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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
-767.4%
-SEK 2.00
vs SEK 0.30 price
Levered DCF
-SEK 2.74
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
-1.98
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-0.38×-0.35×-2.02×-3.38×-9.76×-36.66×183.3×-343.69×
P/B0.38×0.12×0.4×0.57×1.03×6.06×15.44×25.87×
P/S2.07×0.71×2.2×4.26×8.07×17.11×13.82×14.87×
EV / EBITDA-0.6×-0.26×-0.55×0.95×-2.67×-67.27×61.66×185.17×
Gross margin-304.5%-95.5%51.5%45.8%38.4%34.1%54.0%36.5%
Operating margin-415.7%-201.0%-117.1%-128.7%-81.4%-43.0%8.8%-3.4%
Net margin-542.1%-201.2%-109.1%-125.8%-82.6%-46.6%7.6%-4.3%
Current ratio1.6×1.22×4.05×6.45×14.78×4.24×1.56×1.09×
Debt / equity0.04×0.03×0.04×0.05×0.05×0.13×0.33×0.41×
Interest coverage-144.38×-45.89×-47.65×-54.9×-82.08×-14.3×9.84×0×
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-100.6%-35.1%-19.8%-16.8%-10.5%-16.5%8.5%-7.4%
Return on invested capital-74.3%-33.9%-20.8%-16.7%-10.0%-13.5%7.7%-4.2%
Return on assets-86.9%-29.4%-17.4%-14.6%-9.6%-13.1%5.4%-3.6%
Free cash flow yield-89.9%-310.3%-124.8%-50.1%-13.8%-2.4%-1.2%0.0%
Earnings yield-262.3%-284.8%-49.6%-29.5%-10.2%-2.7%0.6%-0.3%
Enterprise valueSEK 12.4MSEK 4MSEK 6.2M-SEK 11.3MSEK 21.4MSEK 198.6MSEK 221.7MSEK 222.7M
Net debt / EBITDA0.08×0.21×2.26×5.5×11.59×7.77×0.07×0.99×
Cash conversion cycle (days)25224712-130-490858