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Swedencare

Financials

SEKm 2018 2019e 2020e
Sales 99 131 168
Sales growth (%) 16 32,4 27,8
EBITDA 30 42 54
EBITDA margin (%) 30 31,7 32
EBIT adj 29 40 52
EBIT adj margin (%) 29,7 30,1 30,8
Pretax profit 29 39 52
EPS rep 1,48 1,95 2,57
EPS growth (%) 37,1 31,9 31,6
EPS adj 1,43 1,95 2,57
DPS 0 0 0
EV/EBITDA (x) 23,7 20,1 15,1
EV/EBIT adj (x) 23,9 21,2 15,7
P/E (x) 31 28,7 21,8
P/E adj (x) 32,2 28,7 21,8
EV/sales (x) 7,1 6,4 4,8
FCF yield (%) 1,7 2,9 4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -0,7 -1,1 -1,4
SEKm 2018 2019e 2020e
Sales 99 131 168
COGS -26 -35 -46
Gross profit 74 96 122
Other operating items -44 -54 -68
EBITDA 30 42 54
Depreciation on tangibles -1 -2 -2
Depreciation on intangibles 0 0 0
EBITA 29 40 52
Goodwill impairment charges 0 0 0
Other impairment and amortisation 1 0 0
EBIT 29 40 52
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 29 39 52
Tax -6 -9 -11
Net profit 23 31 40
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 23 31 40
EPS 1,48 1,95 2,57
EPS Adj 1,43 1,95 2,57
Total extraordinary items after tax 0 0 0
Tax rate (%) -19,8 -22 -22
Gross margin (%) 74,2 73,2 72,5
EBITDA margin (%) 30 31,7 32
EBITA margin (%) 28,8 30,1 30,8
EBIT margin (%) 29,7 30,1 30,8
Pretax margin (%) 29,3 30 30,9
Net margin (%) 23,5 23,4 24,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 16 32,4 27,8
EBITDA growth (%) 26,3 40,1 28,9
EBIT growth (%) 34,4 34,4 30,8
Net profit growth (%) 37,1 31,9 31,6
EPS growth (%) 37,1 31,9 31,6
Profitability 2018 2019 2020
ROE (%) 27 27,1 27,9
ROE Adj (%) 26,1 27,1 27,9
ROCE (%) 40,7 48,9 60,2
ROCE Adj(%) 39,5 48,9 60,2
ROIC (%) 32,6 38,2 47
ROIC Adj (%) 32,6 38,2 47
Adj earnings numbers 2018 2019 2020
EBITDA Adj 30 42 54
EBITDA Adj margin (%) 30 31,7 32
EBITA Adj 29 40 52
EBITA Adj margin (%) 28,8 30,1 30,8
EBIT Adj 29 40 52
EBIT Adj margin (%) 29,7 30,1 30,8
Pretax profit Adj 28 39 52
Net profit Adj 22 31 40
Net profit to shareholders Adj 22 31 40
Net Adj margin (%) 22,7 23,4 24,1
SEKm 2018 2019e 2020e
EBITDA 30 42 54
Net financial items 0 0 0
Paid tax -6 -9 -11
Non-cash items 0 0 0
Cash flow before change in WC 24 33 42
Change in WC -3 -6 -6
Operating cash flow 22 27 37
CAPEX tangible fixed assets -9 -1 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 13 25 36
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 0 0 -8
Decrease in net IB debt 12 25 28
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 50 50 50
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 12 11 10
Other fixed assets 1 1 1
Fixed assets 63 62 61
Inventories 10 15 21
Receivables 17 22 25
Other current assets 0 0 0
Cash and liquid assets 28 46 74
Total assets 118 145 181
Shareholders equity 98 129 162
Minority 0 0 0
Total equity 98 129 162
Long-term debt 9 1 1
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 11 15 18
Other current liabilities 0 0 0
Total liabilities and equity 90 100 118
Net IB debt -20 -46 -73
Net IB debt excl. pension debt -20 -46 -73
Capital invested 78 84 88
Working capital 16 22 28
EV breakdown 2018 2019 2020
Market cap. diluted (m) 724 883 883
Net IB debt Adj -20 -46 -73
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 704 838 810
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 91,1 100 103
Capital invested turnover (%) 137 162,4 195,4
Capital employed turnover (%) 137 162,4 195,4
Inventories / sales (%) 9,1 9,3 10,6
Customer advances / sales (%) 0 0 0
Payables / sales (%) 9,7 9,6 9,9
Working capital / sales (%) 14,6 14,5 14,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -20,4 -35,3 -45,4
Net debt / market cap (%) -2,9 -5,2 -8,3
Equity ratio (%) 83,4 89,2 89,2
Net IB debt adj. / equity (%) -20,4 -35,3 -45,4
Current ratio (%) 518,7 562,4 648,9
EBITDA / net interest (%) 8764,3 32627,1 -29934,9
Net IB debt / EBITDA (%) -67,6 -109,3 -136,5
Interest cover (%) 8432,2 31005,7 -28851,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 16 16 16
Fully diluted shares Adj 16 16 16
EPS 1,48 1,95 2,57
Dividend per share Adj 0 0 0
EPS Adj 1,43 1,95 2,57
BVPS 6,23 8,18 10,24
BVPS Adj 3,07 5,02 7,08
Net IB debt / share -1,3 -2,9 -4,6
Share price 43,24 56 56
Market cap. (m) 682 883 883
Valuation 2018 2019 2020
P/E 31 28,7 21,8
EV/sales 7,1 6,38 4,83
EV/EBITDA 23,7 20,1 15,1
EV/EBITA 24,6 21,2 15,7
EV/EBIT 23,9 21,2 15,7
Dividend yield (%) 0 0 0
FCF yield (%) 1,7 2,9 4
P/BVPS 7,37 6,84 5,47
P/BVPS Adj 14,95 11,15 7,91
P/E Adj 32,2 28,7 21,8
EV/EBITDA Adj 23,7 20,1 15,1
EV/EBITA Adj 24,6 21,2 15,7
EV/EBIT Adj 23,9 21,2 15,7
EV/cap. employed 9 10 9,2
Investment ratios 2018 2019 2020
Capex / sales 9,5 1 0,6
Capex / depreciation 834,2 63,5 51,5
Capex tangibles / tangible fixed assets 77,6 11,6 9,6
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 9,3 18,2 18,7

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.

21,8

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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15,8

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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4,9

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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5,5