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GARO

GARO

SEKm 2020 2021e 2022e
Sales 1040 1334 1545
Sales growth (%) 3,1 28,3 15,8
EBITDA 163 249 272
EBITDA margin (%) 15,7 18,6 17,6
EBIT adj 136 214 238
EBIT adj margin (%) 13,1 16 15,4
Pretax profit 123 207 226
EPS rep 1,91 3,3 3,51
EPS growth (%) 11,2 73,2 6,4
EPS adj 1,96 3,38 3,61
DPS 4,75 1,65 1,76
EV/EBITDA (x) 39 39,1 35,7
EV/EBIT adj (x) 46,8 45,4 40,7
P/E (x) 66,6 58 54,5
P/E adj (x) 64,7 56,6 53,1
EV/sales (x) 6,1 7,3 6,3
FCF yield (%) 0,7 1 1,3
Dividend yield (%) 3,7 0,9 0,9
Net IB debt/EBITDA 0,1 0,6 0,5
Lease adj. FCF yield (%) 0,6 0,9 1,1
Lease adj. ND/EBITDA -0,1 0,5 0,4
SEKm 2020 2021e 2022e
Sales 1040 1334 1545
COGS -529 -652 -757
Gross profit 511 682 788
Other operating items -348 -433 -516
EBITDA 163 249 272
Depreciation on tangibles -27 -30 -29
Depreciation on intangibles 0 0 0
EBITA 139 218 243
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 136 214 238
Other financial items 0 0 0
Net financial items -13 -7 -13
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 123 207 226
Tax -28 -42 -50
Net profit 95 165 176
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 95 165 176
EPS 1,91 3,3 3,51
EPS Adj 1,96 3,38 3,61
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,5 -20,2 -22,1
Gross margin (%) 49,1 51,1 51
EBITDA margin (%) 15,7 18,6 17,6
EBITA margin (%) 13,4 16,3 15,7
EBIT margin (%) 13,1 16 15,4
Pretax margin (%) 11,8 15,5 14,6
Net margin (%) 9,2 12,4 11,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 3,1 28,3 15,8
EBITDA growth (%) 20,8 52,6 9,3
EBIT growth (%) 20,9 57,4 11,3
Net profit growth (%) 11,2 73,2 6,4
EPS growth (%) 11,2 73,2 6,4
Profitability 2020 2021 2022
ROE (%) 24,6 41,9 43,4
ROE Adj (%) 25,4 42,9 44,6
ROCE (%) 28,8 45 49,3
ROCE Adj(%) 29,4 45,9 50,3
ROIC (%) 25,2 35,4 33,6
ROIC Adj (%) 25,2 35,4 33,6
Adj earnings numbers 2020 2021 2022
EBITDA Adj 163 249 272
EBITDA Adj margin (%) 15,7 18,6 17,6
EBITA Adj 139 218 243
EBITA Adj margin (%) 13,4 16,3 15,7
EBIT Adj 136 214 238
EBIT Adj margin (%) 13,1 16 15,4
Pretax profit Adj 126 211 230
Net profit Adj 98 169 180
Net profit to shareholders Adj 98 169 180
Net Adj margin (%) 9,4 12,7 11,7
Depreciation and amortisation -24 -31 -29
Of which leasing depreciation -8 -11 -9
EO items 0 0 0
Impairment and PPA amortisation -3 -4 -5
EBITDA lease Adj 163 249 272
EBITDA lease Adj margin (%) 15,7 18,6 17,6
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 163 249 272
Net financial items -13 -7 -13
Paid tax -37 -42 -50
Non-cash items 0 0 0
Cash flow before change in WC 113 200 209
Change in WC -26 -54 -33
Operating cash flow 87 146 176
CAPEX tangible fixed assets -15 -22 -25
CAPEX intangible fixed assets -25 -27 -31
Acquisitions and disposals 0 0 0
Free cash flow 47 97 120
Dividend paid 0 -238 -83
Share issues and buybacks 0 0 0
Other non cash items -3 6 0
Decrease in net IB debt 26 60 -3
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 46 40 40
Indefinite intangible assets 0 0 0
Definite intangible assets 94 94 91
Tangible fixed assets 102 104 109
Other fixed assets 6 6 6
Fixed assets 240 259 292
Inventories 183 234 263
Receivables 251 320 371
Other current assets 0 0 0
Cash and liquid assets 69 -82 -55
Total assets 743 731 870
Shareholders equity 430 358 451
Minority 0 0 0
Total equity 430 358 451
Long-term debt 30 25 25
Pension debt 4 4 4
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 4 4 4
Short-term debt 12 12 12
Accounts payable 192 160 185
Other current liabilities 36 133 155
Total liabilities and equity 743 731 870
Net IB debt 15 161 134
Net IB debt excl. pension debt 11 157 130
Capital invested 446 519 586
Working capital 206 260 294
EV breakdown 2020 2021 2022
Market cap. diluted (m) 6350 9570 9570
Net IB debt Adj 15 161 134
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 6365 9731 9704
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 148,5 181 193
Capital invested turnover (%) 250,7 246,3 240,1
Capital employed turnover (%) 223,1 203,8 192,7
Inventories / sales (%) 17 17,2 17,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,2 22 22,9
Working capital / sales (%) 18,1 17,5 17,9
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 3,5 45 29,7
Net debt / market cap (%) 0,4 1,7 1,4
Equity ratio (%) 57,9 49 51,8
Net IB debt adj. / equity (%) 3,5 45 29,7
Current ratio (%) 201,1 149,4 159,7
EBITDA / net interest (%) 1245 3473,7 2117,9
Net IB debt / EBITDA (%) 9,2 64,7 49,3
Interest cover (%) 1060,3 3045,3 1892,8
Lease liability amortisation -11 -11 -11
Other intangible assets 48 71 97
Right-of-use asset 39 39 40
Total other fixed assets 6 6 6
Leasing liability 38 38 38
Total other long-term liabilities 1 1 1
Net IB debt excl. leasing -23 123 96
Net IB debt / EBITDA lease Adj (%) -14,1 49,4 35,3
SEKm 2020 2021e 2022e
Shares outstanding adj. 50 50 50
Fully diluted shares Adj 50 50 50
EPS 1,91 3,3 3,51
Dividend per share Adj 4,8 1,7 1,8
EPS Adj 1,96 3,38 3,61
BVPS 43,03 7,16 9,02
BVPS Adj 33,67 4,94 6,28
Net IB debt / share 1,5 3,2 2,7
Share price 80,72 191,4 191,4
Market cap. (m) 4036 9570 9570
Valuation 2020 2021 2022
P/E 66,6 58 54,5
EV/sales 6,12 7,29 6,28
EV/EBITDA 39 39,1 35,7
EV/EBITA 45,8 44,6 39,9
EV/EBIT 46,8 45,4 40,7
Dividend yield (%) 3,7 0,9 0,9
FCF yield (%) 0,7 1 1,3
P/BVPS 2,95 26,74 21,22
P/BVPS Adj 3,77 38,72 30,47
P/E Adj 64,7 56,6 53,1
EV/EBITDA Adj 39 39,1 35,7
EV/EBITA Adj 45,8 44,6 39,9
EV/EBIT Adj 46,8 45,4 40,7
EV/cap. employed 12,4 22,3 18,3
Investment ratios 2020 2021 2022
Capex / sales 3,8 3,6 3,6
Capex / depreciation 240 243,3 283,4
Capex tangibles / tangible fixed assets 14,7 20,9 22,8
Capex intangibles / definite intangibles 51,1 38 31,7
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 16,2 19,3 18,1
Lease adj. FCF yield (%) 0,6 0,9 1,1

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.

54,5

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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40,8

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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6,3

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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21,2