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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
-770.9%
-SEK 3.02
vs SEK 0.45 price
Levered DCF
-SEK 3.69
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-3.36
Distress 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-4.86×-15.94×-19.88×-7.14×-21.88×-52.38×-23.48×-17.22×
P/B11.75×9.71×6.99×5×6.69×18.74×5.55×28.64×
P/S1.68×2.21×2.14×2.55×6.1×10.5×5.05×4.42×
EV / EBITDA-19.79×58.26×61×-16.06×-53.43×-232.54×-137.88×-33.56×
Gross margin14.0%25.0%24.3%11.2%16.8%20.9%20.8%20.1%
Operating margin-29.7%-7.8%-6.3%-35.6%-25.4%-17.9%-18.0%-22.7%
Net margin-34.3%-14.1%-10.8%-36.2%-28.2%-20.2%-21.5%-25.8%
Current ratio0.45×0.59×0.81×1.01×1.52×1.3×1.95×0.81×
Debt / equity5.12×1.78×1.4×1.05×0.53×0.8×0.71×3.35×
Interest coverage-4.66×-1.6×-1.86×-12.69×-10.54×-6.81×-4.15×-10.27×
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-239.6%-62.0%-35.4%-70.8%-30.9%-36.1%-23.6%-167.4%
Return on invested capital-31.4%-11.1%-7.9%-31.5%-17.1%-13.5%-9.5%-24.8%
Return on assets-26.9%-14.2%-10.5%-25.6%-16.5%-12.8%-10.6%-23.0%
Free cash flow yield-5.9%-2.0%-2.6%-12.0%-7.8%-1.4%-4.2%-6.9%
Earnings yield-20.4%-6.4%-5.1%-14.2%-4.6%-1.9%-4.3%-5.8%
Enterprise valueSEK 253.4MSEK 332.5MSEK 363.1MSEK 340.3MSEK 690.4MSEK 1BSEK 425.6MSEK 380.7M
Net debt / EBITDA-5.87×8.96×8.68×-2.19×-1.49×-2.57×1.94×-3.03×
Cash conversion cycle (days)981341181491234410893