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Addtech

SEKm 2018 2019e 2020e
Sales 10148 11728 12549
Sales growth (%) 26,5 15,6 7
EBITDA 1139 1541 1576
EBITDA margin (%) 11,2 13,1 12,6
EBIT adj 910 1135 1143
EBIT adj margin (%) 9 9,7 9,1
Pretax profit 865 1081 1097
EPS rep 9,81 12,46 12,57
EPS growth (%) 28,2 27 0,9
EPS adj 11,84 14,77 15,09
DPS 5 5 4,7
EV/EBITDA (x) 11,1 12,8 12,2
EV/EBIT adj (x) 13,9 17,4 16,8
P/E (x) 16,1 21,4 21,2
P/E adj (x) 13,4 18,1 17,7
EV/sales (x) 1,2 1,7 1,5
FCF yield (%) -1,9 0,8 2,6
Dividend yield (%) 3,2 1,9 1,8
Net IB debt/EBITDA 1,7 1,1 0,7
SEKm 2018 2019e 2020e
Sales 10148 11728 12549
COGS -7025 -8092 -8652
Gross profit 3123 3636 3896
Other operating items -1984 -2095 -2321
EBITDA 1139 1541 1576
Depreciation on tangibles -54 -57 -65
Depreciation on intangibles 0 0 0
EBITA 1085 1332 1359
Goodwill impairment charges 0 0 0
Other impairment and amortisation -175 -197 -216
EBIT 910 1135 1143
Other financial items 0 0 0
Net financial items -45 -53 -46
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 865 1081 1097
Tax -193 -231 -237
Net profit 672 850 859
Minority interest -13 -13 -15
Net profit discontinued 0 0 0
Net profit to shareholders 659 837 844
EPS 9,81 12,46 12,57
EPS Adj 11,84 14,77 15,09
Total extraordinary items after tax -0,2 -0,2 -0,2
Tax rate (%) -22,3 -21,4 -21,6
Gross margin (%) 30,8 31 31
EBITDA margin (%) 11,2 13,1 12,6
EBITA margin (%) 10,7 11,4 10,8
EBIT margin (%) 9 9,7 9,1
Pretax margin (%) 8,5 9,2 8,7
Net margin (%) 6,6 7,3 6,8
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 26,5 15,6 7
EBITDA growth (%) 29,1 35,2 2,3
EBIT growth (%) 29,8 24,6 0,7
Net profit growth (%) 27,8 26,5 1,1
EPS growth (%) 28,2 27 0,9
Profitability 2018 2019 2020
ROE (%) 29,1 30,9 26,3
ROE Adj (%) 35,1 36,7 31,6
ROCE (%) 21,4 20,2 16,6
ROCE Adj(%) 25,5 23,7 19,8
ROIC (%) 16,1 18 18
ROIC Adj (%) 16,1 18 18
Adj earnings numbers 2018 2019 2020
EBITDA Adj 1139 1541 1576
EBITDA Adj margin (%) 11,2 13,1 12,6
EBITA Adj 1085 1332 1359
EBITA Adj margin (%) 10,7 11,4 10,8
EBIT Adj 910 1135 1143
EBIT Adj margin (%) 9 9,7 9,1
Pretax profit Adj 1040 1278 1312
Net profit Adj 808 1005 1029
Net profit to shareholders Adj 795 992 1014
Net Adj margin (%) 8 8,6 8,2
SEKm 2018 2019e 2020e
EBITDA 1139 1541 1576
Net financial items -45 -53 -46
Paid tax -193 -231 -237
Non-cash items 49 -631 0
Cash flow before change in WC 950 626 1292
Change in WC -426 286 -266
Operating cash flow 524 911 1026
CAPEX tangible fixed assets -80 -104 -100
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -645 -661 -462
Free cash flow -201 146 464
Dividend paid -268 -335 -335
Share issues and buybacks -15 0 0
Other non cash items -119 590 462
Decrease in net IB debt -555 259 591
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 1767 1809 1849
Indefinite intangible assets 0 0 0
Definite intangible assets 1186 1024 840
Tangible fixed assets 270 240 204
Other fixed assets 45 45 45
Fixed assets 3268 3668 3335
Inventories 1417 1251 1355
Receivables 2065 2143 2547
Other current assets 0 0 0
Cash and liquid assets 295 1747 2602
Total assets 7045 8808 9839
Shareholders equity 2455 2957 3466
Minority 65 78 93
Total equity 2520 3035 3559
Long-term debt 2027 2670 2934
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 1857 2054 2296
Other current liabilities 412 270 270
Total liabilities and equity 4515 5519 7045
Net IB debt 1961 1702 1111
Net IB debt excl. pension debt 1732 1473 882
Capital invested 4893 5007 4941
Working capital 1625 1339 1606
EV breakdown 2018 2019 2020
Market cap. diluted (m) 10629 17939 17939
Net IB debt Adj 1961 1702 1111
Market value of minority 65 78 93
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 12655 19720 19144
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 161,5 148 134,6
Capital invested turnover (%) 230,8 236,9 252,3
Capital employed turnover (%) 238,6 208,3 182,4
Inventories / sales (%) 12,5 11,4 10,4
Customer advances / sales (%) 0 0 0
Payables / sales (%) 16,2 16,7 17,3
Working capital / sales (%) 13,9 12,6 11,7
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 77,8 56,1 31,2
Net debt / market cap (%) 15,7 9,5 6,2
Equity ratio (%) 35,8 34,5 36,2
Net IB debt adj. / equity (%) 77,8 56,1 31,2
Current ratio (%) 166,5 208,5 240,1
EBITDA / net interest (%) 2531,6 2905,1 3417
Net IB debt / EBITDA (%) 172,1 110,5 70,5
Interest cover (%) 2411,6 2510,6 2946,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 67 67 67
Fully diluted shares Adj 67 67 67
EPS 9,81 12,46 12,57
Dividend per share Adj 5 5 4,7
EPS Adj 11,84 14,77 15,09
BVPS 36,62 44,1 51,7
BVPS Adj -7,43 1,85 11,6
Net IB debt / share 29,2 25,4 16,6
Share price 186,82 267 267
Market cap. (m) 12526 17902 17902
Valuation 2018 2019 2020
P/E 16,1 21,4 21,2
EV/sales 1,25 1,68 1,53
EV/EBITDA 11,1 12,8 12,2
EV/EBITA 11,7 14,8 14,1
EV/EBIT 13,9 17,4 16,8
Dividend yield (%) 3,2 1,9 1,8
FCF yield (%) -1,9 0,8 2,6
P/BVPS 4,32 6,05 5,16
P/BVPS Adj -21,3 144,28 23,02
P/E Adj 13,4 18,1 17,7
EV/EBITDA Adj 11,1 12,8 12,2
EV/EBITA Adj 11,7 14,8 14,1
EV/EBIT Adj 13,9 17,4 16,8
EV/cap. employed 2,6 3 2,6
Investment ratios 2018 2019 2020
Capex / sales 0,8 0,9 0,8
Capex / depreciation 148,1 181,7 154,4
Capex tangibles / tangible fixed assets 29,6 43,3 49,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 20 23,9 31,9

Key Figure Counter

<p><span>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.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>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.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

21,2

EV/EBIT

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<p>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&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>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.</span></p>

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16,6

EV/Sales

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<p><span>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&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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1,5

P/BVPS

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<div class="inner"> <p>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.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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5,2