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VBG Group

VBG Group

SEKm 2020 2021e 2022e
Sales 3147 3215 3364
Sales growth (%) -15,5 2,1 4,7
EBITDA 462 552 562
EBITDA margin (%) 14,7 17,2 16,7
EBIT adj 353 447 452
EBIT adj margin (%) 11,2 13,9 13,4
Pretax profit 326 425 432
EPS rep 9,07 12,46 12,62
EPS growth (%) -24,3 37,3 1,3
EPS adj 10,35 13,66 13,88
DPS 4,5 4,8 4,8
EV/EBITDA (x) 8,9 8,3 7,8
EV/EBIT adj (x) 11,7 10,2 9,7
P/E (x) 17 14,4 14,2
P/E adj (x) 14,9 13,1 12,9
EV/sales (x) 1,3 1,4 1,3
FCF yield (%) 10,2 7,3 7,5
Dividend yield (%) 2,9 2,7 2,7
Net IB debt/EBITDA 0,6 0,2 -0,2
Lease adj. FCF yield (%) 9,6 6,6 6,7
Lease adj. ND/EBITDA 0,3 -0,1 -0,4
SEKm 2020 2021e 2022e
Sales 3147 3215 3364
COGS -2084 -2069 -2190
Gross profit 1064 1145 1174
Other operating items -601 -593 -612
EBITDA 462 552 562
Depreciation on tangibles -43 -43 -45
Depreciation on intangibles 0 0 0
EBITA 385 477 484
Goodwill impairment charges 0 0 0
Other impairment and amortisation -32 -31 -31
EBIT 353 447 452
Other financial items -10 0 0
Net financial items -27 -22 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 326 425 432
Tax -100 -114 -117
Net profit 227 311 316
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 227 311 316
EPS 9,07 12,46 12,62
EPS Adj 10,35 13,66 13,88
Total extraordinary items after tax 0 0 0
Tax rate (%) -30,6 -26,8 -27
Gross margin (%) 33,8 35,6 34,9
EBITDA margin (%) 14,7 17,2 16,7
EBITA margin (%) 12,2 14,8 14,4
EBIT margin (%) 11,2 13,9 13,4
Pretax margin (%) 10,4 13,2 12,9
Net margin (%) 7,2 9,7 9,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -15,5 2,1 4,7
EBITDA growth (%) -15,6 19,5 1,8
EBIT growth (%) -18,8 26,5 1,2
Net profit growth (%) -24,4 37,4 1,3
EPS growth (%) -24,3 37,3 1,3
Profitability 2020 2021 2022
ROE (%) 9,2 12 11,3
ROE Adj (%) 10,5 13,1 12,4
ROCE (%) 9,5 11,8 11,4
ROCE Adj(%) 10,4 12,6 12,2
ROIC (%) 7,7 10,8 10,8
ROIC Adj (%) 7,7 10,8 10,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 462 552 562
EBITDA Adj margin (%) 14,7 17,2 16,7
EBITA Adj 385 477 484
EBITA Adj margin (%) 12,2 14,8 14,4
EBIT Adj 353 447 452
EBIT Adj margin (%) 11,2 13,9 13,4
Pretax profit Adj 359 455 464
Net profit Adj 259 342 347
Net profit to shareholders Adj 259 342 347
Net Adj margin (%) 8,2 10,6 10,3
Depreciation and amortisation -77 -75 -79
Of which leasing depreciation -34 -34 -34
EO items 0 0 0
Impairment and PPA amortisation -32 -30 -31
EBITDA lease Adj 436 521 529
EBITDA lease Adj margin (%) 13,9 16,2 15,7
Leasing payments -26 -31 -33
SEKm 2020 2021e 2022e
EBITDA 462 552 562
Net financial items -27 -22 -20
Paid tax -79 -114 -117
Non-cash items -14 0 0
Cash flow before change in WC 343 417 426
Change in WC 103 -36 -37
Operating cash flow 446 381 389
CAPEX tangible fixed assets -46 -51 -50
CAPEX intangible fixed assets -1 -3 -3
Acquisitions and disposals -4 0 0
Free cash flow 396 327 335
Dividend paid 0 -113 -120
Share issues and buybacks 0 0 0
Other non cash items 15 -7 0
Decrease in net IB debt 387 112 153
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 1102 1110 1110
Indefinite intangible assets 0 0 0
Definite intangible assets 762 734 705
Tangible fixed assets 351 361 367
Other fixed assets 54 54 54
Fixed assets 2392 2381 2358
Inventories 552 579 606
Receivables 414 450 481
Other current assets 0 0 0
Cash and liquid assets 899 1086 1268
Total assets 4257 4497 4713
Shareholders equity 2500 2699 2895
Minority 0 0 0
Total equity 2500 2699 2895
Long-term debt 808 810 810
Pension debt 234 237 237
Convertible debt 0 0 0
Deferred tax 215 215 215
Other long-term liabilities 27 26 26
Short-term debt 0 0 0
Accounts payable 175 203 214
Other current liabilities 170 170 180
Total liabilities and equity 4257 4497 4713
Net IB debt 270 92 -90
Net IB debt excl. pension debt 37 -145 -327
Capital invested 3012 3037 3051
Working capital 620 656 693
EV breakdown 2020 2021 2022
Market cap. diluted (m) 3863 4488 4488
Net IB debt Adj 269 92 -90
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 4132 4580 4398
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 74,4 73,4 73,1
Capital invested turnover (%) 99,3 106 110,1
Capital employed turnover (%) 87,1 85,8 86,2
Inventories / sales (%) 18,9 17,6 17,6
Customer advances / sales (%) 5,7 5,3 5,1
Payables / sales (%) 6,2 5,6 5,7
Working capital / sales (%) 22,3 19,8 20
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 10,8 3,4 -3,1
Net debt / market cap (%) 7,6 2,1 -2
Equity ratio (%) 58,7 60 61,4
Net IB debt adj. / equity (%) 10,8 3,4 -3,1
Current ratio (%) 507,5 535,9 566,2
EBITDA / net interest (%) 2817,5 2953,8 2811,8
Net IB debt / EBITDA (%) 58,5 16,7 -16
Interest cover (%) 2348,9 2551,2 2418,8
Lease liability amortisation -26 -31 -33
Other intangible assets 762 735 706
Right-of-use asset 124 121 120
Total other fixed assets 54 55 55
Leasing liability 128 132 132
Total other long-term liabilities 241 246 246
Net IB debt excl. leasing 141 -40 -222
Net IB debt / EBITDA lease Adj (%) 32,3 -7,6 -41,9
SEKm 2020 2021e 2022e
Shares outstanding adj. 25 25 25
Fully diluted shares Adj 25 25 25
EPS 9,07 12,46 12,62
Dividend per share Adj 4,5 4,8 4,8
EPS Adj 10,35 13,66 13,88
BVPS 99,99 107,95 115,77
BVPS Adj 25,46 34,18 43,12
Net IB debt / share 10,8 3,7 -3,6
Share price 142,01 179,5 179,5
Market cap. (m) 3551 4488 4488
Valuation 2020 2021 2022
P/E 17 14,4 14,2
EV/sales 1,31 1,42 1,31
EV/EBITDA 8,9 8,3 7,8
EV/EBITA 10,7 9,6 9,1
EV/EBIT 11,7 10,2 9,7
Dividend yield (%) 2,9 2,7 2,7
FCF yield (%) 10,2 7,3 7,5
P/BVPS 1,55 1,66 1,55
P/BVPS Adj 6,07 5,25 4,16
P/E Adj 14,9 13,1 12,9
EV/EBITDA Adj 8,9 8,3 7,8
EV/EBITA Adj 10,7 9,6 9,1
EV/EBIT Adj 11,7 10,2 9,7
EV/cap. employed 1,1 1,2 1,1
Investment ratios 2020 2021 2022
Capex / sales 1,5 1,7 1,6
Capex / depreciation 107,7 132,3 120,7
Capex tangibles / tangible fixed assets 13 14,3 13,8
Capex intangibles / definite intangibles 0,1 0,4 0,5
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 12,2 11,4 12,2
Lease adj. FCF yield (%) 9,6 6,6 6,7

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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9,7

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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1,3

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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