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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
-480.4%
-SEK 47.17
vs SEK 12.40 price
Levered DCF
-SEK 71.96
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.45
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-4.64×-18.7×100×-2.85×-10.54×-10.01×0×-124,666.67×
P/B0.75×0.73×0.83×0.57×0.77×1.14×0×4.53×
P/S0.83×0.85×0.9×0.57×0.94×1.63×0×5.94×
EV / EBITDA-6.33×69.07×70.77×-400.88×70.43×148.68×0×154.35×
Gross margin78.5%47.3%54.4%62.6%60.4%60.2%0.0%58.6%
Operating margin-21.9%-6.9%-5.5%-24.6%-10.7%-19.7%0.0%-5.3%
Net margin-16.3%-4.5%0.9%-19.9%-8.9%-16.3%0.0%-4.2%
Current ratio1.06×0.46×0.49×0.53×0.41×11.29×12.43×25.43×
Debt / equity0.21×4.89×6.37×7.36×5.12×4.07×4.08×3.51×
Interest coverage-8.93×-166.5×-61×-144.38×-60.38×-270.33×0×-1,186×
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-14.6%-3.9%0.9%-19.9%-7.3%-11.4%0.0%-3.2%
Return on invested capital-2.9%-0.8%-0.6%-2.3%-1.2%-2.2%0.0%-0.7%
Return on assets-2.5%-0.6%0.1%-2.2%-1.1%-2.1%0.0%-0.7%
Free cash flow yield-110.8%74.4%-197.9%311.9%-21.1%-30.5%0.0%-8.0%
Earnings yield-19.6%-5.3%1.0%-35.1%-9.4%-10.0%0.0%-0.7%
Enterprise valueSEK 553.9MSEK 3.1BSEK 3.5BSEK 3.7BSEK 3.2BSEK 3.1BSEK 2.2BSEK 3.3B
Net debt / EBITDA-1.41×60.06×62.58×-372.2×61.21×116.1×0×67.38×
Cash conversion cycle (days)7397786661,22656461601,776