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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
+47.6%
SEK 27.60
vs SEK 18.70 price
Levered DCF
SEK 18.66
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
3.68
Safe zone
Rating
A+
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E8.49×25.06×36.73×22.99×35.4×27×25.64×13×
P/B1.06×1.26×1.26×3.24×5.48×4.56×4.73×2.42×
P/S1.1×1.16×1.64×1.65×2.44×2.18×1.95×1.05×
EV / EBITDA12.86×9.08×8.06×16.28×15.61×12.95×13.36×7.91×
Gross margin10.4%100.5%16.1%25.3%27.9%28.1%27.2%28.7%
Operating margin3.5%5.6%6.0%4.1%9.4%11.1%10.2%11.0%
Net margin12.9%4.6%86.1%7.2%6.9%8.1%7.6%8.1%
Current ratio1.89×1.64×5.08×1.85×1.77×1.81×1.64×1.92×
Debt / equity0.13×0.12×0.06×0.3×0.21×0.13×0.16×0.08×
Interest coverage2.65×8.04×8.78×13.43×46.69×63.6×51.26×368.18×
Dividend yield2.2%63.3%3.4%4.9%4.4%0.0%3.5%4.6%
Payout ratio18.9%1594.2%6.5%113.5%155.3%0.0%89.2%59.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity12.4%5.0%65.9%14.1%15.5%16.9%18.4%18.7%
Return on invested capital2.1%4.3%3.9%4.8%16.0%22.4%22.7%17.1%
Return on assets9.4%3.8%54.3%7.3%8.7%9.8%10.7%11.8%
Free cash flow yield-5.3%10.4%8.8%3.7%1.3%8.1%4.4%9.6%
Earnings yield11.8%4.0%52.4%4.4%2.8%3.7%3.9%7.7%
Enterprise valueSEK 192.5MSEK 205.1MSEK 200.5MSEK 369.6MSEK 598.5MSEK 504MSEK 474.1MSEK 225.1M
Net debt / EBITDA0.48×0.23×-6.03×0.76×-0.23×-1.06×-0.03×-0.47×
Cash conversion cycle (days)1076,494449165697395