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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
-96.0%
SEK 0.73
vs SEK 18.20 price
Levered DCF
SEK 0.37
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
4.22
Safe 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-9.88×-2.54×11.53×-0.36×18.9×6.01×3.5×-138.46×
P/B0.57×0.37×0.39×0.47×0.86×1.15×0.74×0.77×
P/S884.12×-3.04×5.74×-0.38×14.03×5.58×2.82×46.02×
EV / EBITDA-44.62×-3.28×16.25×-0.49×19.19×6.38×3.82×-153.98×
Gross margin4967.9%109.4%79.1%101.8%90.2%97.6%97.4%58.2%
Operating margin-2043.6%119.6%49.5%103.1%73.9%93.0%80.8%-32.4%
Net margin-8853.7%119.7%49.5%103.1%73.9%92.8%80.7%-33.3%
Current ratio0×97.42×196.39×320.14×1.31×0×0×12.31×
Debt / equity0.08×0.13×0.23×0.27×0.1×0.09×0.09×0.11×
Interest coverage-0.67×-12.74×2.37×-58.26×7.51×38.61×31.32×-0.78×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%35.3%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%123.5%0.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-5.7%-14.6%3.4%-127.5%4.5%19.2%21.1%-0.6%
Return on invested capital-1.2%-12.9%2.7%-100.4%4.1%17.4%19.2%-0.5%
Return on assets-5.2%-12.9%2.7%-100.1%4.1%17.4%19.2%-0.5%
Free cash flow yield-4.1%21.4%-11.3%-28.2%-15.8%-8.4%49.4%-4.6%
Earnings yield-10.0%-39.3%8.6%-274.0%5.3%16.6%28.6%-0.7%
Enterprise valueSEK 304.6MSEK 277.8MSEK 369.4MSEK 383.7MSEK 1.2BSEK 1.3BSEK 627.4MSEK 726.6M
Net debt / EBITDA0.73×-0.72×4.82×-0.13×0.32×0.39×0.34×-11.37×
Cash conversion cycle (days)5,635-10-7-14-1410-52