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THQ Nordic

SEKm 2018 2019e 2020e
Sales 5624 5390 5670
Sales growth (%) 1008 -4,2 5,2
EBITDA 1319 1486 1700
EBITDA margin (%) 23,5 27,6 30
EBIT adj 560 704 878
EBIT adj margin (%) 10 13,1 15,5
Pretax profit 535 680 854
EPS rep 4,51 5,79 7,27
EPS growth (%) 156,5 28,6 25,5
EPS adj 4,51 5,79 7,27
DPS 0 0 0
EV/EBITDA (x) 14,6 12,8 11
EV/EBIT adj (x) 34,5 27,1 21,3
P/E (x) 45,5 35,3 28,2
P/E adj (x) 45,5 35,3 28,2
EV/sales (x) 3,4 3,5 3,3
FCF yield (%) -8,8 1,5 1,6
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 0,3 0,1 -0,1
SEKm 2018 2019e 2020e
Sales 5624 5390 5670
COGS -3411 -3088 -3143
Gross profit 2212 2302 2527
Other operating items -893 -816 -827
EBITDA 1319 1486 1700
Depreciation on tangibles 0 0 0
Depreciation on intangibles -759 -782 -822
EBITA 560 704 878
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 560 704 878
Other financial items 0 0 0
Net financial items -25 -24 -24
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 535 680 854
Tax -122 -150 -188
Net profit 413 531 666
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 413 531 666
EPS 4,51 5,79 7,27
EPS Adj 4,51 5,79 7,27
Total extraordinary items after tax 0 0 0
Tax rate (%) -22,9 -22 -22
Gross margin (%) 39,3 42,7 44,6
EBITDA margin (%) 23,5 27,6 30
EBITA margin (%) 10 13,1 15,5
EBIT margin (%) 10 13,1 15,5
Pretax margin (%) 9,5 12,6 15,1
Net margin (%) 7,3 9,8 11,7
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 1008 -4,2 5,2
EBITDA growth (%) 383,9 12,6 14,4
EBIT growth (%) 197,7 25,6 24,7
Net profit growth (%) 196,4 28,6 25,5
EPS growth (%) 156,5 28,6 25,5
Profitability 2018 2019 2020
ROE (%) 17,6 13,6 14,8
ROE Adj (%) 17,6 13,6 14,8
ROCE (%) 25,1 17,1 19,9
ROCE Adj(%) 25,1 17,1 19,9
ROIC (%) 19,4 13,4 15,5
ROIC Adj (%) 19,4 13,4 15,5
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1319 1486 1700
EBITDA Adj margin (%) 23,5 27,6 30
EBITA Adj 560 704 878
EBITA Adj margin (%) 10 13,1 15,5
EBIT Adj 560 704 878
EBIT Adj margin (%) 10 13,1 15,5
Pretax profit Adj 535 680 854
Net profit Adj 413 531 666
Net profit to shareholders Adj 413 531 666
Net Adj margin (%) 7,3 9,8 11,7
SEKm 2018 2019e 2020e
EBITDA 1319 1486 1700
Net financial items -25 -24 -24
Paid tax -122 -150 -188
Non-cash items -117 0 0
Cash flow before change in WC 1055 1313 1488
Change in WC -515 64 -12
Operating cash flow 540 1377 1476
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -2193 -1097 -1167
Acquisitions and disposals 0 0 0
Free cash flow -1652 280 309
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 705 0 0
Decrease in net IB debt -948 280 309
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 3410 3724 4069
Tangible fixed assets 152 152 152
Other fixed assets 211 211 211
Fixed assets 3772 4087 4432
Inventories 0 0 0
Receivables 1950 1514 1559
Other current assets 0 0 0
Cash and liquid assets 616 895 1205
Total assets 6338 6496 7195
Shareholders equity 3622 4153 4819
Minority 0 0 0
Total equity 3622 4153 4819
Long-term debt 1186 1186 1186
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 1530 1158 1191
Other current liabilities 0 0 0
Total liabilities and equity 465 1329 6338
Net IB debt 359 79 -230
Net IB debt excl. pension debt 359 79 -230
Capital invested 3981 4232 4589
Working capital 420 356 369
EV breakdown 2018 2019 2020
Market cap. diluted (m) 18753 18753 18753
Net IB debt Adj 570 290 -19
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 19323 19043 18734
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 146,7 84 82,8
Capital invested turnover (%) 251,8 131,2 128,5
Capital employed turnover (%) 251,8 131,2 128,5
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 15,5 24,9 20,7
Working capital / sales (%) 2,9 7,2 6,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 9,9 1,9 -4,8
Net debt / market cap (%) 2,4 0,4 -1,2
Equity ratio (%) 57,2 63,9 67
Net IB debt adj. / equity (%) 15,7 7 -0,4
Current ratio (%) 167,7 208,1 232,1
EBITDA / net interest (%) 5203,6 6313,4 7168,4
Net IB debt / EBITDA (%) 27,2 5,3 -13,5
Interest cover (%) 2210 2990,1 3701,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 92 92 92
Fully diluted shares Adj 92 92 92
EPS 4,51 5,79 7,27
Dividend per share Adj 0 0 0
EPS Adj 4,51 5,79 7,27
BVPS 39,56 45,35 52,63
BVPS Adj 2,32 4,68 8,19
Net IB debt / share 3,9 0,9 -2,5
Share price 164,63 204,8 204,8
Market cap. (m) 15075 18753 18753
Valuation 2018 2019 2020
P/E 45,5 35,3 28,2
EV/sales 3,44 3,53 3,3
EV/EBITDA 14,6 12,8 11
EV/EBITA 34,5 27,1 21,3
EV/EBIT 34,5 27,1 21,3
Dividend yield (%) 0 0 0
FCF yield (%) -8,8 1,5 1,6
P/BVPS 5,18 4,52 3,89
P/BVPS Adj 88,15 43,76 25
P/E Adj 45,5 35,3 28,2
EV/EBITDA Adj 14,6 12,8 11
EV/EBITA Adj 34,5 27,1 21,3
EV/EBIT Adj 34,5 27,1 21,3
EV/cap. employed 4,9 4,5 4,1
Investment ratios 2018 2019 2020
Capex / sales 39 20,4 20,6
Capex / depreciation 288,9 140,2 141,9
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 64,3 29,5 28,7
Depreciation on intangibles / definite intangibles 22,3 21 20,2
Depreciation on tangibles / tangibles 0 0 0

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.

28,2

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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21,2

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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3,3

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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