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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
-365.5%
-SEK 3.90
vs SEK 1.47 price
Levered DCF
-SEK 5.65
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
-0.05
Distress zone
Rating
C-
Overall 1 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E-6.86×-5.25×-26.36×-15.62×-8.91×-2.12×-0.05×-0.02×
P/B1.55×1.47×3.37×4.11×3.19×0.76×0.01×0×
P/S1.02×1.08×2.4×2.86×2.71×0.55×0.01×0.01×
EV / EBITDA-7.21×-87.45×-147.7×-91.17×-15×-8.26×-2.46×-0.22×
Gross margin28.6%68.0%56.1%63.2%60.6%70.1%55.5%93.5%
Operating margin-14.7%-19.1%-21.0%-15.9%-37.9%-24.9%-12.3%6.4%
Net margin-14.8%-19.9%-9.0%-18.4%-30.4%-25.9%-13.4%-36.5%
Current ratio15.15×1.08×0.74×0.92×0.98×0.84×1.09×6.25×
Debt / equity0.5×0.28×0.42×0.26×0.62×0.68×0.2×0.32×
Interest coverage-4.65×-105.81×-38.25×-28.41×-28.04×-12.4×-5.02×0×
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-22.4%-27.2%-12.6%-26.4%-35.9%-36.1%-11.0%-13.4%
Return on invested capital-3.3%-14.9%-10.5%-16.4%-20.8%-17.0%-7.3%-0.5%
Return on assets-4.0%-6.1%-3.8%-8.7%-9.8%-11.8%-5.5%-259.8%
Free cash flow yield-4.8%-7.6%-3.8%-6.1%-13.0%-54.7%-4006.7%-518.0%
Earnings yield-14.4%-18.5%-3.7%-6.4%-11.2%-47.2%-2012.8%-4790.4%
Enterprise value-SEK 52.6MSEK 134.4MSEK 333.2MSEK 445.1MSEK 281MSEK 54.4MSEK 1.3MSEK 1.9M
Net debt / EBITDA-22.3×-9.18×-10.02×-1.58×-1.39×-3.57×-1.88×-0.19×
Cash conversion cycle (days)36-53-36-28-99518-30