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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
-505.3%
-SEK 71.69
vs SEK 17.69 price
Levered DCF
-SEK 99.96
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
6.49
Safe 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-6.01×-6.47×-9.44×-14.88×-23.36×-22.55×-13.39×-7.25×
P/B1.17×0.63×1.24×1.02×3.9×8.3×3.49×3.05×
P/S3.67×3.06×6.3×9.59×34.37×45.89×10.45×10.71×
EV / EBITDA-47.91×-70.02×-13.94×92.69×-27.89×-25.47×-20.4×-11.14×
Gross margin87.2%85.6%92.6%107.8%128.5%111.3%103.4%84.8%
Operating margin-46.5%-52.1%-67.1%-139.6%-155.5%-89.1%-81.0%-146.4%
Net margin-61.3%-47.7%-66.6%-65.1%-147.5%-203.6%-78.5%-147.4%
Current ratio0.92×1.08×2.53×1.19×5.13×5.72×0.93×1.74×
Debt / equity0.13×0.14×0.04×0.07×0.06×0.09×0.27×0.15×
Interest coverage-2.01×-4.89×-8.74×-29.22×-52.1×-14.42×-11.73×-32.68×
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-19.6%-9.8%-13.1%-7.0%-16.7%-36.8%-26.2%-42.0%
Return on invested capital-11.2%-7.3%-9.9%-10.4%-15.8%-13.8%-17.7%-32.0%
Return on assets-14.0%-7.4%-10.5%-5.5%-14.1%-30.3%-17.8%-30.1%
Free cash flow yield-11.2%-10.8%-10.7%-17.5%-5.6%-1.8%-9.4%-11.3%
Earnings yield-16.7%-15.6%-10.6%-6.8%-4.3%-4.4%-7.5%-13.8%
Enterprise valueSEK 1.2BSEK 896.6MSEK 1.5BSEK 1.3BSEK 2.9BSEK 4.2BSEK 1BSEK 743M
Net debt / EBITDA-3.67×-11.69×-0.2×2.6×2.49×1.22×-0.52×0.07×
Cash conversion cycle (days)-69399134500103100537-95