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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
-3686.4%
-SEK 67.07
vs SEK 1.87 price
Levered DCF
-SEK 87.86
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-12.7
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-1.78×-4.31×-1.56×-2.06×-32.03×-70.91×-29.23×-25.97×
P/B0.58×0.66×0.36×0.52×3.73×19.37×10.74×11.69×
P/S5.77×13.55×13.76×19.64×341.19×2,490.09×70.28×142.41×
EV / EBITDA-2.85×-5.8×-2.52×-1.73×-39.56×-79.57×-29.99×-27.11×
Gross margin46.8%91.6%74.1%-27.5%129.8%518.4%47.2%200.9%
Operating margin-302.2%-317.4%-804.8%-919.3%-1070.2%-3473.5%-239.2%-552.3%
Net margin-324.2%-315.1%-878.7%-953.4%-1066.4%-3497.1%-239.3%-552.6%
Current ratio0.62×3.02×2.05×1.99×4.97×6.83×6.15×3.22×
Debt / equity0.17×0.04×0.05×0.06×0.01×0.04×0×0×
Interest coverage-9.53×-28.2×-9.37×-16.68×-279.51×-295.25×-4,883.43×-1,908.2×
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-32.5%-15.4%-22.9%-25.3%-11.6%-27.2%-36.5%-45.4%
Return on invested capital-25.5%-14.7%-19.7%-22.3%-11.4%-26.0%-36.5%-45.3%
Return on assets-24.5%-14.2%-20.7%-21.1%-10.9%-24.2%-32.9%-37.5%
Free cash flow yield-33.6%-24.8%-77.9%-42.1%-3.3%-1.7%-3.7%-5.2%
Earnings yield-56.2%-23.2%-63.9%-48.5%-3.1%-1.4%-3.4%-3.9%
Enterprise valueSEK 205.2MSEK 234MSEK 128.2MSEK 133.4MSEK 1.5BSEK 656.6MSEK 231MSEK 169.5M
Net debt / EBITDA-0.61×0.14×-0.05×0.94×1.73×2.51×1.78×1.09×
Cash conversion cycle (days)48110,1626,546652-1,944232-9972