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Addtech

SEKm 2018 2019e 2020e
Sales 8022 9768 11194
Sales growth (%) 11,8 21,8 14,6
EBITDA 882 1090 1274
EBITDA margin (%) 11 11,2 11,4
EBIT adj 689 867 1035
EBIT adj margin (%) 8,6 8,9 9,2
Pretax profit 665 826 1002
EPS rep 7,65 9,58 11,66
EPS growth (%) 16,5 25,2 21,8
EPS adj 9,09 11,6 13,84
DPS 4 4,3 4,5
EV/EBITDA (x) 14,4 15,6 13,4
EV/EBIT adj (x) 18,5 19,6 16,5
P/E (x) 22 23,3 19,2
P/E adj (x) 18,5 19,3 16,2
EV/sales (x) 1,6 1,7 1,5
FCF yield (%) 0,2 -0,8 1,6
Dividend yield (%) 2,4 1,9 2
Net IB debt/EBITDA 1,6 1,8 1,5
SEKm 2018 2019e 2020e
Sales 8022 9768 11194
COGS -5522 -6737 -7691
Gross profit 2500 3031 3504
Other operating items -1618 -1941 -2230
EBITDA 882 1090 1274
Depreciation on tangibles -44 -52 -55
Depreciation on intangibles 0 0 0
EBITA 838 1038 1219
Goodwill impairment charges 0 0 0
Other impairment and amortisation -137 -171 -183
EBIT 701 867 1035
Other financial items 0 0 0
Net financial items -36 -41 -34
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 665 826 1002
Tax -139 -170 -205
Net profit 526 656 797
Minority interest -12 -12 -14
Net profit discontinued 0 0 0
Net profit to shareholders 514 643 783
EPS 7,65 9,58 11,66
EPS Adj 9,09 11,6 13,84
Total extraordinary items after tax 11,8 -0,2 -0,2
Tax rate (%) -20,9 -20,6 -20,4
Gross margin (%) 31,2 31 31,3
EBITDA margin (%) 11 11,2 11,4
EBITA margin (%) 10,4 10,6 10,9
EBIT margin (%) 8,7 8,9 9,2
Pretax margin (%) 8,3 8,5 8,9
Net margin (%) 6,6 6,7 7,1
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 11,8 21,8 14,6
EBITDA growth (%) 16,9 23,6 16,8
EBIT growth (%) 16,1 23,7 19,4
Net profit growth (%) 16,9 24,7 21,5
EPS growth (%) 16,5 25,2 21,8
Profitability 2018 2019 2020
ROE (%) 27,2 29 30
ROE Adj (%) 32,3 35,1 35,6
ROCE (%) 22,3 22 22,4
ROCE Adj(%) 26,3 26,3 26,4
ROIC (%) 16 16,1 16,6
ROIC Adj (%) 15,8 16,1 16,6
Adj earnings numbers 2018 2019 2020
EBITDA Adj 870 1090 1274
EBITDA Adj margin (%) 10,8 11,2 11,4
EBITA Adj 826 1038 1219
EBITA Adj margin (%) 10,3 10,6 10,9
EBIT Adj 689 867 1035
EBIT Adj margin (%) 8,6 8,9 9,2
Pretax profit Adj 790 997 1185
Net profit Adj 623 792 943
Net profit to shareholders Adj 611 779 929
Net Adj margin (%) 7,8 8,1 8,4
SEKm 2018 2019e 2020e
EBITDA 882 1090 1274
Net financial items -36 -41 -34
Paid tax -139 -170 -205
Non-cash items 66 0 0
Cash flow before change in WC 773 879 1035
Change in WC -234 -367 -112
Operating cash flow 539 512 923
CAPEX tangible fixed assets -43 -57 -34
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -477 -582 -645
Free cash flow 19 -126 244
Dividend paid -234 -268 -288
Share issues and buybacks 0 0 0
Other non cash items -180 -118 0
Decrease in net IB debt -395 -512 -44
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1456 1735 2006
Indefinite intangible assets 0 0 0
Definite intangible assets 1007 1141 1222
Tangible fixed assets 207 253 341
Other fixed assets 32 43 43
Fixed assets 2702 3171 3612
Inventories 1118 1444 1555
Receivables 1507 1788 2060
Other current assets 0 0 0
Cash and liquid assets 192 370 261
Total assets 5519 6774 7487
Shareholders equity 2079 2361 2856
Minority 52 64 78
Total equity 2131 2426 2934
Long-term debt 1369 2059 1993
Pension debt 229 229 229
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 1426 1667 1937
Other current liabilities 364 394 394
Total liabilities and equity 3805 4515 5519
Net IB debt 1406 1918 1961
Net IB debt excl. pension debt 1177 1689 1732
Capital invested 3869 4694 5247
Working capital 1199 1566 1678
EV breakdown 2018 2019 2020
Market cap. diluted (m) 11286 15012 15012
Net IB debt Adj 1406 1918 1961
Market value of minority 52 64 78
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 12744 16995 17052
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 159,9 158,9 157
Capital invested turnover (%) 232 228,1 225,2
Capital employed turnover (%) 255,1 247,9 242,3
Inventories / sales (%) 12,8 13,1 13,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,8 15,8 16,1
Working capital / sales (%) 13,5 14,2 14,5
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 66 79,1 66,8
Net debt / market cap (%) 12,4 15,2 13,1
Equity ratio (%) 38,6 35,8 39,2
Net IB debt adj. / equity (%) 66 79,1 66,8
Current ratio (%) 157,4 174,8 166,3
EBITDA / net interest (%) 2450,5 2645,4 3792,8
Net IB debt / EBITDA (%) 159,4 175,9 154
Interest cover (%) 2327,8 2518,4 3629,1
SEKm 2018 2019e 2020e
Shares outstanding adj. 67 67 67
Fully diluted shares Adj 67 67 67
EPS 7,65 9,58 11,66
Dividend per share Adj 4 4,3 4,5
EPS Adj 9,09 11,6 13,84
BVPS 31,05 35,22 42,61
BVPS Adj -5,74 -7,68 -5,54
Net IB debt / share 21 28,6 29,3
Share price 169,34 187,65 223,5
Market cap. (m) 11337 12579 14982
Valuation 2018 2019 2020
P/E 22 23,3 19,2
EV/sales 1,59 1,74 1,52
EV/EBITDA 14,4 15,6 13,4
EV/EBITA 15,2 16,4 14
EV/EBIT 18,2 19,6 16,5
Dividend yield (%) 2,4 1,9 2
FCF yield (%) 0,2 -0,8 1,6
P/BVPS 5,41 6,35 5,25
P/BVPS Adj -29,29 -29,12 -40,31
P/E Adj 18,5 19,3 16,2
EV/EBITDA Adj 14,6 15,6 13,4
EV/EBITA Adj 15,4 16,4 14
EV/EBIT Adj 18,5 19,6 16,5
EV/cap. employed 3,6 3,9 3,5
Investment ratios 2018 2019 2020
Capex / sales 0,5 0,6 0,3
Capex / depreciation 97,3 108,6 61,7
Capex tangibles / tangible fixed assets 20,8 22,5 10
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 21,3 20,7 16,1

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.

19,2

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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16,4

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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1,5

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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5,2