Coverage

Ferronordic

Ferronordic

SEKm 2020 2021e 2022e
Sales 4635 5287 6044
Sales growth (%) 23.7 14.1 14.3
EBITDA 504 560 697
EBITDA margin (%) 10.9 10.6 11.5
EBIT adj 325 400 519
EBIT adj margin (%) 7 7.6 8.6
Pretax profit 276 362 504
EPS rep 15.25 19.63 27.31
EPS growth (%) -11.6 28.7 39.1
EPS adj 15.05 19.63 27.31
DPS 7.5 8 11
EV/EBITDA (x) 4.5 5.3 3.9
EV/EBIT adj (x) 7 7.4 5.2
P/E (x) 10.3 10.9 7.8
P/E adj (x) 10.5 10.9 7.8
EV/sales (x) 0.5 0.6 0.4
FCF yield (%) 28.2 9.2 13.8
Dividend yield (%) 4.8 3.7 5.1
Net IB debt/EBITDA 0 -0.3 -0.6
Lease adj. FCF yield (%) 26.5 7.9 12.2
Lease adj. ND/EBITDA -0.4 -0.6 -0.9
SEKm 2020 2021e 2022e
EBITA 328 400 519
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 328 400 519
Other financial items -5 -4 0
Net financial items -53 -38 -15
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 276 362 504
Tax -54 -77 -107
Net profit 222 285 397
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 222 285 397
EPS 15.25 19.63 27.31
EPS Adj 15.05 19.63 27.31
Total extraordinary items after tax 3 0 0
Tax rate (%) -19.6 -21.2 -21.2
Gross margin (%) 17.2 17.2 18.3
EBITDA margin (%) 10.9 10.6 11.5
EBITA margin (%) 7.1 7.6 8.6
EBIT margin (%) 7.1 7.6 8.6
Pretax margin (%) 5.9 6.8 8.3
Net margin (%) 4.8 5.4 6.6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 23.7 14.1 14.3
EBITDA growth (%) 2 11.1 24.4
EBIT growth (%) -8.2 21.9 29.7
Net profit growth (%) -11.6 28.7 39.1
EPS growth (%) -11.6 28.7 39.1
Profitability 2020 2021 2022
ROE (%) 26.1 31.9 35.3
ROE Adj (%) 25.8 31.9 35.3
ROCE (%) 19 26.6 29.9
ROCE Adj(%) 18.9 26.6 29.9
ROIC (%) 23.1 38.8 48.6
ROIC Adj (%) 22.9 38.8 48.6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 501 560 697
EBITDA Adj margin (%) 10.8 10.6 11.5
EBITA Adj 325 400 519
EBITA Adj margin (%) 7 7.6 8.6
EBIT Adj 325 400 519
EBIT Adj margin (%) 7 7.6 8.6
Pretax profit Adj 273 362 504
Net profit Adj 219 285 397
Net profit to shareholders Adj 219 285 397
Net Adj margin (%) 4.7 5.4 6.6
Sales 4635 5287 6044
COGS -3837 -4379 -4940
Gross profit 797 907 1105
Other operating items -293 -347 -408
EBITDA 504 560 697
Depreciation on tangibles -136 -118 -134
Depreciation on intangibles 0 0 0
Depreciation and amortisation -176 -160 -178
Of which leasing depreciation -40 -42 -44
EO items 3 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 461 520 647
EBITDA lease Adj margin (%) 9.9 9.8 10.7
Leasing payments -40 -40 -50
SEKm 2020 2021e 2022e
EBITDA 504 560 697
Net financial items -53 -38 -15
Paid tax -54 -77 -107
Non-cash items -21 0 0
Cash flow before change in WC 377 445 575
Change in WC 316 -69 -39
Operating cash flow 693 377 536
CAPEX tangible fixed assets -57 -90 -103
CAPEX intangible fixed assets -2 -5 -5
Acquisitions and disposals 12 3 0
Free cash flow 646 285 428
Dividend paid -62 -109 -116
Share issues and buybacks 0 0 0
Other non cash items 76 1 0
Decrease in net IB debt 613 138 262
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 8 9 8
Tangible fixed assets 416 392 366
Other fixed assets 65 60 60
Fixed assets 579 550 529
Inventories 1014 1189 1366
Receivables 431 495 552
Other current assets 0 0 0
Cash and liquid assets 604 768 1030
Total assets 2628 3002 3478
Shareholders equity 806 983 1263
Minority 0 0 0
Total equity 806 983 1263
Long-term debt 351 349 349
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 5 5 5
Other long-term liabilities 1 2 2
Short-term debt 84 84 84
Accounts payable 1188 1359 1553
Other current liabilities 44 44 44
Total liabilities and equity 2628 3002 3478
Net IB debt -20 -158 -420
Net IB debt excl. pension debt -20 -158 -420
Capital invested 792 831 850
Working capital 213 281 320
EV breakdown 2020 2021 2022
Market cap. diluted (m) 2287 3110 3110
Net IB debt Adj -20 -158 -420
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 2267 2952 2690
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 165.4 187.8 186.5
Capital invested turnover (%) 404.9 651.3 719.1
Capital employed turnover (%) 273.2 354.5 348.8
Inventories / sales (%) 24.9 20.8 21.1
Customer advances / sales (%) 0.9 0.8 0.7
Payables / sales (%) 22.7 24.1 24.1
Working capital / sales (%) 10.2 4.7 5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -2.5 -16.1 -33.3
Net debt / market cap (%) -1 -5.1 -13.5
Equity ratio (%) 30.7 32.7 36.3
Net IB debt adj. / equity (%) -2.5 -16.1 -33.3
Current ratio (%) 147 156.8 167.6
EBITDA / net interest (%) 1066.5 1647 4644.1
Net IB debt / EBITDA (%) -4 -28.3 -60.3
Interest cover (%) 694.6 1176.4 3457.5
Lease liability amortisation -40 -40 -50
Other intangible assets 8 9 8
Right-of-use asset 91 89 95
Total other fixed assets 65 60 60
Leasing liability 148 177 177
Total other long-term liabilities 6 7 7
Net IB debt excl. leasing -168 -336 -598
Net IB debt / EBITDA lease Adj (%) -36.5 -64.6 -92.4
SEKm 2020 2021e 2022e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 15.25 19.63 27.31
Dividend per share Adj 7.5 8 11
EPS Adj 15.05 19.63 27.31
BVPS 55.49 67.62 86.93
BVPS Adj 54.92 67.02 86.36
Net IB debt / share -1.4 -10.9 -28.9
Share price 133.1 214 214
Market cap. (m) 1934 3110 3110
Valuation 2020 2021 2022
P/E 10.3 10.9 7.8
EV/sales 0.49 0.56 0.44
EV/EBITDA 4.5 5.3 3.9
EV/EBITA 6.9 7.4 5.2
EV/EBIT 6.9 7.4 5.2
Dividend yield (%) 4.8 3.7 5.1
FCF yield (%) 28.2 9.2 13.8
P/BVPS 2.84 3.16 2.46
P/BVPS Adj 2.87 3.19 2.48
P/E Adj 10.5 10.9 7.8
EV/EBITDA Adj 4.5 5.3 3.9
EV/EBITA Adj 7 7.4 5.2
EV/EBIT Adj 7 7.4 5.2
EV/cap. employed 1.6 1.9 1.4
Investment ratios 2020 2021 2022
Capex / sales 1.3 1.8 1.8
Capex / depreciation 43.2 80.6 80.3
Capex tangibles / tangible fixed assets 13.7 22.9 28.1
Capex intangibles / definite intangibles 20.9 60.8 59
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 32.7 30.1 36.6
Lease adj. FCF yield (%) 26.5 7.9 12.2

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.

7,8

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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5,4

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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0,5

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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2,5