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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
+535.3%
SEK 95.29
vs SEK 15.00 price
Levered DCF
SEK 49.96
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
0.46
Distress zone
Rating
B-
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-11.42×-7.93×-2.9×33.06×-58.91×-447×4.91×5.86×
P/B0.59×0.51×0.48×0.48×2.07×3.45×1.46×2.12×
P/S0.14×0.13×0.13×0.17×0.9×0.96×0.39×0.79×
EV / EBITDA5.21×5.09×6.33×6.06×11.53×19.64×9.8×26.77×
Gross margin19.2%20.4%20.2%19.5%20.6%17.0%17.7%17.0%
Operating margin5.2%5.3%4.6%5.1%5.2%2.7%3.6%0.5%
Net margin-1.2%-1.6%-4.5%0.5%-1.9%-0.2%8.0%13.6%
Current ratio1.28×1.05×1.1×0.53×2.01×1.53×1.18×0.75×
Debt / equity2.1×2×1.9×1.98×1.75×2.86×2.03×0.82×
Interest coverage0.77×0.84×0.75×1.07×1.06×0.55×0.88×0×
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-5.2%-6.4%-16.6%1.5%-4.3%-0.7%29.7%36.2%
Return on invested capital6.3%7.1%5.8%5.0%-65.0%-0.1%-74.9%-4.1%
Return on assets-1.4%-1.7%-4.6%0.4%-1.3%-0.1%7.9%15.3%
Free cash flow yield21.6%46.6%33.7%18.0%1.0%7.7%6.1%-1.4%
Earnings yield-8.8%-12.6%-34.5%3.0%-2.1%-0.2%20.3%17.1%
Enterprise valueSEK 516.1MSEK 493.6MSEK 493.3MSEK 491.3MSEK 783MSEK 662MSEK 304.9MSEK 136.5M
Net debt / EBITDA3.91×3.98×4.95×4.5×3.79×7.48×5.44×7.02×
Cash conversion cycle (days)3634454745384835