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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
-180.7%
-SEK 524.83
vs SEK 650.40 price
Levered DCF
SEK 508.52
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
3.45
Safe zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E45.68×29.92×24.27×24.74×15.82×29.64×21.09×27.45×
P/B6.66×3.52×2.56×1.86×1.34×1.49×2.05×1.85×
P/S3.64×1.96×1.59×1.31×0.78×0.91×1.19×1.09×
EV / EBITDA25.58×15.58×12.22×11.51×7.91×13.36×11.8×15.14×
Gross margin21.7%21.4%21.8%21.2%21.0%16.0%22.7%23.4%
Operating margin9.5%8.9%8.6%7.8%7.4%0.7%8.3%6.8%
Net margin8.0%6.5%6.6%5.2%4.9%3.0%5.6%4.0%
Current ratio1.3×1.32×1.57×1.67×1.64×1.68×1.69×1.78×
Debt / equity0.34×0.29×0.31×0.34×0.42×0.47×0.51×0.48×
Interest coverage9.97×9.34×7.56×9.38×8.16×0.82×9.21×11.22×
Dividend yield0.4%0.7%0.9%1.2%2.0%0.0%1.4%1.6%
Payout ratio17.0%20.5%20.8%29.5%32.3%0.0%30.3%44.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity14.6%11.7%10.6%7.4%8.4%5.0%9.7%6.8%
Return on invested capital9.5%8.8%7.1%5.9%5.5%0.6%5.9%4.9%
Return on assets5.1%4.2%4.1%3.0%3.0%1.8%3.3%2.3%
Free cash flow yield2.1%1.5%3.6%4.3%10.4%9.1%-3.8%-9.2%
Earnings yield2.2%3.3%4.1%4.0%6.3%3.3%4.7%3.6%
Enterprise valueSEK 299.5BSEK 132.3BSEK 90BSEK 62BSEK 38.7BSEK 39.8BSEK 50.7BSEK 42.8B
Net debt / EBITDA0.94×0.89×1.08×1.32×1.64×2.59×2.03×2.41×
Cash conversion cycle (days)264256247253247240288255