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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
-2743.2%
-SEK 85.11
vs SEK 3.22 price
Levered DCF
-SEK 112.52
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
0.89
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-5.81×-5.67×-5.12×-5.48×-17.54×-28.92×-27.58×-12.98×
P/B2.61×1.95×1.83×2.77×9.59×5.91×5.65×2×
P/S7.63×11.5×19.17×51.7×131.57×146.47×137.75×104.32×
EV / EBITDA-7.6×-6.22×-4.6×-6.02×-18.73×-32.72×-38.16×-14.24×
Gross margin30.0%34.4%23.5%-2.7%-44.8%-84.6%-127.2%-162.6%
Operating margin-116.3%-212.1%-374.1%-954.1%-766.8%-523.4%-542.9%-832.6%
Net margin-132.1%-203.0%-375.2%-945.6%-748.1%-508.1%-501.8%-797.2%
Current ratio3.78×3.86×7.82×2.69×7.98×12.04×5.05×3.68×
Debt / equity0.05×0.07×0.03×0.05×0.01×0.01×0×0×
Interest coverage-7.01×-120.68×-167.6×-311.41×-1,065.71×-400.54×-12,143.67×0×
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-45.1%-34.3%-35.7%-50.7%-54.6%-20.5%-20.6%-15.3%
Return on invested capital-35.4%-30.6%-31.7%-43.6%-50.1%-19.3%-18.6%-13.7%
Return on assets-37.2%-27.8%-30.9%-41.1%-47.0%-18.3%-17.9%-13.0%
Free cash flow yield-14.1%-18.8%-17.8%-19.6%-5.8%-2.8%-3.3%-8.1%
Earnings yield-17.3%-17.6%-19.6%-18.3%-5.7%-3.5%-3.6%-7.6%
Enterprise valueSEK 734.2MSEK 594.5MSEK 546MSEK 712.5MSEK 1.4BSEK 1.2BSEK 894MSEK 302.9M
Net debt / EBITDA0.62×0.82×1.17×0.11×1×4.27×1.3×1.52×
Cash conversion cycle (days)153279344618464140160149