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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
-97.1%
SEK 0.47
vs SEK 15.96 price
Levered DCF
SEK 17.73
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
0.3
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-58.71×-43.24×-37.99×-106.29×-128.54×-145.18×18.27×-31.83×
P/B4.48×4.96×8.7×18.65×25.17×36.96×14.15×15.44×
P/S4.5×6.14×7.73×25.37×60.41×163.36×119.64×32.47×
EV / EBITDA-51.59×-86.49×-86.45×-263.31×-212.3×-324.03×16.06×-36.16×
Gross margin38.3%34.8%40.0%45.1%30.7%24.9%30.7%38.6%
Operating margin-15.4%-25.1%-23.4%-30.7%-49.2%-90.9%-114.2%-100.6%
Net margin-7.7%-14.1%-20.3%-23.8%-47.0%-112.6%655.2%-102.2%
Current ratio2.21×2.37×3.46×4.51×5.69×11.84×13.11×4.01×
Debt / equity0.05×0.18×0.1×0.09×0.1×0.16×0.09×0.38×
Interest coverage-6.15×-31.36×-6.11×-4.83×-5.21×-1.81×-3.89×-74.44×
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-7.6%-11.4%-22.9%-17.5%-19.6%-25.5%77.5%-48.6%
Return on invested capital-14.6%-17.1%-21.7%-19.0%-17.4%-17.7%-12.0%-36.9%
Return on assets-4.9%-7.1%-14.8%-12.3%-14.4%-20.7%64.1%-28.5%
Free cash flow yield-2.2%-4.1%-5.2%-2.2%-0.9%-0.1%4.6%-6.0%
Earnings yield-1.7%-2.3%-2.6%-0.9%-0.8%-0.7%5.5%-3.1%
Enterprise valueSEK 1.7BSEK 1.9BSEK 2.4BSEK 6BSEK 9.4BSEK 16.6BSEK 7.6BSEK 1.9B
Net debt / EBITDA1.84×6.58×1.57×7.21×6.7×6.74×-0.83×0.93×
Cash conversion cycle (days)174283300309200205890359