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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
+373.4%
SEK 0.75
vs SEK 0.16 price
Levered DCF
-SEK 1.67
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-4.3
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-4.28×-1.26×-2.79×-3.23×-5.71×-2.96×-1.66×-1.99×
P/B2.15×0.65×24.31×3.46×10.07×2.89×1.61×2.58×
P/S1.43×0.71×1.71×2.41×4.71×6.96×2.1×5.33×
EV / EBITDA-9.73×-2.51×-6.95×-7.66×-15.2×-5.96×-4.02×-4.27×
Gross margin-34.2%31.5%20.1%21.7%25.6%13.8%-4.0%-41.2%
Operating margin-34.2%-47.3%-56.8%-69.3%-62.5%-194.2%-96.7%-214.8%
Net margin-33.5%-56.3%-61.4%-74.0%-81.5%-236.3%-127.1%-266.7%
Current ratio1.64×2.9×2.35×3.74×2.36×2.95×4.48×2.13×
Debt / equity0.67×0.28×18.06×2.22×4.62×2.14×1.31×1.27×
Interest coverage-42.61×-4.98×-11.1×-5.15×-6.51×-9.21×-6.36×-4.14×
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-50.3%-51.3%-871.5%-106.4%-174.3%-98.2%-97.4%-129.2%
Return on invested capital-28.9%-31.9%-42.5%-29.5%-25.3%-27.9%-31.7%-45.6%
Return on assets-21.5%-31.5%-34.3%-27.3%-24.6%-26.1%-36.8%-43.5%
Free cash flow yield-28.0%-45.4%-16.0%-15.0%8.0%2.4%15.0%0.0%
Earnings yield-23.4%-79.5%-35.8%-30.8%-17.3%-33.9%-60.4%-50.0%
Enterprise valueSEK 327.2MSEK 132MSEK 537.4MSEK 540.5MSEK 662.1MSEK 440.2MSEK 296.2MSEK 317.6M
Net debt / EBITDA-1.9×-0.17×-2.75×-2.6×-4.41×-2.21×-1.42×-1.36×
Cash conversion cycle (days)2232862553994751,194298584