Protecting and waterproofing roofs

Nordic Waterproofing

Nordic Waterproofing is a market-leading supplier of products used to protect and waterproof roofs. It was founded in 2011 as a merger of Trelleborg’s and Lemminkäinen’s waterproofing operations and was listed on OMXS Mid Cap in June 2016. The market is highly consolidated in terms of suppliers, while the customer base is fragmented. The company both supplies (through its Products & Solutions division) and installs (through its Installation Services division) waterproofing products using the materials bitumen and EPDM, but also PVC. Recent acquisitions have also been into prefabricated façade elements and green roofing products.

Financials

NORDIC WATERPROOFING

SEKm 2018 2019 2020
Sales 2643 2790 2874
Sales growth (%) 20,9 5,6 3
EBITDA 274 311 N/A
EBITDA margin (%) 9,9 9,8 10,6
EBIT adj 208 222 286
EBIT adj margin (%) 8,8 7,8 9,7
Pretax profit 195 256 265
EPS rep 6,73 8,69 9
EPS growth (%) 18,9 29,2 3,6
EPS adj 8,22 9,39 9,58
DPS 3,95 4,15 4,35
EV/EBITDA (x) 8,6 7,2 6,7
EV/EBIT adj (x) 10,7 7,8 7,2
P/E (x) 11,2 8,7 8,4
P/E adj (x) 9,2 8 7,9
EV/sales (x) 0,8 0,8 0,7
FCF yield (%) -4,8 10,4 12,1
Dividend yield (%) 5,2 5,5 5,8
Net IB debt/EBITDA 1,5 1 0,6

Main shareholders

Nordic Waterproofing

Main shareholders Share capital % Voting shares % Verified
Mawer Investment Management 11.3 % 11.3 % 30 Nov 2018
Svolder 10.4 % 10.4 % 31 Dec 2018
Swedbank Robur Fonder 9.1 % 9.1 % 31 Dec 2018
Carnegie Fonder 8.3 % 8.3 % 31 Dec 2018
Catella Fonder 5.4 % 5.4 % 31 Dec 2018
Länsförsäkringar Fonder 5.1 % 5.1 % 31 Dec 2018
Handelsbanken Fonder 3.5 % 3.5 % 31 Dec 2018
Tredje AP-fonden 2.7 % 2.7 % 31 Dec 2018
Traction 2.5 % 2.5 % 31 Dec 2018
AMF Försäkring & Fonder 2.4 % 2.4 % 31 Dec 2018
Source: Holdings by Modular Finance AB