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 2017 2018 2019
Sales 2187 2647 2836
Sales growth (%) 20,6 21 7,2
EBITDA 232 277 310
EBITDA margin (%) 9,9 9,9 10,4
EBIT adj 207 225 285
EBIT adj margin (%) 8,8 7,9 9,5
Pretax profit 174 198 255
EPS rep 5,65 6,85 8,65
EPS growth (%) -12,9 21,2 26,3
EPS adj 6,69 8,34 9,36
DPS 3,75 3,95 4,15
EV/EBITDA (x) 8,6 8,3 7,1
EV/EBIT adj (x) 9,7 10,3 7,7
P/E (x) 12,5 10,7 8,5
P/E adj (x) 10,5 8,8 7,9
EV/sales (x) 0,9 0,8 0,7
FCF yield (%) -1,5 -4,8 10,3
Dividend yield (%) 5,3 5,4 5,6
Net IB debt/EBITDA 0,9 1,5 1

Main shareholders

Nordic Waterproofing

Main shareholders Share capital % Voting shares %
Mawer Investment Management 11.3 % 11.3 %
Swedbank Robur Fonder 9.1 % 9.1 %
Carnegie Fonder 9.1 % 9.1 %
Svolder 6.7 % 6.7 %
Catella Fonder 5.6 % 5.6 %
Länsförsäkringar Fonder 4.8 % 4.8 %
Handelsbanken Fonder 3.9 % 3.9 %
Tredje AP-fonden 2.7 % 2.7 %
Traction 2.5 % 2.5 %
AMF Försäkring & Fonder 2.4 % 2.4 %