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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
-363.7%
-SEK 8.39
vs SEK 3.18 price
Levered DCF
-SEK 11.04
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
33.07
Safe zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-5.41×12.82×-223.74×-3.78×-10.44×863.11×3,049.18×
P/B3.19×2.69×2.91×2.36×2.76×33.45×69.38×
P/S0.11×0.15×0.18×0.13×0.2×2.41×3.68×
EV / EBITDA-8.69×8.34×30.78×-4.83×-10.62×265.81×344.97×
Gross margin3.6%4.4%4.0%-0.5%4.9%5.0%5.6%
Operating margin-1.9%1.1%-0.1%-3.2%-1.9%0.3%0.1%
Net margin-1.9%1.2%-0.1%-3.4%-2.0%0.3%0.1%
Current ratio2.3×4.65×3.98×4.04×6.03×4.25×2.75×
Debt / equity0×0×0×0×0×0×0×
Interest coverage0×23.76×-50×-20,507×-7,338×0×37.9×
Dividend yield0.0%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%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity-58.5%21.0%-1.3%-62.5%-26.5%3.9%2.3%
Return on invested capital-56.5%19.6%-0.8%-59.6%-26.3%3.8%2.3%
Return on assets-43.7%17.4%-1.1%-51.8%-23.5%3.1%1.9%
Free cash flow yield-23.1%1.5%-4.5%-16.4%-14.0%0.3%-0.4%
Earnings yield-18.4%7.8%-0.4%-26.5%-9.6%0.1%0.0%
Enterprise valueSEK 69MSEK 90.4MSEK 82.9MSEK 59.7MSEK 119.9MSEK 743.7MSEK 757.3M
Net debt / EBITDA2.18×-2.29×-6.42×1.73×3.06×-6.08×-1.58×
Cash conversion cycle (days)374336-0