Protecting and waterproofing roofs

Nordic Waterproofing

Nordic Waterproofing is a market-leading supplier of products used to protect and waterproof roofs. The company was founded in 2011 as a merger between 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 2657 2830
Sales growth (%) 20,6 21,5 6,5
EBITDA 232 271 302
EBITDA margin (%) 9,9 9,6 10,2
EBIT adj 207 234 283
EBIT adj margin (%) 8,8 8,3 9,5
Pretax profit 174 206 254
EPS rep 5,65 6,81 8,3
EPS growth (%) -12,9 20,6 21,9
EPS adj 6,69 7,93 8,84
DPS 3,75 3,95 4,15
EV/EBITDA (x) 8,7 9,4 8,2
EV/EBIT adj (x) 9,8 11 8,8
P/E (x) 12,5 12,4 10,2
P/E adj (x) 10,5 10,7 9,6
EV/sales (x) 0,9 0,9 0,8
FCF yield (%) -1,5 -3,6 8,1
Dividend yield (%) 5,3 4,7 4,9
Net IB debt/EBITDA 0,9 1,3 0,9