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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
+22.9%
SEK 37.62
vs SEK 30.60 price
Levered DCF
SEK 53.21
After debt service
Piotroski score
8 / 9
Strong
Altman Z-score
3.16
Safe zone
Rating
A+
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E11.43×41.41×25.05×6.64×62.25×-17.81×-9.46×70.97×
P/B0.98×0.68×1.32×0.64×1.82×2.04×1.2×2.28×
P/S0.53×0.46×0.84×0.45×1.12×1.27×0.91×1.23×
EV / EBITDA4.38×9.11×11×8.35×11.05×45.76×16.68×16.37×
Gross margin11.0%68.3%68.5%68.3%68.4%66.9%66.6%62.7%
Operating margin9.3%2.5%3.8%-2.7%0.5%-5.2%-6.8%0.4%
Net margin4.7%1.1%3.4%6.7%1.8%-7.1%-9.6%1.7%
Current ratio1.51×1.37×1.7×1.49×1.79×1.74×1.87×2.44×
Debt / equity0.37×0.52×0.29×0.23×0.32×0.28×0.28×0.05×
Interest coverage5.9×1.62×3.28×-2.99×0.66×-4.37×-5.76×1.7×
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 equity8.5%1.6%5.3%9.6%2.9%-11.5%-12.6%3.2%
Return on invested capital8.9%2.2%4.3%6.1%0.5%-6.0%-6.5%0.6%
Return on assets4.7%0.8%3.2%5.8%1.6%-6.4%-7.4%2.0%
Free cash flow yield22.1%29.8%8.1%-5.0%6.8%6.5%-2.7%4.8%
Earnings yield8.7%2.4%4.0%15.1%1.6%-5.6%-10.5%1.4%
Enterprise valueSEK 313.2MSEK 294.8MSEK 391.5MSEK 181.5MSEK 375.5MSEK 361.2MSEK 253.2MSEK 225.9M
Net debt / EBITDA0.77×3.11×1.41×0.97×0.32×-0.17×0.97×-1.07×
Cash conversion cycle (days)111184248176151158220206