.52×4.25×1.83×2.52×5.88×3.88×
Debt / equity-2.37×2.61×2.22×0.03×0.07×0.03×0.01×0×
Interest coverage-15.63×-22.4×-43.81×-395.64×-1,498.86×-1,071.57×-1,400.36×-209,650×
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 equity423.8%-524.3%-438.7%-114.8%-678.3%-276.4%-92.9%-132.8%
Return on invested capital-230.4%-141.7%-127.6%-114.3%-631.3%-263.1%-97.6%-126.8%
Return on assets-185.1%-116.6%-104.5%-87.7%-325.5%-168.4%-74.6%-94.4%
Free cash flow yield-20.4%-100.4%-40.4%-59.3%-336.3%-17.4%-14.8%-8.3%
Earnings yield-22.9%-109.6%-36.0%-47.4%-317.1%-21.1%-15.8%-10.4%
Enterprise valueSEK 1.1BSEK 222.8MSEK 645.3MSEK 377.9MSEK 103MSEK 6.7BSEK 3.8BSEK 3.7B
Net debt / EBITDA-0.26×0.14×0.2×1.05×0.25×0.52×1.25×0.89×
Cash conversion cycle (days)312-1,7634,285-1,715,901-198-3,230-6,511-29,333