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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
-4832.4%
-SEK 160.67
vs SEK 3.40 price
Levered DCF
-SEK 168.82
After debt service
Piotroski score
0 / 9
Weak
Altman Z-score
0.72
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-24.65×-19.72×-5.03×-3.42×-4.48×-3.56×-4.17×-9.62×
P/B4.04×4.57×2.61×1.37×1.6×2.69×2.6×11.37×
P/S6.95×7.31×5.85×5.99×13.27×12.13×20.84×40.7×
EV / EBITDA-23.99×-19.83×-4.05×-2.57×-3.55×-3.49×-3.05×-11.51×
Gross margin96.3%95.4%74.6%79.2%65.7%64.3%57.9%113.2%
Operating margin-26.8%-36.9%-82.0%-158.8%-282.7%-337.5%-495.0%-378.1%
Net margin-28.3%-37.1%-116.3%-174.4%-296.0%-340.1%-499.3%-422.3%
Current ratio6.97×4.15×4.25×4.97×8.01×0.88×8.38×1.14×
Debt / equity0×0.01×0.01×0.05×0.05×0.15×0.03×0.2×
Interest coverage-1,051.26×-479.86×-24.6×-9.6×-20.25×-138.05×-369.58×-8.77×
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-16.4%-23.2%-52.0%-40.1%-35.7%-75.5%-62.3%-117.9%
Return on invested capital-13.3%-18.1%-29.6%-28.9%-27.5%-47.0%-59.7%-123.1%
Return on assets-12.8%-16.2%-36.6%-29.3%-27.3%-34.3%-55.0%-74.6%
Free cash flow yield-5.7%-6.4%-14.3%-26.2%-21.3%-27.0%-24.7%-13.7%
Earnings yield-4.1%-5.1%-19.9%-29.1%-22.3%-28.0%-24.0%-10.4%
Enterprise valueSEK 1.1BSEK 880.3MSEK 493.8MSEK 230MSEK 283.9MSEK 269.6MSEK 242.6MSEK 535.2M
Net debt / EBITDA4.29×2.23×1.33×1.24×1.72×0.42×1.37×0.1×
Cash conversion cycle (days)1,00154017625669-591,064