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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
+50.9%
SEK 30.47
vs SEK 20.20 price
Levered DCF
SEK 50.82
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
4.71
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E25.87×29.65×42.35×73.92×63.42×36.5×79.56×91.96×
P/B2.21×2.38×2.75×2.62×6.15×3.1×23.87×41.61×
P/S0.83×0.92×1.08×1.23×2.93×0.58×5.03×7.34×
EV / EBITDA12.76×10.92×15.19×45.86×40.84×4.07×59.05×66.1×
Gross margin39.2%39.5%40.3%46.1%39.9%38.4%37.4%10.1%
Operating margin2.8%4.0%3.4%1.7%6.2%11.1%8.1%10.1%
Net margin3.2%3.1%2.6%1.7%4.6%8.8%6.3%8.0%
Current ratio2.88×3.2×2.88×2.15×2.33×2.28×2.37×1.73×
Debt / equity0×0×0×0×0×0×0×0×
Interest coverage0×0×0×0×30.25×657.14×102.05×0×
Dividend yield3.3%2.4%0.0%0.0%1.4%5.2%0.0%0.0%
Payout ratio85.9%70.8%0.0%0.0%88.9%34.5%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity8.6%8.0%6.5%3.5%9.7%46.6%30.0%45.3%
Return on invested capital4.6%6.1%4.9%2.7%9.1%44.0%30.3%44.6%
Return on assets5.6%5.3%4.2%2.3%6.6%25.5%18.0%19.8%
Free cash flow yield5.7%8.2%2.9%-1.4%0.3%15.9%0.6%0.0%
Earnings yield3.9%3.4%2.4%1.3%1.6%15.1%1.3%1.1%
Enterprise valueSEK 162MSEK 179.1MSEK 220.3MSEK 215.5MSEK 551.4MSEK 76.5MSEK 520.1MSEK 522.6M
Net debt / EBITDA-3.08×-2.1×-1.46×-3.23×-1.36×-1.06×-1.09×-0.89×
Cash conversion cycle (days)11111212993121617348