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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
-46.1%
SEK 27.23
vs SEK 50.50 price
Levered DCF
SEK 35.02
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
14.09
Safe zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E58.42×31.97×55.07×53.44×27.14×25.95×35.04×45.81×
P/B4.1×3.17×5.01×6.82×3.78×3.56×3.22×3.11×
P/S2.75×1.95×2.99×4.09×2.78×2.67×2.3×2.49×
EV / EBITDA33.75×19.69×34.57×34.38×16×16.05×14.85×18.8×
Gross margin16.5%17.8%16.4%20.2%24.0%24.5%19.0%18.8%
Operating margin4.4%7.0%6.4%9.5%12.7%13.1%8.4%6.9%
Net margin4.7%6.1%5.5%7.6%10.2%10.3%6.6%5.4%
Current ratio7.7×6.97×5.37×7.01×5.93×8.55×8.39×5.23×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage0×0×0×0×0×2,870.11×2,046.13×12,016×
Dividend yield2.4%3.0%1.9%1.4%2.2%2.3%2.7%2.8%
Payout ratio138.7%95.1%104.1%74.1%60.3%59.6%94.1%127.7%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity7.0%9.9%9.1%12.8%13.9%13.7%9.2%6.8%
Return on invested capital4.8%8.3%7.9%11.8%13.1%12.9%8.6%6.4%
Return on assets5.9%8.3%7.4%10.7%11.5%11.9%8.0%5.6%
Free cash flow yield3.4%2.6%4.2%-1.1%3.2%2.8%3.2%0.1%
Earnings yield1.7%3.1%1.8%1.9%3.7%3.8%2.9%2.2%
Enterprise valueSEK 581.8MSEK 456.8MSEK 750.2MSEK 1.1BSEK 521.6MSEK 478MSEK 404.1MSEK 389.5M
Net debt / EBITDA-3.9×-2.59×-2.84×-1.43×-2.22×-1.68×-1.72×-2.12×
Cash conversion cycle (days)3059513298117101136