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GARO

GARO

SEKm 2019 2020e 2021e
Sales 1017 1114 1196
Sales growth (%) 12,8 9,5 7,3
EBITDA 135 149 159
EBITDA margin (%) 13,3 13,4 13,3
EBIT adj 118 126 134
EBIT adj margin (%) 11,6 11,3 11,2
Pretax profit 113 124 132
EPS rep 8,93 9,67 10,27
EPS growth (%) 8 8,2 6,3
EPS adj 9,33 9,67 10,27
DPS 4,6 5,2 5,5
EV/EBITDA (x) 29 25,8 24,1
EV/EBIT adj (x) 33,3 30,6 28,7
P/E (x) 43,3 40 37,7
P/E adj (x) 41,5 40 37,7
EV/sales (x) 3,9 3,5 3,2
FCF yield (%) 1,6 3,2 1,8
Dividend yield (%) 1,2 1,3 1,4
Net IB debt/EBITDA 0,4 -0,1 -0,3
SEKm 2019 2020e 2021e
Sales 1017 1114 1196
COGS -528 -573 -613
Gross profit 490 542 582
Other operating items -354 -393 -424
EBITDA 135 149 159
Depreciation on tangibles -22 -23 -25
Depreciation on intangibles 0 0 0
EBITA 114 126 134
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 114 126 134
Other financial items 0 0 0
Net financial items -1 -2 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 113 124 132
Tax -24 -27 -29
Net profit 89 97 103
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 89 97 103
EPS 8,93 9,67 10,27
EPS Adj 9,33 9,67 10,27
Total extraordinary items after tax -4 0 0
Tax rate (%) -20,8 -22 -22
Gross margin (%) 48,1 48,6 48,7
EBITDA margin (%) 13,3 13,4 13,3
EBITA margin (%) 11,2 11,3 11,2
EBIT margin (%) 11,2 11,3 11,2
Pretax margin (%) 11,1 11,1 11
Net margin (%) 8,8 8,7 8,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 12,8 9,5 7,3
EBITDA growth (%) 5,1 10,1 6,4
EBIT growth (%) -0,1 10,6 6,1
Net profit growth (%) 8 8,2 6,3
EPS growth (%) 8 8,2 6,3
Profitability 2019 2020 2021
ROE (%) 27,7 25,9 24,2
ROE Adj (%) 29 25,9 24,2
ROCE (%) 28,4 26,5 25,4
ROCE Adj(%) 29,4 26,5 25,4
ROIC (%) 23,9 24,9 26,3
ROIC Adj (%) 24,7 24,9 26,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 139 149 159
EBITDA Adj margin (%) 13,7 13,4 13,3
EBITA Adj 118 126 134
EBITA Adj margin (%) 11,6 11,3 11,2
EBIT Adj 118 126 134
EBIT Adj margin (%) 11,6 11,3 11,2
Pretax profit Adj 117 124 132
Net profit Adj 93 97 103
Net profit to shareholders Adj 93 97 103
Net Adj margin (%) 9,2 8,7 8,6
SEKm 2019 2020e 2021e
EBITDA 135 149 159
Net financial items -1 -2 -2
Paid tax -24 -27 -29
Non-cash items 0 0 0
Cash flow before change in WC 111 120 128
Change in WC -23 -29 -20
Operating cash flow 78 91 107
CAPEX tangible fixed assets -17 33 -36
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 61 125 72
Dividend paid -40 -46 -52
Share issues and buybacks 0 0 0
Other non cash items -32 0 0
Decrease in net IB debt -11 79 20
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 62 60 57
Tangible fixed assets 135 80 94
Other fixed assets 9 9 9
Fixed assets 206 149 160
Inventories 179 196 210
Receivables 227 252 274
Other current assets 0 0 0
Cash and liquid assets 46 124 144
Total assets 658 721 787
Shareholders equity 348 399 449
Minority 0 0 0
Total equity 348 399 449
Long-term debt 102 102 102
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 204 216 232
Other current liabilities 0 0 0
Total liabilities and equity 534 566 658
Net IB debt 57 -22 -41
Net IB debt excl. pension debt 57 -22 -41
Capital invested 408 380 411
Working capital 202 231 252
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3870 3870 3870
Net IB debt Adj 57 -22 -41
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 3927 3848 3829
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 166,3 161,7 158,6
Capital invested turnover (%) 270 282,8 302,2
Capital employed turnover (%) 254,2 234,3 227,2
Inventories / sales (%) 16,8 16,8 16,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 20,4 18,8 18,7
Working capital / sales (%) 18,8 19,5 20,2
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 16,3 -5,5 -9,2
Net debt / market cap (%) 2,2 -0,6 -1,1
Equity ratio (%) 52,9 55,3 57,1
Net IB debt adj. / equity (%) 16,3 -5,5 -9,2
Current ratio (%) 221,7 264,4 270,5
EBITDA / net interest (%) 14803,3 7621 8817,2
Net IB debt / EBITDA (%) 41,8 -14,7 -26,1
Interest cover (%) 12437,3 6433,6 7420,8
SEKm 2019 2020e 2021e
Shares outstanding adj. 10 10 10
Fully diluted shares Adj 10 10 10
EPS 8,93 9,67 10,27
Dividend per share Adj 4,6 5,2 5,5
EPS Adj 9,33 9,67 10,27
BVPS 34,78 39,85 44,92
BVPS Adj 28,59 33,89 39,22
Net IB debt / share 5,7 -2,2 -4,1
Share price 263,43 387 387
Market cap. (m) 2634 3870 3870
Valuation 2019 2020 2021
P/E 43,3 40 37,7
EV/sales 3,86 3,45 3,2
EV/EBITDA 29 25,8 24,1
EV/EBITA 34,5 30,6 28,7
EV/EBIT 34,5 30,6 28,7
Dividend yield (%) 1,2 1,3 1,4
FCF yield (%) 1,6 3,2 1,8
P/BVPS 11,13 9,71 8,61
P/BVPS Adj 13,53 11,42 9,87
P/E Adj 41,5 40 37,7
EV/EBITDA Adj 28,2 25,8 24,1
EV/EBITA Adj 33,3 30,6 28,7
EV/EBIT Adj 33,3 30,6 28,7
EV/cap. employed 8,7 7,7 6,9
Investment ratios 2019 2020 2021
Capex / sales 1,6 -3 3
Capex / depreciation 76,6 -143,9 142,8
Capex tangibles / tangible fixed assets 12,3 -41,6 38,3
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 16,1 28,9 26,8

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>

37,7

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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28,6

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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3,2

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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8,6