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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
-384.3%
-SEK 0.26
vs SEK 0.09 price
Levered DCF
-SEK 0.35
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-0.42
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-4.33×-11.81×-56.47×-107.68×-274.94×-34.72×-10.68×-7×
P/B2.25×4.2×5.13×2.03×3.73×5.18×4.89×17.64×
P/S25.52×11.67×34.86×10.52×21.2×29.95×6.47×3.47×
EV / EBITDA-5.46×-19.57×-48.19×-195.38×-68.75×-30.55×-9.85×-7.53×
Gross margin-622.3%73.4%162.5%114.5%104.3%104.8%69.3%47.8%
Operating margin-622.3%-107.3%-80.6%-11.2%-34.0%-99.4%-66.0%-49.4%
Net margin-592.3%-98.9%-61.5%-9.8%-7.7%-86.3%-60.6%-49.6%
Current ratio4.12×0.96×2.97×5.29×10.36×8.73×4.58×1.33×
Debt / equity0.26×0.41×0.04×0.06×0.05×0.07×0.14×2.2×
Interest coverage-6×-4.72×-15.53×-2.49×-10.01×-26.08×-17.98×-15.1×
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-52.1%-35.6%-9.0%-1.9%-1.4%-14.9%-45.8%-252.0%
Return on invested capital-32.6%-19.2%-7.2%-1.2%-1.2%-13.4%-38.3%-72.6%
Return on assets-34.9%-20.7%-6.8%-1.5%-1.2%-12.5%-34.2%-56.6%
Free cash flow yield-18.6%-4.4%-6.0%-8.8%-6.6%-3.7%-13.4%-19.6%
Earnings yield-23.2%-8.5%-1.8%-0.9%-0.4%-2.9%-9.4%-14.3%
Enterprise valueSEK 106.9MSEK 218.9MSEK 336.3MSEK 122.9MSEK 229.7MSEK 246MSEK 124.9MSEK 87.8M
Net debt / EBITDA0.1×-0.14×1.38×42.19×11.04×4.78×1.05×-0.45×
Cash conversion cycle (days)27419-79-705-2,693-3,631366271