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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
-289.2%
-SEK 35.19
vs SEK 18.60 price
Levered DCF
-SEK 62.67
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
-2.42
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-1.19×-1.58×-0.11×-53.77×-46.14×-5.75×-335.84×-105.47×
P/B7.45×1.21×0.18×14.98×23.23×2.2×148.39×-428.63×
P/S5.57×124.64×0.22×32.08×57.57×14.46×306.93×380.1×
EV / EBITDA63.17×-2.68×-0.38×8,180.87×-119.91×5.8×-527.19×-117.45×
Gross margin-94.8%199.1%6.2%95.2%93.3%119.0%146.6%162.0%
Operating margin-94.8%-4903.4%-89.2%-38.3%-64.0%-229.5%-52.9%-350.4%
Net margin-468.3%-8021.0%-201.3%-59.8%-124.8%-251.4%-91.3%-360.9%
Current ratio1.45×1.48×0.44×0.83×0.77×1.35×0.2×0.14×
Debt / equity0.05×0.03×0.28×0.06×0.15×0.05×0×0×
Interest coverage-78.74×-3.04×-8.96×-40.47×-48.95×-36.21×-2.76×-28.8×
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-625.8%-77.8%-167.7%-27.9%-50.4%-38.3%-44.2%407.0%
Return on invested capital-120.5%-42.0%-53.1%-31.6%-22.3%-33.3%-25.6%395.3%
Return on assets-342.1%-58.4%-101.4%-37.7%-30.0%-29.3%-19.8%-88.7%
Free cash flow yield0.0%-29.0%-285.2%-1.0%-0.4%-11.4%-0.9%-0.9%
Earnings yield-84.0%-64.4%-916.7%-1.9%-2.2%-17.4%-0.3%-0.9%
Enterprise valueSEK 175.5MSEK 110.1MSEK 36.4MSEK 6.9BSEK 4.9BSEK 84.2MSEK 1.6BSEK 1.6B
Net debt / EBITDA-0.8×0.52×-0.21×25.56×0.37×-0.83×0.23×0.06×
Cash conversion cycle (days)2417,7890-472-8271,547531425