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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
-172.4%
-SEK 141.18
vs SEK 195.10 price
Levered DCF
-SEK 131.40
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
12.47
Safe zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E233.25×89.4×107.33×295.16×994.64×-195.03×894.74×275×
P/B2.78×7.14×5.07×3.78×6.25×8.46×7.81×6.42×
P/S7.24×18.73×16.51×13.01×31.09×47.44×20.41×18.48×
EV / EBITDA37.29×55.03×266.74×78.79×194.92×-304.7×143.08×95.1×
Gross margin65.7%75.0%74.5%71.5%72.9%73.9%73.7%72.4%
Operating margin11.5%10.7%0.7%5.6%2.7%-19.1%2.6%7.5%
Net margin3.1%20.9%15.4%4.4%3.2%-24.3%2.2%6.8%
Current ratio5.77×4.58×6.14×3.47×5.24×6.41×4.94×6.52×
Debt / equity0.06×0.02×0.02×0.01×0×0.01×0.01×0×
Interest coverage2.1×15.77×3.52×21.19×25.3×-61.06×16.14×109.38×
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 equity1.2%8.0%4.7%1.3%0.6%-4.3%0.9%2.3%
Return on invested capital2.7%3.4%0.2%1.2%0.5%-2.5%0.9%1.9%
Return on assets1.1%7.2%4.2%1.1%0.5%-3.8%0.8%2.2%
Free cash flow yield-2.6%-0.5%-1.0%-1.9%-1.3%-0.9%-1.2%-0.9%
Earnings yield0.4%1.1%0.9%0.3%0.1%-0.5%0.1%0.4%
Enterprise valueSEK 5.7BSEK 15BSEK 9.3BSEK 5.2BSEK 7.6BSEK 8.2BSEK 4.4BSEK 3.3B
Net debt / EBITDA-1.09×-1.4×-14.67×-3.61×-10.03×12.89×-5.05×-5.39×
Cash conversion cycle (days)351392313298377438266239