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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
-439.1%
-SEK 1.93
vs SEK 0.57 price
Levered DCF
-SEK 2.19
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
1.1
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-7.2×-83.71×-1.14×-7.55×50.65×-21.79×-2.76×-2.29×
P/B8.79×5.84×-6.01×12.51×12.28×8.14×4.3×1.55×
P/S0.59×0.77×0.35×1.35×2.48×1.63×1.03×0.68×
EV / EBITDA-20.65×8.26×-2.62×-14.83×35.26×-86.67×-4.26×-3.66×
Gross margin38.3%-1.5%18.7%-19.8%4.8%-13.6%-37.3%-26.5%
Operating margin-9.4%-1.5%-28.5%-19.8%4.8%-13.6%-37.3%-26.5%
Net margin-8.0%-0.9%-30.8%-17.7%5.0%-7.4%-37.2%-29.6%
Current ratio0.8×1.08×0.83×1.22×1.29×1.1×0.87×0.97×
Debt / equity1.19×0.46×-3.84×2.48×0.29×0×0.53×0.39×
Interest coverage-3.51×-0.45×-6.93×-8.07×7.44×-3.41×-6.86×-8.24×
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-119.0%-7.0%528.2%-164.3%24.7%-37.0%-156.2%-67.7%
Return on invested capital-57.8%-1.9%-147.2%-50.8%18.5%-60.5%-82.1%-36.4%
Return on assets-14.8%-1.4%-37.0%-17.7%6.7%-10.9%-35.4%-20.7%
Free cash flow yield3.4%-5.3%-60.0%-8.0%-3.7%-14.6%-26.5%-5.6%
Earnings yield-13.5%-1.2%-87.9%-13.1%2.0%-4.5%-36.3%-43.7%
Enterprise valueSEK 50.6MSEK 63.9MSEK 40.2MSEK 88.8MSEK 202.9MSEK 90.4MSEK 60.6MSEK 38.7M
Net debt / EBITDA-1.11×-0.17×-0.96×-2×0.64×4.75×-0.23×-0.14×
Cash conversion cycle (days)237198195185105123125