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StrongPoint

StrongPoint

NOKm 2020 2021e 2022e
Sales 1244 1195 1310
Sales growth (%) 11,9 -3,9 9,6
EBITDA 158 103 123
EBITDA margin (%) 12,7 8,6 9,4
EBIT adj 103 73 92
EBIT adj margin (%) 8,2 6,1 7
Pretax profit 76 64 81
EPS rep 1,27 1,15 1,43
EPS growth (%) 76,2 -8,9 23,9
EPS adj 0,94 1,3 1,57
DPS 0,65 0,8 0,9
EV/EBITDA (x) 5,7 16,4 13,7
EV/EBIT adj (x) 8,8 23,2 18,2
P/E (x) 15,4 32,2 26
P/E adj (x) 20,7 28,5 23,7
EV/sales (x) 0,7 1,4 1,3
FCF yield (%) 8 1,5 2,7
Dividend yield (%) 3,3 2,2 2,4
Net IB debt/EBITDA 0,2 0,4 0,2
Lease adj. FCF yield (%) 8 1,5 2,7
Lease adj. ND/EBITDA 0,2 0,3 0,2
NOKm 2020 2021e 2022e
Sales 1244 1195 1310
COGS -654 -647 -709
Gross profit 590 549 602
Other operating items -432 -446 -479
EBITDA 158 103 123
Depreciation on tangibles -39 -36 -30
Depreciation on intangibles 0 0 0
EBITA 101 73 92
Goodwill impairment charges 0 0 0
Other impairment and amortisation -14 -10 -9
EBIT 88 65 84
Other financial items 1 43 0
Net financial items -13 -1 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 76 64 81
Tax -19 -12 -18
Net profit 56 51 63
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 56 51 63
EPS 1,27 1,15 1,43
EPS Adj 0,94 1,3 1,57
Total extraordinary items after tax -14,5 -8,1 -8,1
Tax rate (%) -25,6 -19,4 -22
Gross margin (%) 47,4 45,9 45,9
EBITDA margin (%) 12,7 8,6 9,4
EBITA margin (%) 8,1 6,1 7
EBIT margin (%) 7,1 5,4 6,4
Pretax margin (%) 6,1 5,3 6,2
Net margin (%) 4,5 4,3 4,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 11,9 -3,9 9,6
EBITDA growth (%) 60,8 -34,8 19,1
EBIT growth (%) 94,4 -26,7 29,9
Net profit growth (%) 76,5 -8,9 23,9
EPS growth (%) 76,2 -8,9 23,9
Profitability 2020 2021 2022
ROE (%) 17,8 13,9 16,6
ROE Adj (%) 26,4 18,3 20,8
ROCE (%) 18,1 14,5 18,5
ROCE Adj(%) 24,1 18 22
ROIC (%) 16,8 12,7 15,5
ROIC Adj (%) 19,6 14,3 17
Adj earnings numbers 2020 2021 2022
EBITDA Adj 172 111 131
EBITDA Adj margin (%) 13,9 9,3 10
EBITA Adj 115 81 100
EBITA Adj margin (%) 9,2 6,8 7,6
EBIT Adj 103 73 92
EBIT Adj margin (%) 8,2 6,1 7
Pretax profit Adj 102 80 97
Net profit Adj 83 67 80
Net profit to shareholders Adj 83 67 80
Net Adj margin (%) 6,7 5,6 6,1
Depreciation and amortisation -57 -30 -31
Of which leasing depreciation 0 0 0
EO items -14 -8 -8
Impairment and PPA amortisation -12 -8 -8
EBITDA lease Adj 172 111 131
EBITDA lease Adj margin (%) 13,9 9,3 10
Leasing payments 0 0 0
NOKm 2020 2021e 2022e
EBITDA 158 103 123
Net financial items -13 -1 -3
Paid tax -19 -12 -18
Non-cash items 0 0 0
Cash flow before change in WC 126 89 102
Change in WC -49 -54 -49
Operating cash flow 77 36 53
CAPEX tangible fixed assets -8 -8 -8
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 -3 0
Free cash flow 69 25 45
Dividend paid -27 -29 -36
Share issues and buybacks 1 2 0
Other non cash items 11 4 0
Decrease in net IB debt -48 64 22
Balance Sheet (NOKm) 2020 2021 2022
Goodwill 152 142 142
Indefinite intangible assets 47 43 34
Definite intangible assets 0 0 0
Tangible fixed assets 92 75 71
Other fixed assets 7 2 2
Fixed assets 322 288 276
Inventories 145 150 162
Receivables 217 222 244
Other current assets 27 35 39
Cash and liquid assets 75 35 44
Total assets 786 731 764
Shareholders equity 366 368 396
Minority 0 0 0
Total equity 366 368 396
Long-term debt 67 66 66
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 4 5 5
Short-term debt 42 7 7
Accounts payable 83 68 74
Other current liabilities 220 215 215
Total liabilities and equity 786 731 766
Net IB debt 34 38 29
Net IB debt excl. pension debt 34 38 29
Capital invested 408 413 431
Working capital 86 125 155
EV breakdown 2020 2021 2022
Market cap. diluted (m) 865 1651 1651
Net IB debt Adj 34 38 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 899 1688 1679
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 168,6 157,6 175,3
Capital invested turnover (%) 312,7 293,8 280,2
Capital employed turnover (%) 295,3 251,3 222,5
Inventories / sales (%) 12 13,1 14,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 6,8 8,5 11
Working capital / sales (%) 6,1 8,8 10,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 9,3 10,2 7,2
Net debt / market cap (%) 5,2 2,3 1,7
Equity ratio (%) 46,6 50,4 51,8
Net IB debt adj. / equity (%) 9,3 10,2 7,2
Current ratio (%) 134,4 153,1 165,2
EBITDA / net interest (%) 3936,7 3886,9 4630,2
Net IB debt / EBITDA (%) 21,6 36,6 23,3
Interest cover (%) 2505,8 2746,5 3476,5
Lease liability amortisation 0 0 0
Other intangible assets 42 31 23
Right-of-use asset 0 0 0
Total other fixed assets 37 39 39
Leasing liability 0 0 0
Total other long-term liabilities 8 8 8
Net IB debt excl. leasing 34 38 29
Net IB debt / EBITDA lease Adj (%) 19,8 34 21,8
NOKm 2020 2021e 2022e
Shares outstanding adj. 44 44 44
Fully diluted shares Adj 44 44 44
EPS 1,27 1,15 1,43
Dividend per share Adj 0,7 0,8 0,9
EPS Adj 0,94 1,3 1,57
BVPS 8,25 8,3 8,93
BVPS Adj 4,83 5,09 5,72
Net IB debt / share 0,8 0,8 0,6
Share price 14,9 37,2 37,2
Market cap. (m) 661 1651 1651
Valuation 2020 2021 2022
P/E 15,4 32,2 26
EV/sales 0,72 1,41 1,28
EV/EBITDA 5,7 16,4 13,7
EV/EBITA 8,9 23,2 18,2
EV/EBIT 10,2 26,1 20
Dividend yield (%) 3,3 2,2 2,4
FCF yield (%) 8 1,5 2,7
P/BVPS 2,36 4,48 4,17
P/BVPS Adj 4,03 7,31 6,5
P/E Adj 20,7 28,5 23,7
EV/EBITDA Adj 5,2 15,2 12,8
EV/EBITA Adj 7,8 20,9 16,8
EV/EBIT Adj 8,8 23,2 18,2
EV/cap. employed 1,9 3,8 3,6
Investment ratios 2020 2021 2022
Capex / sales 0,6 0,6 0,6
Capex / depreciation 13,7 24,9 27
Capex tangibles / tangible fixed assets 8,6 10 11,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 62,6 40,2 43,2
Lease adj. FCF yield (%) 8 1,5 2,7

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.

26,0

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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19,8

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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1,3

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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4,1