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Swedencare

Swedencare

SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) -10,4 -9,9 1
Lease adj. ND/EBITDA 0,2 -0,3 1
Sales 240 813 1178
Sales growth (%) 89,4 238,3 45
EBITDA 65 222 328
EBITDA margin (%) 27,1 27,4 27,8
EBIT adj 66 210 307
EBIT adj margin (%) 27,3 25,9 26,1
Pretax profit 59 200 295
EPS rep 0,56 1,39 1,98
EPS growth (%) 47,4 148 42,5
EPS adj 0,62 1,4 1,98
DPS 0,8 0,55 0,79
EV/EBITDA (x) 84,5 79 55,6
EV/EBIT adj (x) 84 83,4 59,3
P/E (x) 116,2 109,3 76,7
P/E adj (x) 104,9 108 76,7
EV/sales (x) 22,9 21,6 15,5
FCF yield (%) -10,4 -9,8 1
Dividend yield (%) 1,2 0,4 0,5
Net IB debt/EBITDA -2 1,9 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 -548 -1601 328
EBITDA lease Adj margin (%) -228,1 -197 27,8
Sales 240 813 1178
COGS -83 -349 -516
Gross profit 158 464 662
Other operating items -92 -242 -334
EBITDA 65 222 328
Depreciation on tangibles -3 -4 -5
Depreciation on intangibles 0 0 0
EBITA 60 209 307
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 60 209 307
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 59 200 295
Tax -10 -43 -62
Net profit 49 157 233
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 49 157 233
EPS 0,56 1,39 1,98
EPS Adj 0,62 1,4 1,98
Total extraordinary items after tax -5,3 -1,9 0
Tax rate (%) -17,3 -21,5 -21
Gross margin (%) 65,6 57,1 56,2
EBITDA margin (%) 27,1 27,4 27,8
EBITA margin (%) 25,1 25,7 26,1
EBIT margin (%) 25,1 25,7 26,1
Pretax margin (%) 24,4 24,6 25,1
Net margin (%) 20,2 19,3 19,8
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 89,4 238,3 45
EBITDA growth (%) 62,7 241 47,4
EBIT growth (%) 63,5 245,5 47,3
Net profit growth (%) 62,2 223,1 48,8
EPS growth (%) 47,4 148 42,5
Profitability 2020 2021 2022
ROE (%) 9,1 9,5 9,6
ROE Adj (%) 10,1 9,7 9,6
ROCE (%) 9,9 10,2 10
ROCE Adj(%) 10,7 10,3 10
ROIC (%) 10,9 9 8,5
ROIC Adj (%) 11,9 9,1 8,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 70 224 328
EBITDA Adj margin (%) 29,3 27,6 27,8
EBITA Adj 66 210 307
EBITA Adj margin (%) 27,3 25,9 26,1
EBIT Adj 66 210 307
EBIT Adj margin (%) 27,3 25,9 26,1
Pretax profit Adj 64 202 295
Net profit Adj 54 159 233
Net profit to shareholders Adj 54 159 233
Net Adj margin (%) 22,4 19,5 19,8
Leasing payments -619 -1826 0
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 -131 426 321
Net IB debt / EBITDA lease Adj (%) 23,9 -26,6 97,9
EBITDA 65 222 328
Net financial items -2 -9 -12
Paid tax -10 -43 -62
Non-cash items 0 0 0
Cash flow before change in WC 53 171 254
Change in WC -21 -18 -55
Operating cash flow 32 153 199
CAPEX tangible fixed assets -1 -11 -22
CAPEX intangible fixed assets 0 -1 0
Acquisitions and disposals -619 -1826 0
Free cash flow -587 -1685 177
Dividend paid -55 -69 -63
Share issues and buybacks 683 1148 0
Other non cash items 10 -9 -39
Decrease in net IB debt 85 -38 65
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 568 1708 1708
Indefinite intangible assets 141 141 141
Definite intangible assets 0 0 0
Tangible fixed assets 15 791 799
Other fixed assets 0 0 0
Fixed assets 750 2686 2694
Inventories 62 89 130
Receivables 49 126 183
Other current assets 5 33 48
Cash and liquid assets 284 204 309
Total assets 1150 3139 3364
Shareholders equity 933 2353 2521
Minority 0 0 0
Total equity 933 2353 2521
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 45 66
Other current liabilities 23 81 118
Total liabilities and equity 1150 3139 3364
Net IB debt -128 429 324
Net IB debt excl. pension debt -128 429 324
Capital invested 825 2808 2871
Working capital 74 122 177
EV breakdown 2020 2021 2022
Market cap. diluted (m) 5641 17128 17883
Net IB debt Adj -128 429 324
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 17557 18207
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 37 37,9 36,2
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 12,1 12,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -13,7 18,2 12,8
Net debt / market cap (%) -5,1 2,5 1,8
Equity ratio (%) 81,1 75 75
Net IB debt adj. / equity (%) -13,7 18,2 12,8
Current ratio (%) 508,9 353,1 361,7
EBITDA / net interest (%) 3847,1 2489,7 2730,5
Net IB debt / EBITDA (%) -196,4 193 98,9
Interest cover (%) 3561,3 2335,1 2560,5
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) -10,4 -9,9 1
Shares outstanding adj. 87 113 118
Fully diluted shares Adj 87 113 118
EPS 0,56 1,39 1,98
Dividend per share Adj 0,8 0,6 0,8
EPS Adj 0,62 1,4 1,98
BVPS 10,75 20,82 21,36
BVPS Adj 4,21 5,71 6,89
Net IB debt / share -1,5 3,8 2,7
Share price 28,77 151,5 151,5
Market cap. (m) 2497 17128 17883
Valuation 2020 2021 2022
P/E 116,2 109,3 76,7
EV/sales 22,94 21,6 15,45
EV/EBITDA 84,5 79 55,6
EV/EBITA 91,3 84,2 59,3
EV/EBIT 91,3 84,2 59,3
Dividend yield (%) 1,2 0,4 0,5
FCF yield (%) -10,4 -9,8 1
P/BVPS 6,05 7,28 7,09
P/BVPS Adj 15,45 26,54 21,99
P/E Adj 104,9 108 76,7
EV/EBITDA Adj 78,2 78,3 55,6
EV/EBITA Adj 84 83,4 59,3
EV/EBIT Adj 84 83,4 59,3
EV/cap. employed 5,1 5,9 5,8
Investment ratios 2020 2021 2022
Capex / sales 0,4 1,5 1,8
Capex / depreciation 31,6 154,9 155,1
Capex tangibles / tangible fixed assets 6,4 1,4 2,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20,1 1 1,8

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.

76,5

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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59,3

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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15,5

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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7,1