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GARO

SEKm 2018 2019e 2020e
Sales 902 1005 1067
Sales growth (%) 13,4 11,3 6,2
EBITDA 129 140 151
EBITDA margin (%) 14,3 13,9 14,2
EBIT adj 114 127 133
EBIT adj margin (%) 12,6 12,6 12,5
Pretax profit 106 123 132
EPS rep 8,27 9,67 10,29
EPS growth (%) -3,4 16,9 6,5
EPS adj 8,27 10,07 10,29
DPS 4 4,6 5,2
EV/EBITDA (x) 13,8 23,4 21,4
EV/EBIT adj (x) 15,6 25,9 24,4
P/E (x) 21 33,6 31,6
P/E adj (x) 21 32,3 31,6
EV/sales (x) 2 3,3 3
FCF yield (%) 2,9 1,8 2,6
Dividend yield (%) 2,3 1,4 1,6
Net IB debt/EBITDA 0,4 0,2 -0,1
SEKm 2018 2019e 2020e
Sales 902 1005 1067
COGS -457 -512 -542
Gross profit 445 493 525
Other operating items -316 -353 -374
EBITDA 129 140 151
Depreciation on tangibles -15 -17 -18
Depreciation on intangibles 0 0 0
EBITA 114 123 133
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 114 123 133
Other financial items 0 0 0
Net financial items -8 0 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 106 123 132
Tax -23 -26 -29
Net profit 83 97 103
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 83 97 103
EPS 8,27 9,67 10,29
EPS Adj 8,27 10,07 10,29
Total extraordinary items after tax 0 -4 0
Tax rate (%) -21,8 -21,2 -22
Gross margin (%) 49,3 49 49,2
EBITDA margin (%) 14,3 13,9 14,2
EBITA margin (%) 12,6 12,2 12,5
EBIT margin (%) 12,6 12,2 12,5
Pretax margin (%) 11,7 12,2 12,4
Net margin (%) 9,2 9,6 9,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 13,4 11,3 6,2
EBITDA growth (%) 16,9 8,7 8,1
EBIT growth (%) 16,1 7,8 8,3
Net profit growth (%) -3,4 16,9 6,5
EPS growth (%) -3,4 16,9 6,5
Profitability 2018 2019 2020
ROE (%) 30,1 29,7 26,9
ROE Adj (%) 30,1 31 26,9
ROCE (%) 33,1 32,5 30,6
ROCE Adj(%) 33,1 33,5 30,6
ROIC (%) 27 26,5 26,3
ROIC Adj (%) 27 27,3 26,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 129 144 151
EBITDA Adj margin (%) 14,3 14,3 14,2
EBITA Adj 114 127 133
EBITA Adj margin (%) 12,6 12,6 12,5
EBIT Adj 114 127 133
EBIT Adj margin (%) 12,6 12,6 12,5
Pretax profit Adj 106 127 132
Net profit Adj 83 101 103
Net profit to shareholders Adj 83 101 103
Net Adj margin (%) 9,2 10 9,6
SEKm 2018 2019e 2020e
EBITDA 129 140 151
Net financial items -8 0 -1
Paid tax -23 -26 -29
Non-cash items 0 0 0
Cash flow before change in WC 98 114 121
Change in WC -22 -25 -16
Operating cash flow 73 80 105
CAPEX tangible fixed assets -22 -22 -19
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 51 59 86
Dividend paid -40 -40 -46
Share issues and buybacks 0 0 0
Other non cash items 0 -2 0
Decrease in net IB debt 10 17 40
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 55 57 55
Tangible fixed assets 100 114 117
Other fixed assets 10 10 10
Fixed assets 166 181 182
Inventories 162 182 187
Receivables 230 230 241
Other current assets 0 0 0
Cash and liquid assets 8 23 63
Total assets 566 616 674
Shareholders equity 296 354 411
Minority 0 0 0
Total equity 296 354 411
Long-term debt 54 52 52
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 4 4 4
Short-term debt 0 0 0
Accounts payable 212 207 207
Other current liabilities 0 0 0
Total liabilities and equity 374 534 566
Net IB debt 46 29 -11
Net IB debt excl. pension debt 46 29 -11
Capital invested 346 387 403
Working capital 180 205 221
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1736 3250 3250
Net IB debt Adj 46 29 -11
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 1782 3279 3239
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 164,1 170 165,4
Capital invested turnover (%) 273,2 274,5 270,2
Capital employed turnover (%) 262,6 265,7 245,5
Inventories / sales (%) 16,9 17,1 17,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,3 20,8 19,4
Working capital / sales (%) 18,7 19,2 20
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 15,4 8,1 -2,8
Net debt / market cap (%) 2,7 0,9 -0,4
Equity ratio (%) 52,4 57,5 61
Net IB debt adj. / equity (%) 15,4 8,1 -2,8
Current ratio (%) 188,9 210,5 237,5
EBITDA / net interest (%) 1591,4 75197,1 15296,7
Net IB debt / EBITDA (%) 35,5 20,4 -7,6
Interest cover (%) 1406,2 65934,4 13435,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 10 10 10
Fully diluted shares Adj 10 10 10
EPS 8,27 9,67 10,29
Dividend per share Adj 4 4,6 5,2
EPS Adj 8,27 10,07 10,29
BVPS 29,62 35,43 41,12
BVPS Adj 24,11 29,73 35,61
Net IB debt / share 4,6 2,9 -1,1
Share price 171,09 325 325
Market cap. (m) 1711 3250 3250
Valuation 2018 2019 2020
P/E 21 33,6 31,6
EV/sales 1,97 3,26 3,04
EV/EBITDA 13,8 23,4 21,4
EV/EBITA 15,6 26,7 24,4
EV/EBIT 15,6 26,7 24,4
Dividend yield (%) 2,3 1,4 1,6
FCF yield (%) 2,9 1,8 2,6
P/BVPS 5,86 9,17 7,9
P/BVPS Adj 7,2 10,93 9,13
P/E Adj 21 32,3 31,6
EV/EBITDA Adj 13,8 22,8 21,4
EV/EBITA Adj 15,6 25,9 24,4
EV/EBIT Adj 15,6 25,9 24,4
EV/cap. employed 5,1 8,1 7
Investment ratios 2018 2019 2020
Capex / sales 2,4 2,2 1,8
Capex / depreciation 146 125,6 104,3
Capex tangibles / tangible fixed assets 21,8 19 16,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 14,9 15,1 15,8

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.

31,6

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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24,4

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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3,0

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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7,9