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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
-488.3%
-SEK 36.11
vs SEK 9.30 price
Levered DCF
-SEK 38.79
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
10.28
Safe 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-17.13×-173.45×-40.6×-25.27×-158.15×-285.83×-169.75×-224.33×
P/B1.13×1.98×2.49×1.8×8.26×14.25×5×7.07×
P/S5.1×10.6×15.73×15.12×57.16×55.38×39.7×26.6×
EV / EBITDA-92.41×-423.23×-42.44×-25.8×-190.08×-792.88×-182.23×-1,616.72×
Gross margin71.3%70.6%70.8%70.1%67.0%62.7%73.2%74.1%
Operating margin-16.1%-28.4%-42.6%-86.2%-38.5%-15.2%-23.3%-14.2%
Net margin-29.6%-6.0%-38.7%-59.8%-36.4%-19.1%-22.8%-11.9%
Current ratio3.4×5.39×10.68×13.78×14.33×9.5×20.38×12.65×
Debt / equity0.01×0.01×0×0.01×0.01×0.02×0×0×
Interest coverage-22.12×-285.21×-304.87×-415.24×-251.84×-113.97×-2,389.51×-2,009.32×
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-6.6%-1.1%-6.1%-7.1%-5.3%-4.9%-2.9%-3.2%
Return on invested capital-3.5%-5.2%-6.7%-10.2%-5.5%-3.9%-2.8%-3.8%
Return on assets-6.2%-1.0%-5.9%-6.8%-5.0%-4.5%-2.8%-3.0%
Free cash flow yield-7.4%-9.9%-8.6%-13.6%-1.7%-1.2%-2.2%-2.3%
Earnings yield-5.8%-0.6%-2.5%-4.0%-0.6%-0.3%-0.6%-0.4%
Enterprise valueSEK 934.9MSEK 1.7BSEK 2.2BSEK 1.3BSEK 8.3BSEK 7.5BSEK 2.4BSEK 1.4B
Net debt / EBITDA8.53×46.61×4.39×12.28×19.02×38.97×35.34×186.57×
Cash conversion cycle (days)2813423793343325497