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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
-421.5%
-SEK 14.98
vs SEK 4.66 price
Levered DCF
-SEK 17.86
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.91
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-15.59×-10.62×-8×-11.7×-7.69×-10.23×-6×-32.65×
P/B2.31×2.17×2.6×3.24×2.18×2.6×2.25×6.11×
P/S3.09×3.26×3.53×6.95×15.6×35.16×110.81×263.05×
EV / EBITDA-24.84×-21.23×-11.64×-16.23×-6.36×-8.21×-5.22×-24.31×
Gross margin64.8%66.9%70.0%65.4%61.3%37.1%128.5%463.4%
Operating margin-19.8%-32.8%-29.6%-48.3%-204.5%-340.5%-1392.3%-1038.1%
Net margin-20.0%-30.9%-44.3%-59.6%-203.3%-343.2%-1844.2%-805.7%
Current ratio2.26×4.66×1.45×1.98×3.56×25.05×21.85×13.07×
Debt / equity0.37×0.02×0.02×0.01×0.01×0×0×0×
Interest coverage-9.24×-39.73×-398.38×-106.83×-1,659.63×-184.34×-37,927×-20,731×
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-14.9%-20.6%-32.7%-27.8%-28.4%-25.3%-37.4%-18.7%
Return on invested capital-11.7%-18.7%-21.3%-22.2%-28.4%-25.1%-27.6%-18.8%
Return on assets-10.0%-16.0%-22.7%-20.8%-23.4%-24.5%-35.1%-17.8%
Free cash flow yield-5.6%-7.4%-11.5%-6.4%-9.8%-11.4%-11.5%-5.2%
Earnings yield-6.5%-9.5%-12.5%-8.6%-13.0%-9.8%-16.6%-3.1%
Enterprise valueSEK 181.3MSEK 150.5MSEK 160.1MSEK 251.5MSEK 172.2MSEK 190.4MSEK 181.4MSEK 468.7M
Net debt / EBITDA-0.26×5.34×1.16×2.5×2.53×3.85×3.47×2.94×
Cash conversion cycle (days)67124121881901271,271465