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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
+12.2%
SEK 30.30
vs SEK 27.00 price
Levered DCF
SEK 39.34
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
6.79
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E25.11×27.09×24.63×53.73×129.66×148.5×185×6,947.62×
P/B30.68×22.9×22.47×32.96×32.33×36.36×23.39×-50.67×
P/S3.7×3.47×4.47×9.33×13.43×13.13×7.03×7.84×
EV / EBITDA13.77×14.25×14.53×32.07×59.7×52.13×64.57×43.13×
Gross margin18.5%61.1%62.3%64.9%55.4%63.2%59.2%56.7%
Operating margin18.5%15.9%22.6%22.0%13.5%12.2%5.3%4.3%
Net margin14.8%12.8%18.1%17.4%10.4%8.8%3.8%0.1%
Current ratio0.77×0.92×1.02×1.12×1.22×1.21×0.95×0.53×
Debt / equity0.3×0×0×0×0×0×0×-2.83×
Interest coverage268.4×1,149.35×799.09×2,420.65×2,007.27×2,632.66×9.69×2.56×
Dividend yield4.5%5.0%5.0%2.8%0.0%0.0%0.0%0.0%
Payout ratio112.5%136.7%122.2%149.7%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity122.5%84.3%91.0%61.3%25.1%24.4%12.7%-0.7%
Return on invested capital104.8%82.7%89.5%61.2%25.1%24.4%14.6%-0.2%
Return on assets20.4%17.9%23.8%18.1%8.4%9.0%4.1%0.1%
Free cash flow yield5.8%4.2%4.3%1.9%2.3%1.9%1.3%0.3%
Earnings yield4.0%3.7%4.1%1.9%0.8%0.7%0.5%0.0%
Enterprise valueSEK 531MSEK 454.3MSEK 627.7MSEK 1.1BSEK 1.2BSEK 952.3MSEK 459MSEK 463.1M
Net debt / EBITDA-0.81×-1.49×-1.22×-1.81×-3.35×-1.94×-2.33×1.5×
Cash conversion cycle (days)411341103-144530-184