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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
-371.4%
-SEK 0.28
vs SEK 0.10 price
Levered DCF
-SEK 0.62
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
-3.97
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2018FY2017
P/E-0.23×-0.81×-7.44×-55.99×-279.37×-188.97×-3.79×-23.06×
P/B0.38×1×12.5×62.25×121.58×116.29×3.79×34.52×
P/S17.06×167.53×227.4×2,383.59×436,559.26×4,810.45×437.62×1,327.46×
EV / EBITDA-0.17×-0.64×-8.35×-60.63×-281.83×-207.77×-4.75×-24.11×
Gross margin-6332.7%963.8%274.9%100.0%25096.4%-2077.0%-8927.7%2980.1%
Operating margin-6579.1%-20529.1%-2894.3%-4200.4%-155482.6%-2430.0%-10609.8%-5662.4%
Net margin-7492.1%-20628.6%-3055.7%-4258.7%-156297.6%-2545.5%-11535.3%-5757.4%
Current ratio0.44×1.39×1.06×3.27×6.29×4.05×1.74×2.46×
Debt / equity0.2×0×0.47×0.03×0.04×0.05×0.8×1.54×
Interest coverage-24.2×-24.36×-25.49×-72.26×-190.79×-11.12×-11.49×-58.41×
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
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2018FY2017
Return on equity-167.8%-122.7%-167.9%-111.2%-43.5%-61.5%-100.0%-149.7%
Return on invested capital-122.8%-121.8%-108.0%-106.2%-41.8%-55.8%-51.0%-58.0%
Return on assets-87.5%-97.8%-84.2%-94.0%-38.9%-51.7%-48.6%-47.3%
Free cash flow yield-237.4%-157.7%-12.2%-1.7%-0.4%-0.4%-39.8%-4.8%
Earnings yield-439.1%-123.1%-13.4%-1.8%-0.4%-0.5%-26.4%-4.3%
Enterprise valueSEK 6.4MSEK 24MSEK 317.3MSEK 1.6BSEK 4.4BSEK 3.3BSEK 36.6MSEK 216.2M
Net debt / EBITDA0.1×0.25×-0.24×0.15×0.55×0.91×-0.54×-0.15×
Cash conversion cycle (days)8933,7901,8351,27739,3566065,5192,076