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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
+55.4%
SEK 168.41
vs SEK 108.40 price
Levered DCF
SEK 102.25
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
2.47
Grey zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E10.39×9.3×7.35×11.89×9.79×27.72×24.36×83.56×
P/B2.9×3.04×2.64×3.19×3.59×5.85×10.64×18.82×
P/S1.37×1.22×1×1.19×1.13×1.28×1.28×1.43×
EV / EBITDA6.77×5.42×3.8×4.86×3.48×6.7×6.75×11.1×
Gross margin75.7%51.8%51.8%44.8%48.4%48.7%48.4%48.7%
Operating margin16.6%16.8%18.1%12.6%14.6%12.9%13.3%10.0%
Net margin13.2%13.1%13.6%10.0%11.5%4.6%5.3%1.7%
Current ratio1.15×0.66×1.94×0.89×3.86×0×2.49×2.11×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage0×280.43×889.78×408.21×527.4×913.67×3,919.84×1,950.53×
Dividend yield5.8%5.4%4.5%0.0%0.0%0.0%0.0%10.8%
Payout ratio60.1%50.3%33.2%0.0%0.0%0.0%0.0%906.9%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity27.9%32.7%36.0%26.9%36.6%21.1%43.7%22.4%
Return on invested capital12.0%15.4%10.6%11.1%10.3%8.7%11.7%9.3%
Return on assets9.0%9.5%9.2%6.2%7.4%2.9%3.6%1.1%
Free cash flow yield4.5%7.4%-10.1%14.0%13.9%11.5%12.3%10.8%
Earnings yield9.6%10.8%13.6%8.4%10.2%3.6%4.1%1.2%
Enterprise valueSEK 1.3BSEK 1.2BSEK 861.4MSEK 710.6MSEK 561.9MSEK 875MSEK 897.9MSEK 981.6M
Net debt / EBITDA-1.47×-1.57×-1.56×-4.13×-3.79×-2.51×-2.3×-2.51×
Cash conversion cycle (days)27-50-69-83-79-91-92-89