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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
-37.2%
SEK 10.34
vs SEK 16.46 price
Levered DCF
SEK 10.57
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
0.73
Distress zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-23.47×-44.17×-68.53×-77.45×-69.41×73.5×0×
P/B0.82×1.32×1.69×1.72×2.09×1.41×0×
P/S0×0×0×0×0×0×0×
EV / EBITDA-19.71×-48.44×-72.95×-97.96×-90×55.2×125.57×
Gross margin0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Operating margin0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Net margin0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Current ratio1.75×2.61×5.79×7.84×3.86×0.06×0×
Debt / equity0.01×0.01×0.02×0.04×0.06×0.03×0×
Interest coverage-1.34×-20.26×-19.5×-10.1×-11.04×-17.14×0×
Dividend yield0.0%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%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity-3.5%-3.0%-2.5%-2.2%-3.0%2.3%0.0%
Return on invested capital-2.1%-2.8%-3.4%-2.0%-2.6%-3.1%0.0%
Return on assets-2.7%-2.7%-2.3%-2.0%-2.7%2.0%0.0%
Free cash flow yield-40.7%-21.4%-16.1%-15.4%-12.0%-3.3%-10.0%
Earnings yield-4.3%-2.3%-1.5%-1.3%-1.4%1.7%0.0%
Enterprise valueSEK 1.2BSEK 1.9BSEK 1.8BSEK 1.4BSEK 1BSEK 425.4MSEK 168.4M
Net debt / EBITDA23.37×5.33×9.85×20.19×7.74×1.06×-30.86×
Cash conversion cycle (days)113-2,461394962930