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THQ Nordic

SEKm 2018 2019e 2020e
Sales 5754 5055 5680
Sales growth (%) 1033,8 -12,1 12,4
EBITDA 1593 1400 1634
EBITDA margin (%) 27,7 27,7 28,8
EBIT adj 575 632 782
EBIT adj margin (%) 10 12,5 13,8
Pretax profit 545 614 764
EPS rep 4,22 5,09 6,34
EPS growth (%) 140,3 20,7 24,5
EPS adj 4,22 9,08 10,33
DPS 0 0 0
EV/EBITDA (x) 7,3 14,2 11,9
EV/EBIT adj (x) 20,1 31,4 24,8
P/E (x) 34,2 44,6 35,8
P/E adj (x) 34,2 25 22
EV/sales (x) 2 3,9 3,4
FCF yield (%) -8,8 -2,3 2,1
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,4 -1,2 -1,3
SEKm 2018 2019e 2020e
Sales 5754 5055 5680
COGS -3261 -2834 -3145
Gross profit 2493 2222 2535
Other operating items -901 -821 -901
EBITDA 1593 1400 1634
Depreciation on tangibles 0 0 0
Depreciation on intangibles -1018 -393 -477
EBITA 575 1007 1158
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 -375 -375
EBIT 575 632 782
Other financial items 0 0 0
Net financial items -29 -18 -18
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 545 614 764
Tax -149 -135 -168
Net profit 397 479 596
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 397 479 596
EPS 4,22 5,09 6,34
EPS Adj 4,22 9,08 10,33
Total extraordinary items after tax 0 0 0
Tax rate (%) -27,2 -22 -22
Gross margin (%) 43,3 43,9 44,6
EBITDA margin (%) 27,7 27,7 28,8
EBITA margin (%) 10 19,9 20,4
EBIT margin (%) 10 12,5 13,8
Pretax margin (%) 9,5 12,1 13,4
Net margin (%) 6,9 9,5 10,5
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 1033,8 -12,1 12,4
EBITDA growth (%) 484,2 -12,1 16,7
EBIT growth (%) 205,3 10 23,8
Net profit growth (%) 185,1 20,7 24,5
EPS growth (%) 140,3 20,7 24,5
Profitability 2018 2019 2020
ROE (%) 11,7 8 9,2
ROE Adj (%) 11,7 14,3 15
ROCE (%) 14,8 9,2 10,6
ROCE Adj(%) 14,8 14,7 15,6
ROIC (%) 21 12,3 13,4
ROIC Adj (%) 21 12,3 13,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1593 1400 1634
EBITDA Adj margin (%) 27,7 27,7 28,8
EBITA Adj 575 1007 1158
EBITA Adj margin (%) 10 19,9 20,4
EBIT Adj 575 632 782
EBIT Adj margin (%) 10 12,5 13,8
Pretax profit Adj 545 989 1139
Net profit Adj 397 854 971
Net profit to shareholders Adj 397 854 971
Net Adj margin (%) 6,9 16,9 17,1
SEKm 2018 2019e 2020e
EBITDA 1593 1400 1634
Net financial items -29 -18 -18
Paid tax -149 -135 -168
Non-cash items -321 0 0
Cash flow before change in WC 1094 1247 1448
Change in WC 263 -773 47
Operating cash flow 1356 474 1494
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -2547 -976 -1056
Acquisitions and disposals 0 0 0
Free cash flow -1190 -502 438
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 2809 0 0
Decrease in net IB debt 1619 -502 438
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 3707 3915 4119
Tangible fixed assets 156 156 156
Other fixed assets 196 196 196
Fixed assets 4059 4266 4470
Inventories 0 0 0
Receivables 1620 1767 1562
Other current assets 0 0 0
Cash and liquid assets 2929 2427 2866
Total assets 8608 8461 8898
Shareholders equity 5713 6191 6787
Minority 0 0 0
Total equity 5713 6191 6787
Long-term debt 918 918 918
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 1977 1352 1193
Other current liabilities 0 0 0
Total liabilities and equity 465 1329 8608
Net IB debt -2207 -1706 -2144
Net IB debt excl. pension debt -2207 -1706 -2144
Capital invested 3505 4486 4643
Working capital -357 416 369
EV breakdown 2018 2019 2020
Market cap. diluted (m) 13574 21357 21357
Net IB debt Adj -2011 -1509 -1948
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 11563 19847 19409
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 115,8 59,2 65,4
Capital invested turnover (%) 288,4 126,5 124,4
Capital employed turnover (%) 148,6 73,6 76,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 19 32,9 22,4
Working capital / sales (%) -3,9 0,6 6,9
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -38,6 -27,5 -31,6
Net debt / market cap (%) -14,3 -8 -10
Equity ratio (%) 66,4 73,2 76,3
Net IB debt adj. / equity (%) -35,2 -24,4 -28,7
Current ratio (%) 230,1 310,4 371,2
EBITDA / net interest (%) 5448,7 7683,5 8900,6
Net IB debt / EBITDA (%) -138,6 -121,8 -131,2
Interest cover (%) 1965,7 5526,3 6304,3
SEKm 2018 2019e 2020e
Shares outstanding adj. 94 94 94
Fully diluted shares Adj 94 94 94
EPS 4,22 5,09 6,34
Dividend per share Adj 0 0 0
EPS Adj 4,22 9,08 10,33
BVPS 60,77 65,87 72,21
BVPS Adj 21,34 24,22 28,39
Net IB debt / share -23,5 -18,1 -22,8
Share price 164,63 227,2 227,2
Market cap. (m) 15475 21357 21357
Valuation 2018 2019 2020
P/E 34,2 44,6 35,8
EV/sales 2,01 3,93 3,42
EV/EBITDA 7,3 14,2 11,9
EV/EBITA 20,1 19,7 16,8
EV/EBIT 20,1 31,4 24,8
Dividend yield (%) 0 0 0
FCF yield (%) -8,8 -2,3 2,1
P/BVPS 2,38 3,45 3,15
P/BVPS Adj 6,77 9,38 8
P/E Adj 34,2 25 22
EV/EBITDA Adj 7,3 14,2 11,9
EV/EBITA Adj 20,1 19,7 16,8
EV/EBIT Adj 20,1 31,4 24,8
EV/cap. employed 1,7 2,8 2,5
Investment ratios 2018 2019 2020
Capex / sales 44,3 19,3 18,6
Capex / depreciation 250,1 248,2 221,5
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 68,7 24,9 25,6
Depreciation on intangibles / definite intangibles 27,5 10 11,6
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.

35,8

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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24,6

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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3,4

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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