Leading player in the Nordic waterproofing market

NORDIC WATERPROOFING

Nordic Waterproofing’s business model is to develop, manufacture, market and distribute a complete range of products and solutions to protect buildings and infrastructure. The company has two business areas, Products & Solutions, which produces products for the waterproofing market, and Installation Services, which does business in installation and contracting.

Key Figures

NORDIC WATERPROOFING

2017 2018e 2019e
Sales MSEK 2186,8 2659,2 2723,3
Revenue growth 20,6% 21,6% 2,4%
Operating income MSEK 198,7 228,7 289,3
Operating margin 9,1% 8,6% 10,6%
Earnings per share SEK 5,92 7,16 9,29
Dividend per share SEK 3,75 4,00 4,25
Equity MSEK 1009,8 1136,4 1263,8
Solidity 57,5% 61,1% 62,7%
Net debt MSEK 203,5 245,4 45,2
No. of shares (m) 24,1 24,1 24,1

Valuation

NORDIC WATERPROOFING

2016 2017 2018e 2019e
P/E adj.(x) 11,8 11,8 11,0 8,8
P/BV (x) 2,2 1,9 1,7 1,6
EV/S (x) 1,2 1,0 0,8 0,7
EV/EBITDA (x) 8,5 8,3 7,7 5,7
EV/EBIT (x) 9,4 9,8 9,7 7,0
Yield (%) 4,3% 4,8% 4,9% 5,2%

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