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Swedencare

Swedencare

SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) -10,4 -11,1 1
Lease adj. ND/EBITDA -1,8 2,2 1,1
Sales 240 781 1191
Sales growth (%) 89,4 225,1 52,4
EBITDA 65 212 326
EBITDA margin (%) 27,1 27,1 27,4
EBIT adj 66 200 305
EBIT adj margin (%) 27,3 25,6 25,6
Pretax profit 59 189 293
EPS rep 0,56 1,32 1,96
EPS growth (%) 47,4 135,4 49
EPS adj 0,62 1,33 1,96
DPS 0,8 0,53 0,78
EV/EBITDA (x) 84,5 75,9 51,3
EV/EBIT adj (x) 84 80,4 54,8
P/E (x) 116,2 105,2 70,6
P/E adj (x) 104,9 103,9 70,6
EV/sales (x) 22,9 20,6 14
FCF yield (%) -10,4 -11,1 1
Dividend yield (%) 1,2 0,4 0,6
Net IB debt/EBITDA -2 2,2 1,1
SEKm 2020 2021e 2022e
Depreciation and amortisation -5 -14 -20
Of which leasing depreciation -2 -6 -6
EO items -5 -2 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 72 208 319
EBITDA lease Adj margin (%) 29,8 26,6 26,8
Sales 240 781 1191
COGS -83 -330 -523
Gross profit 158 451 668
Other operating items -92 -239 -342
EBITDA 65 212 326
Depreciation on tangibles -3 -4 -5
Depreciation on intangibles 0 0 0
EBITA 60 198 305
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 60 198 305
Other financial items 0 0 0
Net financial items -2 -9 -12
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 59 189 293
Tax -10 -41 -62
Net profit 49 148 232
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 49 148 232
EPS 0,56 1,32 1,96
EPS Adj 0,62 1,33 1,96
Total extraordinary items after tax -5,3 -1,9 0
Tax rate (%) -17,3 -21,5 -21
Gross margin (%) 65,6 57,7 56,1
EBITDA margin (%) 27,1 27,1 27,4
EBITA margin (%) 25,1 25,4 25,6
EBIT margin (%) 25,1 25,4 25,6
Pretax margin (%) 24,4 24,2 24,6
Net margin (%) 20,2 19 19,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 89,4 225,1 52,4
EBITDA growth (%) 62,7 224,9 53,7
EBIT growth (%) 63,5 228,1 54,2
Net profit growth (%) 62,2 206 56,1
EPS growth (%) 47,4 135,4 49
Profitability 2020 2021 2022
ROE (%) 9,1 9 9,5
ROE Adj (%) 10,1 9,1 9,5
ROCE (%) 9,9 9,7 9,9
ROCE Adj(%) 10,7 9,8 9,9
ROIC (%) 10,9 8,5 8,4
ROIC Adj (%) 11,9 8,6 8,4
Adj earnings numbers 2020 2021 2022
EBITDA Adj 70 214 326
EBITDA Adj margin (%) 29,3 27,4 27,4
EBITA Adj 66 200 305
EBITA Adj margin (%) 27,3 25,6 25,6
EBIT Adj 66 200 305
EBIT Adj margin (%) 27,3 25,6 25,6
Pretax profit Adj 64 191 293
Net profit Adj 54 150 232
Net profit to shareholders Adj 54 150 232
Net Adj margin (%) 22,4 19,2 19,5
Leasing payments 1 -6 -6
SEKm 2020 2021e 2022e
Lease liability amortisation 1 -6 -6
Other intangible assets 141 155 155
Right-of-use asset 26 32 32
Total other fixed assets 0 0 0
Leasing liability 3 3 3
Total other long-term liabilities 20 26 26
Net IB debt excl. leasing -131 454 354
Net IB debt / EBITDA lease Adj (%) -183,1 218,7 110,8
EBITDA 65 212 326
Net financial items -2 -9 -12
Paid tax -10 -41 -62
Non-cash items 0 0 0
Cash flow before change in WC 53 162 252
Change in WC -21 -13 -62
Operating cash flow 32 149 191
CAPEX tangible fixed assets -1 -11 -22
CAPEX intangible fixed assets 0 -1 0
Acquisitions and disposals -619 -1867 0
Free cash flow -587 -1729 169
Dividend paid -55 -69 -59
Share issues and buybacks 683 1165 0
Other non cash items 10 -6 -44
Decrease in net IB debt 85 -38 65
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 568 1729 1729
Indefinite intangible assets 141 141 141
Definite intangible assets 0 0 0
Tangible fixed assets 15 811 819
Other fixed assets 0 0 0
Fixed assets 750 2727 2735
Inventories 62 86 131
Receivables 49 121 185
Other current assets 5 32 49
Cash and liquid assets 284 176 276
Total assets 1150 3142 3376
Shareholders equity 933 2362 2531
Minority 0 0 0
Total equity 933 2362 2531
Long-term debt 118 630 630
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 20 20 20
Short-term debt 36 0 0
Accounts payable 19 44 67
Other current liabilities 23 78 119
Total liabilities and equity 1150 3142 3376
Net IB debt -128 457 357
Net IB debt excl. pension debt -128 457 357
Capital invested 825 2844 2914
Working capital 74 117 179
EV breakdown 2020 2021 2022
Market cap. diluted (m) 5641 15626 16364
Net IB debt Adj -128 457 357
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 5513 16083 16721
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 37 36,4 36,5
Capital invested turnover (%) 52,6 64 68,7
Capital employed turnover (%) 39,3 50,3 54,4
Inventories / sales (%) 16 9,4 8,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 5,1 2,9 2,3
Working capital / sales (%) 19,7 12,3 12,5
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -13,7 19,3 14,1
Net debt / market cap (%) -5,1 2,9 2,2
Equity ratio (%) 81,1 75,2 75
Net IB debt adj. / equity (%) -13,7 19,3 14,1
Current ratio (%) 508,9 336,7 342,4
EBITDA / net interest (%) 3847,1 2372,1 2714,4
Net IB debt / EBITDA (%) -196,4 215,7 109,6
Interest cover (%) 3561,3 2217,6 2544,4
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) -10,4 -11,1 1
Shares outstanding adj. 87 113 118
Fully diluted shares Adj 87 113 118
EPS 0,56 1,32 1,96
Dividend per share Adj 0,8 0,5 0,8
EPS Adj 0,62 1,33 1,96
BVPS 10,75 20,93 21,42
BVPS Adj 4,21 5,61 6,79
Net IB debt / share -1,5 4 3
Share price 28,77 138,5 138,5
Market cap. (m) 2497 15626 16364
Valuation 2020 2021 2022
P/E 116,2 105,2 70,6
EV/sales 22,94 20,59 14,04
EV/EBITDA 84,5 75,9 51,3
EV/EBITA 91,3 81,2 54,8
EV/EBIT 91,3 81,2 54,8
Dividend yield (%) 1,2 0,4 0,6
FCF yield (%) -10,4 -11,1 1
P/BVPS 6,05 6,62 6,46
P/BVPS Adj 15,45 24,68 20,39
P/E Adj 104,9 103,9 70,6
EV/EBITDA Adj 78,2 75,2 51,3
EV/EBITA Adj 84 80,4 54,8
EV/EBIT Adj 84 80,4 54,8
EV/cap. employed 5,1 5,4 5,3
Investment ratios 2020 2021 2022
Capex / sales 0,4 1,6 1,8
Capex / depreciation 31,6 151,9 156
Capex tangibles / tangible fixed assets 6,4 1,3 2,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,1 1 1,7

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.

70,7

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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54,8

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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14,0

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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6,5