Coverage

Ferronordic

Ferronordic

SEKm 2020 2021e 2022e
Sales 4656 5244 5938
Sales growth (%) 24.3 12.6 13.2
EBITDA 543 603 726
EBITDA margin (%) 11.7 11.5 12.2
EBIT adj 355 416 528
EBIT adj margin (%) 7.6 7.9 8.9
Pretax profit 308 376 513
EPS rep 16.96 20.39 27.8
EPS growth (%) -1.7 20.2 36.4
EPS adj 16.2 20.39 27.8
DPS 5 8 9
EV/EBITDA (x) 4.9 4 3
EV/EBIT adj (x) 7.4 5.8 4.1
P/E (x) 10.4 8.7 6.4
P/E adj (x) 10.9 8.7 6.4
EV/sales (x) 0.6 0.5 0.4
FCF yield (%) 24.4 13 16.8
Dividend yield (%) 2.8 4.5 5.1
Net IB debt/EBITDA 0.1 -0.2 -0.6
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITA 366 416 528
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 366 416 528
Other financial items -3 0 0
Net financial items -58 -40 -15
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 308 376 513
Tax -62 -80 -109
Net profit 246 296 404
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 246 296 404
EPS 16.96 20.39 27.8
EPS Adj 16.2 20.39 27.8
Total extraordinary items after tax 11 0 0
Tax rate (%) -20 -21.2 -21.2
Gross margin (%) 18.1 19.1 19.7
EBITDA margin (%) 11.7 11.5 12.2
EBITA margin (%) 7.9 7.9 8.9
EBIT margin (%) 7.9 7.9 8.9
Pretax margin (%) 6.6 7.2 8.6
Net margin (%) 5.3 5.6 6.8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 24.3 12.6 13.2
EBITDA growth (%) 9.9 11.1 20.4
EBIT growth (%) 2.4 13.6 26.9
Net profit growth (%) -1.7 20.2 36.4
EPS growth (%) -1.7 20.2 36.4
Profitability 2020 2021 2022
ROE (%) 25.1 25 28
ROE Adj (%) 24 25 28
ROCE (%) 18 19.8 22.8
ROCE Adj(%) 17.5 19.8 22.8
ROIC (%) 22.1 28.3 35.4
ROIC Adj (%) 21.4 28.3 35.4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 532 603 726
EBITDA Adj margin (%) 11.4 11.5 12.2
EBITA Adj 355 416 528
EBITA Adj margin (%) 7.6 7.9 8.9
EBIT Adj 355 416 528
EBIT Adj margin (%) 7.6 7.9 8.9
Pretax profit Adj 297 376 513
Net profit Adj 235 296 404
Net profit to shareholders Adj 235 296 404
Net Adj margin (%) 5.1 5.6 6.8
Sales 4656 5244 5938
COGS -3812 -4244 -4766
Gross profit 844 1000 1173
Other operating items -301 -397 -447
EBITDA 543 603 726
Depreciation on tangibles -136 -145 -153
Depreciation on intangibles 0 0 0
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 543 603 726
Net financial items -58 -40 -15
Paid tax -62 -80 -109
Non-cash items 0 0 0
Cash flow before change in WC 423 483 602
Change in WC 289 -56 -64
Operating cash flow 712 428 538
CAPEX tangible fixed assets -79 -89 -101
CAPEX intangible fixed assets -5 -4 -5
Acquisitions and disposals 0 0 0
Free cash flow 628 334 432
Dividend paid -62 -73 -116
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt 527 214 266
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 3 3 3
Indefinite intangible assets 0 0 0
Definite intangible assets 8 7 6
Tangible fixed assets 557 507 461
Other fixed assets 51 51 51
Fixed assets 711 665 623
Inventories 1145 1316 1496
Receivables 488 518 584
Other current assets 0 0 0
Cash and liquid assets 884 1018 1284
Total assets 3228 3517 3987
Shareholders equity 1075 1299 1586
Minority 0 0 0
Total equity 1075 1299 1586
Long-term debt 240 160 160
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 7 7 7
Other long-term liabilities 7 7 7
Short-term debt 496 496 496
Accounts payable 1145 1290 1473
Other current liabilities 44 44 44
Total liabilities and equity 3228 3517 3987
Net IB debt 67 -147 -413
Net IB debt excl. pension debt 67 -147 -413
Capital invested 1155 1165 1187
Working capital 445 500 564
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2572 2572 2572
Net IB debt Adj 67 -147 -413
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 2639 2425 2159
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 150.1 155.5 158.3
Capital invested turnover (%) 351.1 452 504.9
Capital employed turnover (%) 231.2 250 256.7
Inventories / sales (%) 26.2 23.5 23.7
Customer advances / sales (%) 0.9 0.8 0.7
Payables / sales (%) 22.1 23.2 23.3
Working capital / sales (%) 12.7 9 9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 6.2 -11.3 -26.1
Net debt / market cap (%) 3.4 -5.7 -16.1
Equity ratio (%) 33.3 36.9 39.8
Net IB debt adj. / equity (%) 6.2 -11.3 -26.1
Current ratio (%) 142.7 149.3 160.8
EBITDA / net interest (%) 984 1507.5 4838.4
Net IB debt / EBITDA (%) 12.3 -24.4 -56.9
Interest cover (%) 664.1 1040 3518.4
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 16.96 20.39 27.8
Dividend per share Adj 5 8 9
EPS Adj 16.2 20.39 27.8
BVPS 73.97 89.36 109.16
BVPS Adj 73.21 88.7 108.58
Net IB debt / share 4.6 -10.1 -28.4
Share price 133.1 177 177
Market cap. (m) 1934 2572 2572
Valuation 2020 2021 2022
P/E 10.4 8.7 6.4
EV/sales 0.57 0.46 0.36
EV/EBITDA 4.9 4 3
EV/EBITA 7.2 5.8 4.1
EV/EBIT 7.2 5.8 4.1
Dividend yield (%) 2.8 4.5 5.1
FCF yield (%) 24.4 13 16.8
P/BVPS 2.39 1.98 1.62
P/BVPS Adj 2.42 2 1.63
P/E Adj 10.9 8.7 6.4
EV/EBITDA Adj 5 4 3
EV/EBITA Adj 7.4 5.8 4.1
EV/EBIT Adj 7.4 5.8 4.1
EV/cap. employed 1.3 1.1 0.9
Investment ratios 2020 2021 2022
Capex / sales 1.8 1.8 1.8
Capex / depreciation 61.4 64.4 69.1
Capex tangibles / tangible fixed assets 14.2 17.6 21.9
Capex intangibles / definite intangibles 55.2 59.8 81.5
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 24.5 28.6 33.2
N/A N/A N/A

Key Figure Counter

To calculate and to make comparative evaluations is not always easy. 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. You can change our estimates and enter your own values. By clicking on the plus sign next to the key figure you will also find a short explanation of these.

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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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4,2

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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0,4

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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