Coverage

Ferronordic

Ferronordic

SEKm 2019 2020e 2021e
Sales 3747 4452 5126
Sales growth (%) 15.6 18.8 15.2
EBITDA 494 501 582
EBITDA margin (%) 13.2 11.2 11.3
EBIT adj 365 300 385
EBIT adj margin (%) 9.7 6.7 7.5
Pretax profit 318 247 345
EPS rep 17.26 13.38 18.49
EPS growth (%) 30.6 -22.5 38.2
EPS adj 17.74 12.63 18.49
DPS 0 5 8
EV/EBITDA (x) 6 5.1 4
EV/EBIT adj (x) 8.1 8.4 6
P/E (x) 9.4 12.3 8.9
P/E adj (x) 9.2 13.1 8.9
EV/sales (x) 0.8 0.6 0.4
FCF yield (%) -21.5 20.9 14.8
Dividend yield (%) 0 3 4.8
Net IB debt/EBITDA 1.2 0.3 -0.2
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITA 358 311 385
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 358 311 385
Other financial items 12 -3 0
Net financial items -39 -64 -40
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 318 247 345
Tax -68 -53 -76
Net profit 251 194 269
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 251 194 269
EPS 17.26 13.38 18.49
EPS Adj 17.74 12.63 18.49
Total extraordinary items after tax -7 11 0
Tax rate (%) -21.2 -21.3 -22
Gross margin (%) 20.7 17.9 18.9
EBITDA margin (%) 13.2 11.2 11.3
EBITA margin (%) 9.5 7 7.5
EBIT margin (%) 9.5 7 7.5
Pretax margin (%) 8.5 5.6 6.7
Net margin (%) 6.7 4.4 5.2
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 15.6 18.8 15.2
EBITDA growth (%) 53.6 1.4 16.2
EBIT growth (%) 30.7 -13 23.6
Net profit growth (%) 19.9 -22.5 38.2
EPS growth (%) 30.6 -22.5 38.2
Profitability 2019 2020 2021
ROE (%) 32.4 19.7 22.7
ROE Adj (%) 33.3 18.6 22.7
ROCE (%) 27.3 14.7 17.2
ROCE Adj(%) 27.8 14.2 17.2
ROIC (%) 30.4 17.9 24.7
ROIC Adj (%) 31 17.3 24.7
Adj earnings numbers 2019 2020 2021
EBITDA Adj 501 490 582
EBITDA Adj margin (%) 13.4 11 11.3
EBITA Adj 365 300 385
EBITA Adj margin (%) 9.7 6.7 7.5
EBIT Adj 365 300 385
EBIT Adj margin (%) 9.7 6.7 7.5
Pretax profit Adj 325 236 345
Net profit Adj 258 183 269
Net profit to shareholders Adj 258 183 269
Net Adj margin (%) 6.9 4.1 5.2
Sales 3747 4452 5126
COGS -2972 -3654 -4156
Gross profit 775 798 970
Other operating items -281 -297 -389
EBITDA 494 501 582
Depreciation on tangibles -108 -149 -155
Depreciation on intangibles 0 0 0
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 494 501 582
Net financial items -39 -64 -40
Paid tax -68 -53 -76
Non-cash items -20 0 0
Cash flow before change in WC 367 384 466
Change in WC -698 188 -20
Operating cash flow -330 572 446
CAPEX tangible fixed assets -160 -67 -87
CAPEX intangible fixed assets -4 -4 -4
Acquisitions and disposals -14 0 0
Free cash flow -509 501 355
Dividend paid -109 0 -73
Share issues and buybacks 0 0 0
Other non cash items -248 0 0
Decrease in net IB debt -896 458 234
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 3 3 3
Indefinite intangible assets 0 0 0
Definite intangible assets 9 8 6
Tangible fixed assets 609 532 470
Other fixed assets 51 51 51
Fixed assets 763 688 630
Inventories 1290 1309 1502
Receivables 405 461 491
Other current assets 0 0 0
Cash and liquid assets 519 958 1112
Total assets 2978 3415 3736
Shareholders equity 890 1085 1281
Minority 0 0 0
Total equity 890 1085 1281
Long-term debt 205 240 160
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 639 639 639
Accounts payable 917 1180 1384
Other current liabilities 44 44 44
Total liabilities and equity 2978 3415 3736
Net IB debt 593 135 -99
Net IB debt excl. pension debt 593 135 -99
Capital invested 1497 1234 1196
Working capital 734 546 566
EV breakdown 2019 2020 2021
Market cap. diluted (m) 2369 2398 2398
Net IB debt Adj 593 135 -99
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 2962 2533 2299
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 159.3 139.3 143.4
Capital invested turnover (%) 404.3 326 421.9
Capital employed turnover (%) 276.3 212.9 229.2
Inventories / sales (%) 27.1 29.2 27.4
Customer advances / sales (%) 1 1 0.9
Payables / sales (%) 25.3 23.6 25
Working capital / sales (%) 10.4 14.4 10.8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 66.6 12.5 -7.7
Net debt / market cap (%) 28.1 5.7 -4.1
Equity ratio (%) 29.9 31.8 34.3
Net IB debt adj. / equity (%) 66.6 12.5 -7.7
Current ratio (%) 130.5 140.4 144.7
EBITDA / net interest (%) 955.5 827.3 1453.9
Net IB debt / EBITDA (%) 120.1 27.1 -17
Interest cover (%) 691.8 514.3 961.4
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 15 15 15
Fully diluted shares Adj 15 15 15
EPS 17.26 13.38 18.49
Dividend per share Adj 0 5 8
EPS Adj 17.74 12.63 18.49
BVPS 61.27 74.65 88.14
BVPS Adj 60.46 73.93 87.55
Net IB debt / share 40.8 9.3 -6.8
Share price 145.09 165 165
Market cap. (m) 2109 2398 2398
Valuation 2019 2020 2021
P/E 9.4 12.3 8.9
EV/sales 0.79 0.57 0.45
EV/EBITDA 6 5.1 4
EV/EBITA 8.3 8.1 6
EV/EBIT 8.3 8.1 6
Dividend yield (%) 0 3 4.8
FCF yield (%) -21.5 20.9 14.8
P/BVPS 2.66 2.21 1.87
P/BVPS Adj 2.7 2.23 1.88
P/E Adj 9.2 13.1 8.9
EV/EBITDA Adj 5.9 5.2 4
EV/EBITA Adj 8.1 8.4 6
EV/EBIT Adj 8.1 8.4 6
EV/cap. employed 1.5 1.2 1
Investment ratios 2019 2020 2021
Capex / sales 4.4 1.6 1.8
Capex / depreciation 151.8 47.7 58.9
Capex tangibles / tangible fixed assets 26.3 12.5 18.5
Capex intangibles / definite intangibles 47.5 56.8 68
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 17.8 28.1 32.9
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.

8,9

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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6,2

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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0,5

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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1,9