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GARO

GARO

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Financials

SEKm 2019 2020e 2021e
Sales 1009 1032 1156
Sales growth (%) 11,8 2,3 12
EBITDA 136 161 184
EBITDA margin (%) 13,4 15,6 15,9
EBIT adj 117 134 155
EBIT adj margin (%) 11,6 13 13,4
Pretax profit 110 123 153
EPS rep 8,55 9,57 11,97
EPS growth (%) 3,4 11,9 25,1
EPS adj 8,95 9,8 11,97
DPS 0 5 5,5
EV/EBITDA (x) 22,9 37,2 32,4
EV/EBIT adj (x) 26,5 44,6 38,5
P/E (x) 35,9 62,7 50,1
P/E adj (x) 34,3 61,2 50,1
EV/sales (x) 3,1 5,8 5,2
FCF yield (%) 2,7 1 1,4
Dividend yield (%) 0 0,8 0,9
Net IB debt/EBITDA 0,3 0 -0,2
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 1009 1032 1156
COGS -518 -533 -591
Gross profit 491 500 565
Other operating items -355 -338 -381
EBITDA 136 161 184
Depreciation on tangibles -22 -29 -29
Depreciation on intangibles 0 0 0
EBITA 113 132 155
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 113 132 155
Other financial items 0 0 0
Net financial items -4 -9 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 110 123 153
Tax -24 -27 -34
Net profit 86 96 120
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 86 96 120
EPS 8,55 9,57 11,97
EPS Adj 8,95 9,8 11,97
Total extraordinary items after tax -4 -2,3 0
Tax rate (%) -22,1 -22 -22
Gross margin (%) 48,6 48,4 48,9
EBITDA margin (%) 13,4 15,6 15,9
EBITA margin (%) 11,2 12,8 13,4
EBIT margin (%) 11,2 12,8 13,4
Pretax margin (%) 10,9 11,9 13,3
Net margin (%) 8,5 9,3 10,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 11,8 2,3 12
EBITDA growth (%) 5,1 18,9 14,3
EBIT growth (%) -0,5 16,7 17,2
Net profit growth (%) 3,4 11,9 25,1
EPS growth (%) 3,4 11,9 25,1
Profitability 2019 2020 2021
ROE (%) 26,8 24,6 25,5
ROE Adj (%) 28 25,2 25,5
ROCE (%) 29,4 28 27,8
ROCE Adj(%) 30,4 28,5 27,8
ROIC (%) 24,2 25,3 26,8
ROIC Adj (%) 25 25,7 26,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 140 163 184
EBITDA Adj margin (%) 13,8 15,8 15,9
EBITA Adj 117 134 155
EBITA Adj margin (%) 11,6 13 13,4
EBIT Adj 117 134 155
EBIT Adj margin (%) 11,6 13 13,4
Pretax profit Adj 114 125 153
Net profit Adj 90 98 120
Net profit to shareholders Adj 90 98 120
Net Adj margin (%) 8,9 9,5 10,4
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 136 161 184
Net financial items -4 -9 -2
Paid tax -24 -27 -34
Non-cash items 0 0 0
Cash flow before change in WC 108 125 149
Change in WC 7 -40 -33
Operating cash flow 115 84 116
CAPEX tangible fixed assets -33 -26 -35
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 82 58 81
Dividend paid -40 0 -50
Share issues and buybacks 0 0 0
Other non cash items -33 -14 0
Decrease in net IB debt 8 44 31
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 67 87 84
Tangible fixed assets 146 128 137
Other fixed assets 8 7 7
Fixed assets 222 221 227
Inventories 170 187 203
Receivables 225 236 265
Other current assets 0 0 0
Cash and liquid assets 41 94 126
Total assets 657 738 820
Shareholders equity 343 435 505
Minority 0 0 0
Total equity 343 435 505
Long-term debt 78 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 233 212 224
Other current liabilities 0 0 0
Total liabilities and equity 657 738 820
Net IB debt 38 -6 -38
Net IB debt excl. pension debt 38 -6 -38
Capital invested 384 432 470
Working capital 162 211 243
EV breakdown 2019 2020 2021
Market cap. diluted (m) 3070 6000 6000
Net IB debt Adj 38 -6 -38
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 5994 5962
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 164,9 147,9 148,4
Capital invested turnover (%) 276,6 253,1 256,3
Capital employed turnover (%) 261,5 218,6 207,2
Inventories / sales (%) 16,5 17,3 16,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22 21,5 18,9
Working capital / sales (%) 17 18,1 19,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 10,9 -1,4 -7,5
Net debt / market cap (%) 1,4 -0,1 -0,6
Equity ratio (%) 52,2 59 61,6
Net IB debt adj. / equity (%) 10,9 -1,4 -7,5
Current ratio (%) 187,2 243,7 264,5
EBITDA / net interest (%) 3871,4 1700,1 11730,6
Net IB debt / EBITDA (%) 27,7 -3,8 -20,4
Interest cover (%) 3237,1 1395,4 9873,3
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 10 10 10
Fully diluted shares Adj 10 10 10
EPS 8,55 9,57 11,97
Dividend per share Adj 0 5 5,5
EPS Adj 8,95 9,8 11,97
BVPS 34,3 43,51 50,48
BVPS Adj 27,56 34,86 42,12
Net IB debt / share 3,8 -0,6 -3,8
Share price 263,43 600 600
Market cap. (m) 2634 6000 6000
Valuation 2019 2020 2021
P/E 35,9 62,7 50,1
EV/sales 3,08 5,81 5,16
EV/EBITDA 22,9 37,2 32,4
EV/EBITA 27,4 45,3 38,5
EV/EBIT 27,4 45,3 38,5
Dividend yield (%) 0 0,8 0,9
FCF yield (%) 2,7 1 1,4
P/BVPS 8,95 13,79 11,89
P/BVPS Adj 11,14 17,21 14,25
P/E Adj 34,3 61,2 50,1
EV/EBITDA Adj 22,3 36,7 32,4
EV/EBITA Adj 26,5 44,6 38,5
EV/EBIT Adj 26,5 44,6 38,5
EV/cap. employed 7,4 11,5 10,1
Investment ratios 2019 2020 2021
Capex / sales 3,3 2,5 3
Capex / depreciation 147,7 90,9 118,9
Capex tangibles / tangible fixed assets 22,5 20,5 25,4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 15,2 22,5 21,3
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.

50,1

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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38,5

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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5,2

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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11,9