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Alcadon

Alcadon

SEKm 2019 2020e 2021e
Sales 485 496 536
Sales growth (%) -10,8 2,3 8
EBITDA 41 50 57
EBITDA margin (%) 8,5 10 10,6
EBIT adj 33 40 47
EBIT adj margin (%) 6,7 8 8,8
Pretax profit 25 35 44
EPS rep 1,15 1,66 2,03
EPS growth (%) -46,8 43,9 22,6
EPS adj 1,24 1,66 2,03
DPS 0,5 0 0
EV/EBITDA (x) 10,4 7,8 6,2
EV/EBIT adj (x) 13,1 9,8 7,5
P/E (x) 15,9 10,5 8,6
P/E adj (x) 14,7 10,5 8,6
EV/sales (x) 0,9 0,8 0,7
FCF yield (%) 11 9,1 8,8
Dividend yield (%) 2,7 0 0
Net IB debt/EBITDA 2,9 1,9 1
SEKm 2019 2020e 2021e
Sales 485 496 536
COGS -355 -361 -390
Gross profit 130 135 146
Other operating items -89 -86 -90
EBITDA 41 50 57
Depreciation on tangibles -10 -10 -10
Depreciation on intangibles 0 0 0
EBITA 31 40 47
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 31 40 47
Other financial items 0 0 0
Net financial items -6 -4 -3
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 25 35 44
Tax -6 -7 -10
Net profit 19 28 34
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 19 28 34
EPS 1,15 1,66 2,03
EPS Adj 1,24 1,66 2,03
Total extraordinary items after tax -1,5 0 0
Tax rate (%) -22,1 -20,4 -22
Gross margin (%) 26,8 27,3 27,3
EBITDA margin (%) 8,5 10 10,6
EBITA margin (%) 6,4 8 8,8
EBIT margin (%) 6,4 8 8,8
Pretax margin (%) 5,1 7,1 8,2
Net margin (%) 4 5,6 6,4
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -10,8 2,3 8
EBITDA growth (%) -29,2 20,8 14,5
EBIT growth (%) -45,6 27,5 19,3
Net profit growth (%) -46,4 43,9 22,6
EPS growth (%) -46,8 43,9 22,6
Profitability 2019 2020 2021
ROE (%) 9,7 12,7 13,7
ROE Adj (%) 10,4 12,7 13,7
ROCE (%) 9,1 11,1 12,2
ROCE Adj(%) 9,5 11,1 12,2
ROIC (%) 7,6 9,7 11,3
ROIC Adj (%) 7,9 9,7 11,3
Adj earnings numbers 2019 2020 2021
EBITDA Adj 43 50 57
EBITDA Adj margin (%) 8,8 10 10,6
EBITA Adj 33 40 47
EBITA Adj margin (%) 6,7 8 8,8
EBIT Adj 33 40 47
EBIT Adj margin (%) 6,7 8 8,8
Pretax profit Adj 26 35 44
Net profit Adj 21 28 34
Net profit to shareholders Adj 21 28 34
Net Adj margin (%) 4,3 5,6 6,4
SEKm 2019 2020e 2021e
Inventories 75 83 90
Receivables 40 44 48
Other current assets 9 9 10
Cash and liquid assets 18 44 78
Total assets 451 487 530
Shareholders equity 207 232 266
Minority 0 0 0
Total equity 207 232 266
Long-term debt 137 137 137
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 53 58 63
Other current liabilities 54 60 64
Total liabilities and equity 416 454 451
Net IB debt 119 93 59
Net IB debt excl. pension debt 119 93 59
Capital invested 326 325 325
Working capital 18 19 21
EV breakdown 2019 2020 2021
Market cap. diluted (m) 308 293 293
Net IB debt Adj 119 93 59
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 427 387 352
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 107,3 105,9 105,4
Capital invested turnover (%) 151,9 152,4 164,8
Capital employed turnover (%) 141,8 139,2 138,8
Inventories / sales (%) 15,7 16 16,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,1 11,1 11,2
Working capital / sales (%) 3,9 3,7 3,8
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 57,7 40,2 22
Net debt / market cap (%) 29,1 31,8 20
Equity ratio (%) 45,9 47,7 50,2
Net IB debt adj. / equity (%) 57,7 40,2 22
Current ratio (%) 133,1 153,6 178,3
EBITDA / net interest (%) 673,8 1110,9 1724,9
Net IB debt / EBITDA (%) 290,3 188,1 103,1
Interest cover (%) 508,2 884,8 1432
EBITDA 41 50 57
Net financial items -6 -4 -3
Paid tax -6 -7 -10
Non-cash items 0 0 0
Cash flow before change in WC 30 38 44
Change in WC 3 -2 -2
Operating cash flow 36 28 27
CAPEX tangible fixed assets -2 -1 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 34 27 26
Dividend paid -8 -8 0
Share issues and buybacks 0 0 0
Other non cash items -22 2 4
Decrease in net IB debt -1 26 35
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 289 289 289
Indefinite intangible assets 1 1 1
Definite intangible assets 0 0 0
Tangible fixed assets 18 16 14
Other fixed assets 0 0 0
Fixed assets 308 306 304
SEKm 2019 2020e 2021e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 1,15 1,66 2,03
Dividend per share Adj 0,5 0 0
EPS Adj 1,24 1,66 2,03
BVPS 12,27 13,77 15,8
BVPS Adj -4,89 -3,39 -1,36
Net IB debt / share 7,1 5,5 3,5
Share price 24,3 17,4 17,4
Market cap. (m) 410 293 293
Valuation 2019 2020 2021
P/E 15,9 10,5 8,6
EV/sales 0,88 0,78 0,66
EV/EBITDA 10,4 7,8 6,2
EV/EBITA 13,8 9,8 7,5
EV/EBIT 13,8 9,8 7,5
Dividend yield (%) 2,7 0 0
FCF yield (%) 11 9,1 8,8
P/BVPS 1,49 1,26 1,1
P/BVPS Adj -3,73 -5,14 -12,83
P/E Adj 14,7 10,5 8,6
EV/EBITDA Adj 10 7,8 6,2
EV/EBITA Adj 13,1 9,8 7,5
EV/EBIT Adj 13,1 9,8 7,5
EV/cap. employed 1,2 1 0,9
Investment ratios 2019 2020 2021
Capex / sales 0,4 0,2 0,2
Capex / depreciation 18,8 8,8 12,8
Capex tangibles / tangible fixed assets 10,4 5,6 8,9
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 55,5 63,4 69,8

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>

8,6

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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7,5

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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0,7

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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1,1