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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
-703.6%
-SEK 3.38
vs SEK 0.56 price
Levered DCF
-SEK 7.14
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
-29.76
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-2.37×-5.19×-1.74×-1.84×-8.6×-4.77×-8.64×-5.1×
P/B-34.23×-3.45×-7.27×59.91×7.49×3,514.24×35.15×3.24×
P/S1.79×2.3×2.32×2.79×13.46×18.13×5.97×6.5×
EV / EBITDA-2.46×45.83×-60,185.42×3,268.7×-8.61×-5.33×-9.58×-4.94×
Gross margin99.8%96.8%92.3%95.5%98.6%97.0%95.9%95.7%
Operating margin-83.6%-35.3%-118.8%-149.3%-143.4%-351.5%-65.7%-98.8%
Net margin-75.5%-43.8%-133.5%-151.0%-156.4%-380.8%-65.7%-127.5%
Current ratio1.88×1.54×1.87×2.5×4.38×1.61×2.3×5.64×
Debt / equity-6.83×-1.32×-2.15×13.77×0×162.26×3.24×0×
Interest coverage-11.7×-4.16×-8.09×-79.95×-10.82×-12×-39.84×0×
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 equity1447.1%65.7%418.0%-3241.7%-87.1%-73804.0%-386.8%-63.6%
Return on invested capital-216.4%-238.5%-323.0%-217.0%-79.8%-417.3%-91.3%-49.2%
Return on assets-116.5%-89.5%-168.6%-131.9%-67.2%-171.9%-51.6%-52.4%
Free cash flow yield-46.8%-11.3%-49.0%-47.4%-13.0%-14.3%-14.4%-28.8%
Earnings yield-42.3%-19.0%-57.5%-54.1%-11.6%-21.0%-11.0%-19.6%
Enterprise valueSEK 43.8MSEK 88.4MSEK 60.2MSEK 55.6MSEK 188.7MSEK 181.2MSEK 226.4MSEK 81.3M
Net debt / EBITDA-0.32×11.65×-12,596×368.12×0.79×-0.16×-0.39×1.29×
Cash conversion cycle (days)-4,745-290-45-424-1,591-1,492-254-711