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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
-3404.2%
-SEK 21.01
vs SEK 0.64 price
Levered DCF
SEK 19.78
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
-3.68
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-2.32×-2.4×-2.26×-12.17×-14.46×-32.37×-16.81×-11.46×
P/B1.29×0.63×0.8×1.69×3.16×7.26×3.97×2.4×
P/S0.61×0.5×0.59×1.64×4.31×2.82×1.78×1.54×
EV / EBITDA3.51×13.25×-11.74×16.5×-462.11×-35.05×66.23×-142.94×
Gross margin23.7%80.2%74.8%76.0%72.1%68.4%68.7%70.1%
Operating margin-36.3%-12.5%-24.3%-12.0%-30.7%-9.0%-8.5%-14.6%
Net margin-26.0%-20.7%-26.3%-13.5%-29.9%-8.7%-10.6%-13.4%
Current ratio1.14×0.84×0.97×1.69×2.37×1.67×1.65×1.42×
Debt / equity1.52×0.64×0.14×0.09×0.11×0.99×0.58×0.04×
Interest coverage-17.82×-1.88×-10.22×-15.5×-11.81×-10.67×-5.42×-953.5×
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-55.2%-26.2%-35.4%-14.0%-21.9%-22.4%-23.6%-20.9%
Return on invested capital-26.0%-7.8%-27.2%-10.9%-19.7%-9.2%-12.2%-23.2%
Return on assets-16.8%-9.7%-17.3%-8.6%-15.0%-7.5%-9.8%-13.2%
Free cash flow yield16.8%-80.9%-26.4%-2.9%-5.7%-0.2%-9.8%-11.8%
Earnings yield-43.0%-41.5%-44.2%-8.2%-6.9%-3.1%-6.0%-8.7%
Enterprise valueSEK 986.2MSEK 742.2MSEK 293.4MSEK 940.6MSEK 2.3BSEK 4.2BSEK 2.9BSEK 1.8B
Net debt / EBITDA1.71×5.64×6.28×-5.84×68.8×-1.2×4.69×12.22×
Cash conversion cycle (days)-0129106852687047