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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
-251.1%
-SEK 1.71
vs SEK 1.14 price
Levered DCF
-SEK 2.26
After debt service
Piotroski score
1 / 9
Weak
Altman Z-score
1.31
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-2.9×-2.48×-9.05×42.46×24.95×19.81×-8.74×-3.59×
P/B2.8×-8.6×9.5×6.9×7.89×11.6×16.71×22.03×
P/S0.86×0.77×1.96×2.34×2.46×2.12×2.88×0.92×
EV / EBITDA-6.94×-6.67×-11.63×29.11×16.78×14.86×-16.48×-11.6×
Gross margin40.3%34.7%36.7%46.6%50.8%36.2%41.3%42.2%
Operating margin-19.7%-24.3%-20.9%5.6%9.9%10.6%-29.6%-24.8%
Net margin-29.8%-31.0%-21.7%5.6%9.8%10.5%-31.5%-25.7%
Current ratio0.98×0.86×0.93×1.53×1.79×1.2×0.99×0.59×
Debt / equity0.87×-5.31×0.32×0.18×0.11×0.05×0.36×5.97×
Interest coverage-7.78×-5.43×-30.47×531.55×56.3×117.44×-27.99×-28.83×
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-97.6%347.6%-105.4%16.6%31.3%57.6%-182.8%-614.0%
Return on invested capital-34.4%-59.0%-54.4%12.0%21.8%55.1%-126.1%-145.8%
Return on assets-30.8%-39.0%-25.1%6.6%12.7%17.0%-45.8%-48.3%
Free cash flow yield-55.5%-15.8%-6.7%-5.3%0.5%7.0%-2.8%-2.8%
Earnings yield-34.8%-40.4%-11.1%2.4%4.0%5.0%-10.9%-27.9%
Enterprise valueSEK 73.4MSEK 92.3MSEK 168.6MSEK 243.2MSEK 213.4MSEK 207.1MSEK 140.7MSEK 57.7M
Net debt / EBITDA-1.01×-2.22×-0.29×-0.16×-1.48×-1.52×0.64×-1.94×
Cash conversion cycle (days)254792114105763347