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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
+164.7%
SEK 1,264.78
vs SEK 477.80 price
Levered DCF
SEK 398.81
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
3.7
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E239.42×27.92×35.74×25.32×21.35×15.79×14.33×22.5×
P/B3.04×2.69×2.54×2.52×2.46×2.54×2.8×6.01×
P/S4.06×4.17×3.89×3.55×3.68×3.36×3.32×5.95×
EV / EBITDA11.41×13.33×14.62×12.31×11.72×9.72×10.5×14.17×
Gross margin43.6%77.8%45.0%74.4%77.6%78.9%76.6%73.6%
Operating margin28.5%21.6%18.4%20.3%24.0%31.6%31.8%34.2%
Net margin1.7%14.9%10.9%14.0%17.3%21.3%23.2%26.5%
Current ratio0.9×1.04×0.67×0.75×1×0.78×1.28×0.95×
Debt / equity0.3×0.42×0.6×0.34×0.47×0.72×0.98×0×
Interest coverage9.68×4.54×3.66×8.31×8.91×9.89×17.43×52.33×
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 equity1.3%9.6%7.1%9.9%11.5%16.1%19.5%26.7%
Return on invested capital14.0%7.4%5.2%7.0%7.3%8.8%8.9%23.9%
Return on assets0.7%5.1%3.3%5.0%5.5%6.7%7.2%14.1%
Free cash flow yield7.4%4.0%-0.5%4.6%8.9%2.7%-12.9%2.8%
Earnings yield0.4%3.6%2.8%4.0%4.7%6.3%7.0%4.4%
Enterprise valueSEK 125BSEK 124.1BSEK 105.7BSEK 74.5BSEK 67BSEK 65.4BSEK 63.2BSEK 51.4B
Net debt / EBITDA0.95×1.68×2.71×1.28×1.72×2.11×2.63×-0.83×
Cash conversion cycle (days)197306202277397389238207