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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
-208.4%
-SEK 4.27
vs SEK 3.94 price
Levered DCF
-SEK 6.02
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
-2.69
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-8.87×-4.63×-5.71×-5.94×-84.48×5.72×-10.59×-7.4×
P/B3.6×3.25×3.19×3.27×7×5.36×-38.64×12.76×
P/S0.84×1.02×1.05×1.15×3.71×0.9×1.47×1.7×
EV / EBITDA-6.74×-3.43×-4.9×-6.29×-90.95×2.47×-11.47×-7.54×
Gross margin27.3%28.6%21.3%19.4%19.6%37.8%28.1%39.2%
Operating margin-23.3%-34.1%-18.0%-5.3%-5.5%34.9%-14.0%-23.3%
Net margin-9.4%-22.0%-18.4%-19.4%-4.4%15.8%-13.9%-23.1%
Current ratio0.86×1.05×1.51×1.64×1.98×0.38×0.71×1.16×
Debt / equity0.12×0×0×0×0×0.17×-0.72×0×
Interest coverage-21.05×-15.76×-253.33×-89.54×-7.34×3.45×-109.65×-90.7×
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 equity-40.5%-70.5%-55.8%-55.1%-8.3%93.7%365.4%-173.1%
Return on invested capital-88.7%-84.8%-49.5%-15.0%-9.8%132.8%1513.3%-140.6%
Return on assets-16.8%-29.0%-27.7%-29.4%-5.2%22.4%-38.4%-47.2%
Free cash flow yield-15.8%-44.9%-25.7%-7.1%-4.1%-5.1%-1.9%-6.3%
Earnings yield-11.3%-21.7%-17.5%-16.9%-1.2%17.5%-9.5%-13.6%
Enterprise valueSEK 46.2MSEK 61.6MSEK 76.7MSEK 112.1MSEK 419.4MSEK 78.2MSEK 129.2MSEK 84.4M
Net debt / EBITDA0.2×0.49×1.87×2.8×12.69×-0.02×0.4×0.59×
Cash conversion cycle (days)-1681-38-1-6-12