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GARO

GARO

SEKm 2020 2021e 2022e
Sales 1032 1156 1282
Sales growth (%) 2,3 12 10,9
EBITDA 161 184 206
EBITDA margin (%) 15,6 15,9 16,1
EBIT adj 134 155 175
EBIT adj margin (%) 13 13,4 13,7
Pretax profit 123 153 174
EPS rep 9,57 11,97 13,55
EPS growth (%) 11,9 25,1 13,2
EPS adj 9,8 11,97 13,55
DPS 5 5,5 5,5
EV/EBITDA (x) 39,5 34,3 30,4
EV/EBIT adj (x) 47,2 40,8 35,8
P/E (x) 66,5 53,1 46,9
P/E adj (x) 64,9 53,1 46,9
EV/sales (x) 6,2 5,5 4,9
FCF yield (%) 0,9 1,3 1,6
Dividend yield (%) 0,8 0,9 0,9
Net IB debt/EBITDA 0 -0,2 -0,4
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 1032 1156 1282
COGS -533 -591 -658
Gross profit 500 565 624
Other operating items -338 -381 -418
EBITDA 161 184 206
Depreciation on tangibles -29 -29 -31
Depreciation on intangibles 0 0 0
EBITA 132 155 175
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 132 155 175
Other financial items 0 0 0
Net financial items -9 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 123 153 174
Tax -27 -34 -38
Net profit 96 120 135
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 96 120 135
EPS 9,57 11,97 13,55
EPS Adj 9,8 11,97 13,55
Total extraordinary items after tax -2,3 0 0
Tax rate (%) -22 -22 -22
Gross margin (%) 48,4 48,9 48,7
EBITDA margin (%) 15,6 15,9 16,1
EBITA margin (%) 12,8 13,4 13,7
EBIT margin (%) 12,8 13,4 13,7
Pretax margin (%) 11,9 13,3 13,5
Net margin (%) 9,3 10,4 10,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 2,3 12 10,9
EBITDA growth (%) 18,9 14,3 12
EBIT growth (%) 16,7 17,2 13
Net profit growth (%) 11,9 25,1 13,2
EPS growth (%) 11,9 25,1 13,2
Profitability 2020 2021 2022
ROE (%) 24,6 25,5 24,9
ROE Adj (%) 25,2 25,5 24,9
ROCE (%) 28 27,8 27,7
ROCE Adj(%) 28,5 27,8 27,7
ROIC (%) 25,3 26,8 28,1
ROIC Adj (%) 25,7 26,8 28,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 163 184 206
EBITDA Adj margin (%) 15,8 15,9 16,1
EBITA Adj 134 155 175
EBITA Adj margin (%) 13 13,4 13,7
EBIT Adj 134 155 175
EBIT Adj margin (%) 13 13,4 13,7
Pretax profit Adj 125 153 174
Net profit Adj 98 120 135
Net profit to shareholders Adj 98 120 135
Net Adj margin (%) 9,5 10,4 10,6
N/A N/A N/A
SEKm 2020 2021e 2022e
EBITDA 161 184 206
Net financial items -9 -2 -2
Paid tax -27 -34 -38
Non-cash items 0 0 0
Cash flow before change in WC 125 149 167
Change in WC -40 -33 -27
Operating cash flow 84 116 140
CAPEX tangible fixed assets -26 -35 -38
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 58 81 102
Dividend paid 0 -50 -55
Share issues and buybacks 0 0 0
Other non cash items -14 0 0
Decrease in net IB debt 44 31 47
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 87 84 80
Tangible fixed assets 128 137 147
Other fixed assets 7 7 7
Fixed assets 221 227 234
Inventories 187 203 225
Receivables 236 265 294
Other current assets 0 0 0
Cash and liquid assets 94 126 172
Total assets 738 820 925
Shareholders equity 435 505 585
Minority 0 0 0
Total equity 435 505 585
Long-term debt 88 88 88
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 212 224 249
Other current liabilities 0 0 0
Total liabilities and equity 738 820 925
Net IB debt -6 -38 -84
Net IB debt excl. pension debt -6 -38 -84
Capital invested 432 470 504
Working capital 211 243 270
EV breakdown 2020 2021 2022
Market cap. diluted (m) 6360 6360 6360
Net IB debt Adj -6 -38 -84
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 6354 6322 6276
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 147,9 148,4 147
Capital invested turnover (%) 253,1 256,3 263,2
Capital employed turnover (%) 218,6 207,2 202,6
Inventories / sales (%) 17,3 16,8 16,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 18,9 18,4
Working capital / sales (%) 18,1 19,6 20
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -1,4 -7,5 -14,4
Net debt / market cap (%) -0,2 -0,6 -1,3
Equity ratio (%) 59 61,6 63,3
Net IB debt adj. / equity (%) -1,4 -7,5 -14,4
Current ratio (%) 243,7 264,5 277,7
EBITDA / net interest (%) 1700,1 11730,6 13687,3
Net IB debt / EBITDA (%) -3,8 -20,4 -40,8
Interest cover (%) 1395,4 9873,3 11625,4
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 10 10 10
Fully diluted shares Adj 10 10 10
EPS 9,57 11,97 13,55
Dividend per share Adj 5 5,5 5,5
EPS Adj 9,8 11,97 13,55
BVPS 43,51 50,48 58,52
BVPS Adj 34,86 42,12 50,47
Net IB debt / share -0,6 -3,8 -8,4
Share price 403,6 636 636
Market cap. (m) 4036 6360 6360
Valuation 2020 2021 2022
P/E 66,5 53,1 46,9
EV/sales 6,16 5,47 4,9
EV/EBITDA 39,5 34,3 30,4
EV/EBITA 48,1 40,8 35,8
EV/EBIT 48,1 40,8 35,8
Dividend yield (%) 0,8 0,9 0,9
FCF yield (%) 0,9 1,3 1,6
P/BVPS 14,62 12,6 10,87
P/BVPS Adj 18,25 15,1 12,6
P/E Adj 64,9 53,1 46,9
EV/EBITDA Adj 38,9 34,3 30,4
EV/EBITA Adj 47,2 40,8 35,8
EV/EBIT Adj 47,2 40,8 35,8
EV/cap. employed 12,1 10,7 9,3
Investment ratios 2020 2021 2022
Capex / sales 2,5 3 3
Capex / depreciation 90,9 118,9 123,8
Capex tangibles / tangible fixed assets 20,5 25,4 26,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 22,5 21,3 21,1
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.

46,9

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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35,9

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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4,9

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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10,9