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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
-505.0%
-SEK 2.35
vs SEK 0.58 price
Levered DCF
-SEK 1.50
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-1.8
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-16.28×-3.94×-5.38×-10.4×-12.28×-129.08×-6.63×-4.39×
P/B1.34×1.28×1.77×2.28×2.46×3.99×1.9×2.7×
P/S1.03×0.95×1.3×1.54×1.59×3.01×1.53×1.58×
EV / EBITDA-117.35×-4.03×-6.93×-30.44×-32.92×60.11×-9.97×-5.5×
Gross margin-5.0%78.7%78.7%86.0%83.1%82.9%79.8%80.0%
Operating margin-5.0%-22.3%-22.3%-13.4%-13.2%-0.6%-22.5%-35.9%
Net margin-6.3%-24.2%-24.2%-14.8%-12.7%-2.3%-22.9%-36.4%
Current ratio1.48×1.65×1.67×1.42×1.22×1.38×1.53×0.91×
Debt / equity0×0×0×0×0×0×0.04×0.62×
Interest coverage-6.97×-11.02×-11.66×-10.38×-46.18×-1.69×-34.43×-31×
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-8.2%-32.6%-33.1%-21.9%-19.7%-3.1%-28.4%-62.1%
Return on invested capital-6.4%-28.9%-28.3%-19.4%-20.5%-0.7%-41.2%-44.7%
Return on assets-5.2%-20.0%-18.0%-12.6%-11.1%-1.8%-18.5%-25.7%
Free cash flow yield-12.2%-4.7%-1.9%-17.2%-2.5%2.3%-11.1%-28.4%
Earnings yield-6.1%-25.5%-18.7%-9.6%-8.0%-0.8%-14.9%-23.0%
Enterprise valueSEK 51.5MSEK 47.4MSEK 76.9MSEK 91.3MSEK 85.4MSEK 171.4MSEK 82.7MSEK 93.1M
Net debt / EBITDA9.92×0.85×0.14×1.18×2.41×-3.13×0.62×-0.94×
Cash conversion cycle (days)177556629913648671620683