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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
-30.1%
SEK 44.60
vs SEK 63.80 price
Levered DCF
SEK 0.83
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
13.71
Safe 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-73.95×31.09×83.64×-79.81×-89.04×-21.17×352.94×-55.68×
P/B3.05×7.61×5.71×7.18×9.03×37.35×33.88×15.45×
P/S3.95×4.93×3.33×5.23×11.8×5.21×11.27×6.76×
EV / EBITDA39.69×24.56×22.04×49.27×373.23×-431.93×139.42×-4,495.93×
Gross margin66.6%69.3%69.7%64.7%67.1%64.9%75.1%78.4%
Operating margin1.4%13.2%6.0%-0.8%-11.0%-15.0%-1.5%-8.2%
Net margin-5.3%15.9%4.0%-6.6%-13.3%-24.6%3.2%-12.2%
Current ratio3.97×2.36×2.12×1.78×3.18×0.6×0.77×0.74×
Debt / equity0.03×0.09×0.11×0.15×0.14×4.43×1.11×0.5×
Interest coverage4.28×29.19×2.71×-0.17×-5.04×-1.39×-0.94×-12.52×
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-4.1%24.5%6.8%-9.0%-10.2%-176.2%9.7%-28.0%
Return on invested capital1.0%17.5%9.0%-0.9%-7.4%-18.7%2.2%-12.4%
Return on assets-3.5%17.7%5.0%-5.9%-7.7%-24.9%3.2%-12.7%
Free cash flow yield-1.3%1.3%-1.4%-4.0%-2.5%-3.6%-1.8%-4.7%
Earnings yield-1.4%3.2%1.2%-1.3%-1.1%-4.7%0.3%-1.8%
Enterprise valueSEK 1.1BSEK 1.2BSEK 688.2MSEK 798.3MSEK 1.1BSEK 451.4MSEK 990.6MSEK 404.6M
Net debt / EBITDA-3.79×-0.52×-0.37×-1.3×-19.04×-42.73×4.2×-136.97×
Cash conversion cycle (days)1048175918477-76-77