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SEKm 2019 2020e 2021e
Sales 776 754 785
Sales growth (%) 11,6 -2,9 4,1
EBITDA 86 78 103
EBITDA margin (%) 11 10,4 13,1
EBIT adj 37 18 38
EBIT adj margin (%) 4,8 2,4 4,8
Pretax profit 33 15 35
EPS rep 0,24 0,11 0,26
EPS growth (%) -0,2 -53,5 132
EPS adj 0,24 0,11 0,26
DPS 0 0,06 0,13
EV/EBITDA (x) 5,5 5,3 3,8
EV/EBIT adj (x) 12,6 22,6 10,3
P/E (x) 12,6 23,5 10,1
P/E adj (x) 12,6 23,5 10,1
EV/sales (x) 0,6 0,5 0,5
FCF yield (%) 12,1 21,8 26,8
Dividend yield (%) 0 2,1 4,9
Net IB debt/EBITDA 1,8 1,7 1,1
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 776 754 785
COGS -33 0 0
Gross profit 743 754 785
Other operating items -658 -675 -682
EBITDA 86 78 103
Depreciation on tangibles -3 -8 -10
Depreciation on intangibles -3 -8 -10
EBITA 37 18 38
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 37 18 38
Other financial items 0 0 0
Net financial items -4 -3 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 33 15 35
Tax -8 -3 -7
Net profit 25 12 27
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 25 12 27
EPS 0,24 0,11 0,26
EPS Adj 0,24 0,11 0,26
Total extraordinary items after tax 0 0 0
Tax rate (%) -23,6 -20,8 -20,6
Gross margin (%) 95,8 100 100
EBITDA margin (%) 11 10,4 13,1
EBITA margin (%) 4,8 2,4 4,8
EBIT margin (%) 4,8 2,4 4,8
Pretax margin (%) 4,3 2 4,4
Net margin (%) 3,3 1,6 3,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 11,6 -2,9 4,1
EBITDA growth (%) 92,8 -8,3 31
EBIT growth (%) 10,4 -51 106,9
Net profit growth (%) 2,1 -53,5 132
EPS growth (%) -0,2 -53,5 132
Profitability 2019 2020 2021
ROE (%) 13,6 5,9 12,7
ROE Adj (%) 13,6 5,9 12,7
ROCE (%) 12,6 5,1 10,3
ROCE Adj(%) 12,6 5,1 10,3
ROIC (%) 10,1 4,2 8,8
ROIC Adj (%) 10,1 4,2 8,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 86 78 103
EBITDA Adj margin (%) 11 10,4 13,1
EBITA Adj 37 18 38
EBITA Adj margin (%) 4,8 2,4 4,8
EBIT Adj 37 18 38
EBIT Adj margin (%) 4,8 2,4 4,8
Pretax profit Adj 33 15 35
Net profit Adj 25 12 27
Net profit to shareholders Adj 25 12 27
Net Adj margin (%) 3,3 1,6 3,5
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 86 78 103
Net financial items -4 -3 -3
Paid tax -8 -3 -7
Non-cash items 0 0 0
Cash flow before change in WC 74 72 92
Change in WC 7 0 -3
Operating cash flow 81 72 90
CAPEX tangible fixed assets -3 -3 -4
CAPEX intangible fixed assets -11 -9 -12
Acquisitions and disposals -28 0 0
Free cash flow 39 61 74
Dividend paid -13 0 -6
Share issues and buybacks 0 0 0
Other non cash items -97 0 0
Decrease in net IB debt -111 14 22
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 151 151 151
Indefinite intangible assets 0 0 0
Definite intangible assets 20 21 23
Tangible fixed assets 17 12 6
Other fixed assets 1 1 1
Fixed assets 302 300 297
Inventories 0 0 0
Receivables 98 96 100
Other current assets 67 67 67
Cash and liquid assets 12 22 32
Total assets 480 484 496
Shareholders equity 193 205 226
Minority 0 0 0
Total equity 193 205 226
Long-term debt 3 3 3
Pension debt 19 19 19
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 65 60 48
Accounts payable 42 40 42
Other current liabilities 81 81 81
Total liabilities and equity 480 484 496
Net IB debt 151 137 115
Net IB debt excl. pension debt 132 118 96
Capital invested 345 342 341
Working capital 42 42 45
EV breakdown 2019 2020 2021
Market cap. diluted (m) 321 277 277
Net IB debt Adj 151 137 115
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 472 414 392
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 187,8 156,4 160,1
Capital invested turnover (%) 273,8 219,6 229,7
Capital employed turnover (%) 261,7 209,6 213,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 6,4 7,3 7
Payables / sales (%) 5,2 5,4 5,2
Working capital / sales (%) 6,4 5,6 5,5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 78,2 66,7 50,6
Net debt / market cap (%) 49,5 49,3 41,3
Equity ratio (%) 40,2 42,3 45,7
Net IB debt adj. / equity (%) 78,2 66,7 50,6
Current ratio (%) 94,5 102 116,7
EBITDA / net interest (%) 2099,2 2308,4 3065,2
Net IB debt / EBITDA (%) 176,6 174,3 111,4
Interest cover (%) 917,3 539,4 1131,1
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 106 106 106
Fully diluted shares Adj 106 106 106
EPS 0,24 0,11 0,26
Dividend per share Adj 0 0,1 0,1
EPS Adj 0,24 0,11 0,26
BVPS 1,82 1,93 2,13
BVPS Adj 0,2 0,3 0,49
Net IB debt / share 1,4 1,3 1,1
Share price 2,87 2,61 2,61
Market cap. (m) 305 277 277
Valuation 2019 2020 2021
P/E 12,6 23,5 10,1
EV/sales 0,61 0,55 0,5
EV/EBITDA 5,5 5,3 3,8
EV/EBITA 12,6 22,6 10,3
EV/EBIT 12,6 22,6 10,3
Dividend yield (%) 0 2,1 4,9
FCF yield (%) 12,1 21,8 26,8
P/BVPS 1,66 1,35 1,23
P/BVPS Adj 15,1 8,63 5,29
P/E Adj 12,6 23,5 10,1
EV/EBITDA Adj 5,5 5,3 3,8
EV/EBITA Adj 12,6 22,6 10,3
EV/EBIT Adj 12,6 22,6 10,3
EV/cap. employed 1,3 1,1 1,1
Investment ratios 2019 2020 2021
Capex / sales 1,8 1,6 2
Capex / depreciation 201,8 74,5 75
Capex tangibles / tangible fixed assets 17,5 24,5 68,7
Capex intangibles / definite intangibles 53,1 41,5 51,2
Depreciation on intangibles / definite intangibles 16,8 37,1 45,5
Depreciation on tangibles / tangibles 20,1 65,7 183,1
N/A N/A N/A

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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