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Addtech

Addtech

SEKm 2021 2022e 2023e
Sales 13228 13986 14585
Sales growth (%) 16,7 5,7 4,3
EBITDA 1895 1930 2028
EBITDA margin (%) 14,3 13,8 13,9
EBIT adj 1346 1343 1416
EBIT adj margin (%) 10,2 9,6 9,7
Pretax profit 1282 1283 1360
EPS rep 3,62 3,64 3,86
EPS growth (%) 37,9 0,6 6,1
EPS adj 4,47 4,49 4,73
DPS 1,1 1,3 1,3
EV/EBITDA (x) 26,6 25,8 24,1
EV/EBIT adj (x) 37,5 37 34,6
P/E (x) 48,7 48,4 45,6
P/E adj (x) 39,4 39,2 37,2
EV/sales (x) 3,8 3,6 3,4
FCF yield (%) 1,1 2,7 2,9
Dividend yield (%) 0,6 0,7 0,7
Net IB debt/EBITDA 1,6 1,2 0,7
Lease adj. FCF yield (%) 1,1 2,7 2,9
Lease adj. ND/EBITDA 1,2 0,9 0,4
SEKm 2021 2022e 2023e
Sales 13228 13986 14585
COGS -9103 -9636 -10050
Gross profit 4125 4351 4535
Other operating items -2229 -2420 -2506
EBITDA 1895 1930 2028
Depreciation on tangibles -227 -210 -210
Depreciation on intangibles 0 0 0
EBITA 1624 1635 1716
Goodwill impairment charges 0 0 0
Other impairment and amortisation -258 -229 -232
EBIT 1340 1343 1416
Other financial items 0 0 0
Net financial items -58 -60 -56
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 1282 1283 1360
Tax -277 -276 -292
Net profit 1005 1007 1067
Minority interest -31 -28 -28
Net profit discontinued 0 0 0
Net profit to shareholders 974 979 1039
EPS 3,62 3,64 3,86
EPS Adj 4,47 4,49 4,73
Total extraordinary items after tax -6,2 -0,2 -0,2
Tax rate (%) -21,6 -21,5 -21,5
Gross margin (%) 31,2 31,1 31,1
EBITDA margin (%) 14,3 13,8 13,9
EBITA margin (%) 12,3 11,7 11,8
EBIT margin (%) 10,1 9,6 9,7
Pretax margin (%) 9,7 9,2 9,3
Net margin (%) 7,6 7,2 7,3
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 16,7 5,7 4,3
EBITDA growth (%) 28,2 1,8 5,1
EBIT growth (%) 35,5 0,3 5,4
Net profit growth (%) 37,8 0,2 6
EPS growth (%) 37,9 0,6 6,1
Profitability 2021 2022 2023
ROE (%) 27,7 23,7 21,9
ROE Adj (%) 34,2 29,3 26,9
ROCE (%) 18,7 17,7 17,2
ROCE Adj(%) 22,8 21,5 20,9
ROIC (%) 14,7 14,6 15,7
ROIC Adj (%) 14,8 14,6 15,7
Adj earnings numbers 2021 2022 2023
EBITDA Adj 1901 1930 2028
EBITDA Adj margin (%) 14,4 13,8 13,9
EBITA Adj 1630 1635 1716
EBITA Adj margin (%) 12,3 11,7 11,8
EBIT Adj 1346 1343 1416
EBIT Adj margin (%) 10,2 9,6 9,7
Pretax profit Adj 1572 1575 1660
Net profit Adj 1234 1237 1303
Net profit to shareholders Adj 1203 1209 1275
Net Adj margin (%) 9,3 8,8 8,9
Leasing payments 0 0 0
Depreciation and amortisation -272 -295 -313
Of which leasing depreciation 0 0 0
EO items -6 0 0
Impairment and PPA amortisation -284 -292 -300
EBITDA lease Adj 1901 1930 2028
EBITDA lease Adj margin (%) 14,4 13,8 13,9
SEKm 2021 2022e 2023e
EBITDA 1895 1930 2028
Net financial items -58 -60 -56
Paid tax -277 -276 -292
Non-cash items 6 0 0
Cash flow before change in WC 1567 1595 1680
Change in WC -298 -180 -142
Operating cash flow 1268 1414 1537
CAPEX tangible fixed assets -106 -112 -117
CAPEX intangible fixed assets -26 -28 -29
Acquisitions and disposals -592 0 0
Free cash flow 544 1274 1392
Dividend paid -402 -403 -427
Share issues and buybacks 0 0 0
Other non cash items -24 -156 -156
Decrease in net IB debt -765 1066 921
Balance Sheet (SEKm) 2021 2022 2023
Goodwill 3008 3008 3008
Indefinite intangible assets 0 0 0
Definite intangible assets 1642 1331 1019
Tangible fixed assets 294 390 486
Other fixed assets 61 61 61
Fixed assets 5577 5286 4975
Inventories 1825 1930 2013
Receivables 2513 2657 2771
Other current assets 0 0 0
Cash and liquid assets 406 1122 1930
Total assets 10322 10995 11689
Shareholders equity 3822 4426 5067
Minority 58 58 58
Total equity 3880 4484 5125
Long-term debt 1470 1470 1470
Pension debt 332 332 332
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 976 976 976
Accounts payable 1191 1259 1313
Other current liabilities 1433 1433 1433
Total liabilities and equity 10322 10995 11689
Net IB debt 3016 2300 1492
Net IB debt excl. pension debt 2684 1968 1160
Capital invested 7293 7182 7013
Working capital 1715 1896 2038
EV breakdown 2021 2022 2023
Market cap. diluted (m) 47397 47397 47397
Net IB debt Adj 3016 2300 1492
Market value of minority 58 58 58
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 50471 49756 48947
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 131,4 131,2 128,6
Capital invested turnover (%) 187,1 190,3 204,9
Capital employed turnover (%) 174,4 163,7 155,2
Inventories / sales (%) 15,1 14,3 13,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,5 17,9 17,9
Working capital / sales (%) 11,8 12,9 13,5
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 77,7 51,3 29,1
Net debt / market cap (%) 7,1 4,9 3,2
Equity ratio (%) 37,6 40,8 43,8
Net IB debt adj. / equity (%) 77,7 51,3 29,1
Current ratio (%) 125,3 148,1 171,8
EBITDA / net interest (%) 3269,7 3226,8 3622
Net IB debt / EBITDA (%) 159,1 119,2 73,5
Interest cover (%) 2799,4 2725,3 3063,9
Lease liability amortisation 0 0 0
Other intangible assets 1511 1247 977
Right-of-use asset 704 580 445
Total other fixed assets 60 60 60
Leasing liability 644 644 644
Total other long-term liabilities 397 397 397
Net IB debt excl. leasing 2372 1656 848
Net IB debt / EBITDA lease Adj (%) 124,7 85,8 41,8
SEKm 2021 2022e 2023e
Shares outstanding adj. 269 269 269
Fully diluted shares Adj 269 269 269
EPS 3,62 3,64 3,86
Dividend per share Adj 1,1 1,3 1,3
EPS Adj 4,47 4,49 4,73
BVPS 14,23 16,48 18,86
BVPS Adj -2,6 0,64 4,03
Net IB debt / share 11,2 8,6 5,6
Share price 158,42 176 176
Market cap. (m) 42549 47273 47273
Valuation 2021 2022 2023
P/E 48,7 48,4 45,6
EV/sales 3,82 3,56 3,36
EV/EBITDA 26,6 25,8 24,1
EV/EBITA 31,1 30,4 28,5
EV/EBIT 37,7 37 34,6
Dividend yield (%) 0,6 0,7 0,7
FCF yield (%) 1,1 2,7 2,9
P/BVPS 12,37 10,68 9,33
P/BVPS Adj -67,77 276,73 43,69
P/E Adj 39,4 39,2 37,2
EV/EBITDA Adj 26,5 25,8 24,1
EV/EBITA Adj 31 30,4 28,5
EV/EBIT Adj 37,5 37 34,6
EV/cap. employed 6,9 6,3 5,7
Investment ratios 2021 2022 2023
Capex / sales 1 1 1
Capex / depreciation 48,7 47,3 46,7
Capex tangibles / tangible fixed assets 36 28,7 24
Capex intangibles / definite intangibles 1,8 2,2 3
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 92,5 75,7 64,3
Lease adj. FCF yield (%) 1,1 2,7 2,9

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.

45,6

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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34,5

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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9,3