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Opus Group

Opus Group

SEKm 2020 2021e 2022e
Sales 2872 2984 3106
Sales growth (%) 6,7 3,9 4,1
EBITDA 720 789 860
EBITDA margin (%) 25,1 26,4 27,7
EBIT adj 290 346 418
EBIT adj margin (%) 10,1 11,6 13,5
Pretax profit 164 220 293
EPS rep 0,45 0,55 0,71
EPS growth (%) 5935 23,7 28,9
EPS adj 0,86 0,94 1,04
DPS 0,2 0,22 0,22
EV/EBITDA (x) 5,7 5,2 4,7
EV/EBIT adj (x) 14,3 12 9,7
P/E (x) 14,3 11,5 9
P/E adj (x) 7,4 6,8 6,1
EV/sales (x) 1,4 1,4 1,3
FCF yield (%) -4,1 6,6 9,8
Dividend yield (%) 3,1 3,5 3,5
Net IB debt/EBITDA 3,2 3 2,7
SEKm 2020 2021e 2022e
Sales 2872 2984 3106
COGS 0 0 0
Gross profit 2872 2984 3106
Other operating items -2152 -2195 -2247
EBITDA 720 789 860
Depreciation on tangibles -224 -244 -262
Depreciation on intangibles 0 0 0
EBITA 412 460 514
Goodwill impairment charges 0 0 0
Other impairment and amortisation -122 -115 -96
EBIT 290 346 418
Other financial items 0 0 0
Net financial items -125 -125 -125
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 164 220 293
Tax -58 -77 -102
Net profit 107 143 190
Minority interest 25 20 20
Net profit discontinued 0 0 0
Net profit to shareholders 132 163 210
EPS 0,45 0,55 0,71
EPS Adj 0,86 0,94 1,04
Total extraordinary items after tax 0 0 0
Tax rate (%) -35 -35 -35
Gross margin (%) 100 100 100
EBITDA margin (%) 25,1 26,4 27,7
EBITA margin (%) 14,3 15,4 16,5
EBIT margin (%) 10,1 11,6 13,5
Pretax margin (%) 5,7 7,4 9,4
Net margin (%) 3,7 4,8 6,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 6,7 3,9 4,1
EBITDA growth (%) 4 9,6 9
EBIT growth (%) 44,5 19,2 21
Net profit growth (%) 382,7 33,9 32,9
EPS growth (%) 5935 23,7 28,9
Profitability 2020 2021 2022
ROE (%) 12,5 14,2 16,5
ROE Adj (%) 24,1 24,2 24
ROCE (%) 8 9,4 11
ROCE Adj(%) 11,4 12,5 13,5
ROIC (%) 5,5 6,3 7,6
ROIC Adj (%) 5,5 6,3 7,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 720 789 860
EBITDA Adj margin (%) 25,1 26,4 27,7
EBITA Adj 412 460 514
EBITA Adj margin (%) 14,3 15,4 16,5
EBIT Adj 290 346 418
EBIT Adj margin (%) 10,1 11,6 13,5
Pretax profit Adj 287 335 389
Net profit Adj 229 258 286
Net profit to shareholders Adj 254 278 306
Net Adj margin (%) 8 8,6 9,2
SEKm 2020 2021e 2022e
Net debt / market cap (%) 125,6 126,3 124,1
Equity ratio (%) 23 24,7 27,1
Net IB debt adj. / equity (%) 224 208,3 183,9
Current ratio (%) 97,8 97,1 100,8
EBITDA / net interest (%) 573,8 628,8 685,3
Net IB debt / EBITDA (%) 322,1 295,7 266,6
Interest cover (%) 328,5 367 409,7
EBITDA 720 789 860
Net financial items -125 -125 -125
Paid tax -58 -77 -102
Non-cash items -84 -84 -84
Cash flow before change in WC 453 502 548
Change in WC -116 -11 7
Operating cash flow 337 491 555
CAPEX tangible fixed assets -413 -368 -370
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -76 124 185
Dividend paid -44 -58 -64
Share issues and buybacks 0 0 0
Other non cash items 38 78 78
Decrease in net IB debt -200 -14 41
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 1435 1435 1435
Indefinite intangible assets 0 0 0
Definite intangible assets 517 432 366
Tangible fixed assets 1393 1492 1577
Other fixed assets 95 95 95
Fixed assets 3717 3727 3742
Inventories 0 0 0
Receivables 482 519 541
Other current assets 0 0 0
Cash and liquid assets 302 283 320
Total assets 4501 4530 4602
Shareholders equity 1098 1203 1349
Minority -63 -83 -103
Total equity 1035 1120 1246
Long-term debt 2272 2272 2272
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 185 107 29
Short-term debt 72 72 72
Accounts payable 661 686 714
Other current liabilities 0 0 0
Total liabilities and equity 4501 4530 4602
Net IB debt 2319 2333 2292
Net IB debt excl. pension debt 2319 2333 2292
Capital invested 3539 3560 3568
Working capital -178 -167 -174
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1881 1881 1881
Net IB debt Adj 2319 2333 2292
Market value of minority -63 -83 -103
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 4137 4131 4070
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 64,1 66,1 68
Capital invested turnover (%) 83,8 84,1 87,2
Capital employed turnover (%) 79,2 80,7 81,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,7 22,6 22,5
Working capital / sales (%) -8,2 -5,8 -5,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 224 208,3 183,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 290 290 290
Fully diluted shares Adj 296 296 296
EPS 0,45 0,55 0,71
Dividend per share Adj 0,2 0,2 0,2
EPS Adj 0,86 0,94 1,04
BVPS 3,78 4,14 4,65
BVPS Adj -2,94 -2,29 -1,56
Net IB debt / share 8 8 7,9
Share price 6,36 6,36 6,36
Market cap. (m) 1846 1846 1846
Valuation 2020 2021 2022
P/E 14,3 11,5 9
EV/sales 1,44 1,38 1,31
EV/EBITDA 5,7 5,2 4,7
EV/EBITA 10 9 7,9
EV/EBIT 14,3 12 9,7
Dividend yield (%) 3,1 3,5 3,5
FCF yield (%) -4,1 6,6 9,8
P/BVPS 1,68 1,53 1,37
P/BVPS Adj -2,16 -2,78 -4,09
P/E Adj 7,4 6,8 6,1
EV/EBITDA Adj 5,7 5,2 4,7
EV/EBITA Adj 10 9 7,9
EV/EBIT Adj 14,3 12 9,7
EV/cap. employed 1,1 1,1 1,1
Investment ratios 2020 2021 2022
Capex / sales 14,4 12,3 11,9
Capex / depreciation 184,6 150,4 141,4
Capex tangibles / tangible fixed assets 29,6 24,6 23,5
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 16,1 16,4 16,6

Key Figure Counter

It is not always easy to generate comparative valuations. Therefore, in order to make it easier for you as an investor, we have created this key figure calculator. Enter share price in the field below and then select the year in which you want to retrieve the financial data.

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P/E

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A common valuation multiple, the share price is divided by earnings per share.

P/E ratio stands for Price and Earnings. By dividing a company's market cap to its earnings, investors get a key ratio which they are able to compare between different companies. The ratio can either be calculated on historical or forward-looking numbers. 

It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.

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EV/EBIT

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EV stands for Enterprise Value and is calculated as a company's markets cap in addition to its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. 

EBIT is the Earnings Before Interest and Taxes which is the operating income. This result, in comparison to the P/E ratio, is not affected by any financial items.

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EV/Sales

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EV stands for Enterprise Value and is calculated as a company's market cap adjusted for its net debt. The net debt itself is computed through the company's interest-bearing debt minus total cash and cash equivalents. S is the company's total sales.

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P/BVPS

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P/B stands for Price to Book, which is used to compare a share's market cap to its book value. A P/B ratio that is below one is considered to be valued below its assets.

Companies with high return on equity are usually associated with high P/B ratios, and vice versa. 

 

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