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GARO

SEKm 2018 2019e 2020e
Sales 902 1017 1100
Sales growth (%) 13,4 12,7 8,2
EBITDA 129 139 156
EBITDA margin (%) 14,3 13,6 14,2
EBIT adj 114 124 132
EBIT adj margin (%) 12,6 12,2 12
Pretax profit 106 119 130
EPS rep 8,27 9,37 10,15
EPS growth (%) -3,4 13,3 8,3
EPS adj 8,27 9,77 10,15
DPS 4 4,6 5,2
EV/EBITDA (x) 13,8 20,3 17,8
EV/EBIT adj (x) 15,6 22,7 21
P/E (x) 21 29,3 27
P/E adj (x) 21 28,1 27
EV/sales (x) 2 2,8 2,5
FCF yield (%) 2,9 2 2,9
Dividend yield (%) 2,3 1,7 1,9
Net IB debt/EBITDA 0,4 0,5 0,2
SEKm 2018 2019e 2020e
Sales 902 1017 1100
COGS -457 -518 -559
Gross profit 445 499 541
Other operating items -316 -360 -385
EBITDA 129 139 156
Depreciation on tangibles -15 -19 -24
Depreciation on intangibles 0 0 0
EBITA 114 120 132
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 114 120 132
Other financial items 0 0 0
Net financial items -8 -1 -2
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 106 119 130
Tax -23 -25 -29
Net profit 83 94 102
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 83 94 102
EPS 8,27 9,37 10,15
EPS Adj 8,27 9,77 10,15
Total extraordinary items after tax 0 -4 0
Tax rate (%) -21,8 -21 -22
Gross margin (%) 49,3 49 49,2
EBITDA margin (%) 14,3 13,6 14,2
EBITA margin (%) 12,6 11,8 12
EBIT margin (%) 12,6 11,8 12
Pretax margin (%) 11,7 11,7 11,8
Net margin (%) 9,2 9,2 9,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 13,4 12,7 8,2
EBITDA growth (%) 16,9 7,5 12,7
EBIT growth (%) 16,1 5,2 10,3
Net profit growth (%) -3,4 13,3 8,3
EPS growth (%) -3,4 13,3 8,3
Profitability 2018 2019 2020
ROE (%) 30,1 28,9 26,7
ROE Adj (%) 30,1 30,1 26,7
ROCE (%) 33,1 29,5 27
ROCE Adj(%) 33,1 30,5 27
ROIC (%) 27 24,7 23,9
ROIC Adj (%) 27 25,6 23,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 129 143 156
EBITDA Adj margin (%) 14,3 14 14,2
EBITA Adj 114 124 132
EBITA Adj margin (%) 12,6 12,2 12
EBIT Adj 114 124 132
EBIT Adj margin (%) 12,6 12,2 12
Pretax profit Adj 106 123 130
Net profit Adj 83 98 102
Net profit to shareholders Adj 83 98 102
Net Adj margin (%) 9,2 9,6 9,2
SEKm 2018 2019e 2020e
EBITDA 129 139 156
Net financial items -8 -1 -2
Paid tax -23 -25 -29
Non-cash items 0 0 0
Cash flow before change in WC 98 112 125
Change in WC -22 -24 -25
Operating cash flow 73 81 101
CAPEX tangible fixed assets -22 -25 -20
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 51 56 81
Dividend paid -40 -40 -46
Share issues and buybacks 0 0 0
Other non cash items 2 -35 0
Decrease in net IB debt 10 -18 35
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 55 60 58
Tangible fixed assets 100 147 146
Other fixed assets 10 9 9
Fixed assets 166 217 213
Inventories 162 180 193
Receivables 230 228 249
Other current assets 0 0 0
Cash and liquid assets 8 45 80
Total assets 566 671 735
Shareholders equity 296 353 408
Minority 0 0 0
Total equity 296 353 408
Long-term debt 54 109 109
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 212 205 213
Other current liabilities 0 0 0
Total liabilities and equity 374 534 566
Net IB debt 46 64 29
Net IB debt excl. pension debt 46 64 29
Capital invested 346 421 441
Working capital 180 203 228
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1736 2745 2745
Net IB debt Adj 46 64 29
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 2809 2774
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 164,1 164,5 156,6
Capital invested turnover (%) 273,2 265,5 255,4
Capital employed turnover (%) 262,6 250,3 224,6
Inventories / sales (%) 16,9 16,8 17
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,3 20,5 19
Working capital / sales (%) 18,7 18,8 19,6
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 15,4 18,2 7,2
Net debt / market cap (%) 2,7 2,3 1,1
Equity ratio (%) 52,4 52,6 55,6
Net IB debt adj. / equity (%) 15,4 18,2 7,2
Current ratio (%) 188,9 221,4 244,4
EBITDA / net interest (%) 1591,4 10999,4 7440,3
Net IB debt / EBITDA (%) 35,5 46,3 18,8
Interest cover (%) 1406,2 9519 6306,6
SEKm 2018 2019e 2020e
Shares outstanding adj. 10 10 10
Fully diluted shares Adj 10 10 10
EPS 8,27 9,37 10,15
Dividend per share Adj 4 4,6 5,2
EPS Adj 8,27 9,77 10,15
BVPS 29,62 35,28 40,84
BVPS Adj 24,11 29,24 35,03
Net IB debt / share 4,6 6,4 2,9
Share price 171,09 274,5 274,5
Market cap. (m) 1711 2745 2745
Valuation 2018 2019 2020
P/E 21 29,3 27
EV/sales 1,97 2,76 2,52
EV/EBITDA 13,8 20,3 17,8
EV/EBITA 15,6 23,4 21
EV/EBIT 15,6 23,4 21
Dividend yield (%) 2,3 1,7 1,9
FCF yield (%) 2,9 2 2,9
P/BVPS 5,86 7,78 6,72
P/BVPS Adj 7,2 9,39 7,84
P/E Adj 21 28,1 27
EV/EBITDA Adj 13,8 19,7 17,8
EV/EBITA Adj 15,6 22,7 21
EV/EBIT Adj 15,6 22,7 21
EV/cap. employed 5,1 6,1 5,4
Investment ratios 2018 2019 2020
Capex / sales 2,4 2,4 1,8
Capex / depreciation 146 132,9 83,3
Capex tangibles / tangible fixed assets 21,8 16,8 13,6
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 14,9 12,6 16,3

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.

27,0

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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21,0

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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2,5

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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6,7