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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
-359.5%
-SEK 16.22
vs SEK 6.25 price
Levered DCF
SEK 147.87
After debt service
Piotroski score
2 / 9
Weak
Altman Z-score
1.8
Distress zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-29.41×-4.01×-6.55×-5.03×56.41×17.46×-24×-19.07×
P/B1.06×0.83×0.9×1.28×3.66×8.86×18.03×56.8×
P/S0.53×0.46×0.45×0.89×3.06×2.57×3.99×7.01×
EV / EBITDA9.77×-11.12×49.81×-6.24×32.54×64.47×-33.46×0×
Gross margin-0.0%57.1%58.4%57.9%53.6%58.8%59.0%45.9%
Operating margin-0.0%-9.8%-5.8%-21.7%7.0%4.6%-13.2%-32.3%
Net margin-1.8%-11.6%-6.9%-17.6%5.4%14.7%-16.7%-36.7%
Current ratio1.57×1.71×1.19×1.84×3.37×1.1×1.44×1.23×
Debt / equity0.02×0.13×0.3×0.3×0×0.38×0.67×2.59×
Interest coverage-0.06×-9.11×-2.43×-27.37×39.13×3.9×-3.8×-7.3×
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-3.6%-20.7%-13.8%-25.5%6.5%50.8%-75.3%-297.2%
Return on invested capital-0.0%-14.2%-8.0%-17.2%6.7%37.1%-55.0%-72.8%
Return on assets-2.2%-13.0%-6.3%-13.3%5.1%20.1%-26.0%-39.6%
Free cash flow yield24.5%-2.4%-17.7%-13.5%-13.5%-0.2%0.6%0.0%
Earnings yield-3.4%-24.9%-15.2%-19.9%1.8%5.7%-4.2%-5.2%
Enterprise valueSEK 70.1MSEK 62.8MSEK 65.9MSEK 94.4MSEK 242.1MSEK 116.3MSEK 114.5MSEK 115.4M
Net debt / EBITDA-0.17×-0.92×10.71×-0.7×-1.54×1.82×-0.42×0×
Cash conversion cycle (days)76177235252263151142168