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GARO

GARO

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Financials

SEKm 2019 2020e 2021e
Sales 1008 1102 1182
Sales growth (%) 11,7 9,4 7,2
EBITDA 135 148 157
EBITDA margin (%) 13,4 13,4 13,3
EBIT adj 117 123 130
EBIT adj margin (%) 11,6 11,1 11
Pretax profit 110 120 128
EPS rep 8,6 9,37 10
EPS growth (%) 4 8,9 6,8
EPS adj 9 9,37 10
DPS 4,2 5 5,5
EV/EBITDA (x) 23 17,8 16,7
EV/EBIT adj (x) 26,6 21,4 20,2
P/E (x) 35,7 28,7 26,9
P/E adj (x) 34,1 28,7 26,9
EV/sales (x) 3,1 2,4 2,2
FCF yield (%) 2,7 3,5 2,4
Dividend yield (%) 1,4 1,9 2
Net IB debt/EBITDA 0,3 -0,4 -0,4
SEKm 2019 2020e 2021e
Sales 1008 1102 1182
COGS -518 -568 -606
Gross profit 490 535 576
Other operating items -355 -387 -419
EBITDA 135 148 157
Depreciation on tangibles -22 -25 -27
Depreciation on intangibles 0 0 0
EBITA 113 123 130
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 113 123 130
Other financial items 0 0 0
Net financial items -2 -3 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 110 120 128
Tax -24 -26 -28
Net profit 86 94 100
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 86 94 100
EPS 8,6 9,37 10
EPS Adj 9 9,37 10
Total extraordinary items after tax -4 0 0
Tax rate (%) -22 -22 -22
Gross margin (%) 48,6 48,5 48,7
EBITDA margin (%) 13,4 13,4 13,3
EBITA margin (%) 11,2 11,1 11
EBIT margin (%) 11,2 11,1 11
Pretax margin (%) 10,9 10,9 10,9
Net margin (%) 8,5 8,5 8,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 11,7 9,4 7,2
EBITDA growth (%) 4,7 9,9 5,8
EBIT growth (%) -1,1 9 5,4
Net profit growth (%) 4 8,9 6,8
EPS growth (%) 4 8,9 6,8
Profitability 2019 2020 2021
ROE (%) 26,9 24 21,7
ROE Adj (%) 28,2 24 21,7
ROCE (%) 29,2 26,2 24
ROCE Adj(%) 30,2 26,2 24
ROIC (%) 24,1 25 25,1
ROIC Adj (%) 24,9 25 25,1
Adj earnings numbers 2019 2020 2021
EBITDA Adj 139 148 157
EBITDA Adj margin (%) 13,8 13,4 13,3
EBITA Adj 117 123 130
EBITA Adj margin (%) 11,6 11,1 11
EBIT Adj 117 123 130
EBIT Adj margin (%) 11,6 11,1 11
Pretax profit Adj 114 120 128
Net profit Adj 90 94 100
Net profit to shareholders Adj 90 94 100
Net Adj margin (%) 8,9 8,5 8,5
SEKm 2019 2020e 2021e
EBITDA 135 148 157
Net financial items -2 -3 -1
Paid tax -24 -26 -28
Non-cash items 0 0 0
Cash flow before change in WC 108 119 127
Change in WC 18 -59 -27
Operating cash flow 115 60 100
CAPEX tangible fixed assets -33 33 -35
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 82 93 65
Dividend paid -40 -42 -50
Share issues and buybacks 0 0 0
Other non cash items -33 42 0
Decrease in net IB debt 8 93 15
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 67 67 65
Tangible fixed assets 146 87 98
Other fixed assets 8 8 8
Fixed assets 222 163 171
Inventories 170 196 207
Receivables 225 248 271
Other current assets 0 0 0
Cash and liquid assets 41 134 149
Total assets 657 741 798
Shareholders equity 343 437 487
Minority 0 0 0
Total equity 343 437 487
Long-term debt 78 78 78
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 3 3 3
Short-term debt 0 0 0
Accounts payable 233 223 229
Other current liabilities 0 0 0
Total liabilities and equity 657 741 798
Net IB debt 38 -56 -70
Net IB debt excl. pension debt 38 -56 -70
Capital invested 384 384 420
Working capital 162 221 249
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3070 2690 2690
Net IB debt Adj 38 -56 -70
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 3108 2634 2620
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 164,8 157,6 153,6
Capital invested turnover (%) 276,4 287,1 294
Capital employed turnover (%) 261,3 235,5 218,9
Inventories / sales (%) 16,5 16,6 17,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,1 20,7 19,1
Working capital / sales (%) 17 17,4 19,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 10,9 -12,8 -14,4
Net debt / market cap (%) 1,4 -2,1 -2,6
Equity ratio (%) 52,2 58,9 61
Net IB debt adj. / equity (%) 10,9 -12,8 -14,4
Current ratio (%) 187,2 259,4 273,3
EBITDA / net interest (%) 5620,8 5372,7 12084,6
Net IB debt / EBITDA (%) 27,8 -37,6 -44,8
Interest cover (%) 4695,8 4453,7 9982,3
SEKm 2019 2020e 2021e
Shares outstanding adj. 10 10 10
Fully diluted shares Adj 10 10 10
EPS 8,6 9,37 10
Dividend per share Adj 4,2 5 5,5
EPS Adj 9 9,37 10
BVPS 34,3 43,67 48,67
BVPS Adj 27,56 36,93 42,21
Net IB debt / share 3,8 -5,6 -7
Share price 263,43 269 269
Market cap. (m) 2634 2690 2690
Valuation 2019 2020 2021
P/E 35,7 28,7 26,9
EV/sales 3,08 2,39 2,22
EV/EBITDA 23 17,8 16,7
EV/EBITA 27,6 21,4 20,2
EV/EBIT 27,6 21,4 20,2
Dividend yield (%) 1,4 1,9 2
FCF yield (%) 2,7 3,5 2,4
P/BVPS 8,95 6,16 5,53
P/BVPS Adj 11,14 7,28 6,37
P/E Adj 34,1 28,7 26,9
EV/EBITDA Adj 22,4 17,8 16,7
EV/EBITA Adj 26,6 21,4 20,2
EV/EBIT Adj 26,6 21,4 20,2
EV/cap. employed 7,4 5,1 4,6
Investment ratios 2019 2020 2021
Capex / sales 3,3 -3 3
Capex / depreciation 147,7 -131,8 130
Capex tangibles / tangible fixed assets 22,5 -38,3 36,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 15,2 29 27,8

Key Figure Counter

<p><span>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.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>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.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

26,9

EV/EBIT

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<p>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&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>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.</span></p>

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20,2

EV/Sales

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<p><span>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&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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2,2

P/BVPS

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<div class="inner"> <p>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.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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5,5