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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
-805.5%
-SEK 3.52
vs SEK 0.50 price
Levered DCF
-SEK 2.99
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
2.63
Grey zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-4.74×-32×115.51×-0.8×-12.73×-28.54×-19.45×-11.64×
P/B3.02×3.82×1.72×0.88×2.32×4.38×6.06×3.4×
P/S3.75×5.59×1.32×0.91×6.97×9.37×16.29×13.6×
EV / EBITDA-6.55×-32.22×5.08×-1.19×-34.42×81.67×-52.62×-12.01×
Gross margin-53.9%73.3%77.2%83.9%83.3%88.9%85.7%85.0%
Operating margin-74.9%-17.3%-2.0%-113.1%-57.2%-31.9%-82.6%-113.7%
Net margin-75.8%-17.5%1.1%-114.2%-55.0%-32.8%-84.7%-116.5%
Current ratio2.98×3.06×2.56×0.83×2.43×1.86×3.12×3.14×
Debt / equity0×0×0.04×0.18×0.03×0.06×0.06×0.04×
Interest coverage-62.47×-82.18×-4.4×-140.08×-72.63×-34.4×-79.42×-41.12×
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-61.3%-11.9%1.5%-111.1%-18.3%-15.3%-31.5%-29.1%
Return on invested capital-59.0%-11.7%-2.3%-92.7%-18.4%-15.6%-28.9%-27.4%
Return on assets-50.9%-9.6%1.2%-56.3%-15.4%-12.0%-25.7%-25.5%
Free cash flow yield-25.9%-2.9%-1.7%-88.4%-10.1%-5.6%-5.3%-10.8%
Earnings yield-20.3%-3.1%0.9%-126.0%-7.9%-3.5%-5.2%-8.6%
Enterprise valueSEK 134.8MSEK 282.9MSEK 65.9MSEK 26.3MSEK 112.1MSEK 183.4MSEK 293.3MSEK 140.4M
Net debt / EBITDA0.47×1.06×-1.28×-0.13×5.49×-3.82×2.14×0.31×
Cash conversion cycle (days)11016438-108-47-164-1-120