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Alcadon

Alcadon

SEKm 2019 2020e 2021e
Sales 485 508 549
Sales growth (%) -10,8 4,7 8
EBITDA 41 51 59
EBITDA margin (%) 8,5 10,1 10,8
EBIT adj 33 41 47
EBIT adj margin (%) 6,7 8 8,6
Pretax profit 25 36 42
EPS rep 1,15 1,66 1,95
EPS growth (%) -46,8 44,5 17,5
EPS adj 1,24 1,66 1,95
DPS 0,5 0 0
EV/EBITDA (x) 10,6 9,8 7,9
EV/EBIT adj (x) 13,4 12,3 9,9
P/E (x) 15,9 14 11,9
P/E adj (x) 14,7 14 11,9
EV/sales (x) 0,9 1 0,9
FCF yield (%) 11 6,6 8,9
Dividend yield (%) 2,7 0 0
Net IB debt/EBITDA 3,1 2,1 1,3
SEKm 2019 2020e 2021e
Sales 485 508 549
COGS -355 -376 -398
Gross profit 130 132 151
Other operating items -89 -81 -92
EBITDA 41 51 59
Depreciation on tangibles -10 -11 -12
Depreciation on intangibles 0 0 0
EBITA 31 41 47
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 31 41 47
Other financial items 0 0 0
Net financial items -6 -5 -5
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 25 36 42
Tax -6 -8 -9
Net profit 19 28 33
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 19 28 33
EPS 1,15 1,66 1,95
EPS Adj 1,24 1,66 1,95
Total extraordinary items after tax -1,5 0 0
Tax rate (%) -22,1 -22,2 -22
Gross margin (%) 26,8 25,9 27,5
EBITDA margin (%) 8,5 10,1 10,8
EBITA margin (%) 6,4 8 8,6
EBIT margin (%) 6,4 8 8,6
Pretax margin (%) 5,1 7,1 7,7
Net margin (%) 4 5,5 6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -10,8 4,7 8
EBITDA growth (%) -29,2 24,7 15,6
EBIT growth (%) -45,6 30,8 16,4
Net profit growth (%) -46,4 44,5 17,5
EPS growth (%) -46,8 44,5 17,5
Profitability 2019 2020 2021
ROE (%) 9,7 12,8 13,2
ROE Adj (%) 10,4 12,8 13,2
ROCE (%) 9 11,2 12,1
ROCE Adj(%) 9,4 11,2 12,1
ROIC (%) 7,5 9,3 10,8
ROIC Adj (%) 7,8 9,3 10,8
Adj earnings numbers 2019 2020 2021
EBITDA Adj 43 51 59
EBITDA Adj margin (%) 8,8 10,1 10,8
EBITA Adj 33 41 47
EBITA Adj margin (%) 6,7 8 8,6
EBIT Adj 33 41 47
EBIT Adj margin (%) 6,7 8 8,6
Pretax profit Adj 26 36 42
Net profit Adj 21 28 33
Net profit to shareholders Adj 21 28 33
Net Adj margin (%) 4,3 5,5 6
SEKm 2019 2020e 2021e
Inventories 75 73 79
Receivables 40 69 74
Other current assets 9 8 9
Cash and liquid assets 18 33 66
Total assets 451 487 528
Shareholders equity 207 233 265
Minority 0 0 0
Total equity 207 233 265
Long-term debt 127 127 127
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 1 1 1
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 53 66 71
Other current liabilities 46 46 50
Total liabilities and equity 451 487 528
Net IB debt 127 108 75
Net IB debt excl. pension debt 127 108 75
Capital invested 334 341 341
Working capital 26 37 40
EV breakdown 2019 2020 2021
Market cap. diluted (m) 308 393 393
Net IB debt Adj 127 108 75
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 435 500 468
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 107,3 108,5 108,1
Capital invested turnover (%) 149,9 150,5 160,8
Capital employed turnover (%) 140,4 140,3 140,8
Inventories / sales (%) 15,7 14,6 13,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 11,1 11,7 12,5
Working capital / sales (%) 4,8 6,2 7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 61,3 46,3 28,3
Net debt / market cap (%) 31 27,4 19,1
Equity ratio (%) 45,9 47,8 50,2
Net IB debt adj. / equity (%) 61,3 46,3 28,3
Current ratio (%) 133,1 153,6 177,5
EBITDA / net interest (%) 673,8 1134,5 1193,9
Net IB debt / EBITDA (%) 308,6 210 126,9
Interest cover (%) 508,2 897,7 950,7
EBITDA 41 51 59
Net financial items -6 -5 -5
Paid tax -6 -8 -9
Non-cash items 0 0 0
Cash flow before change in WC 30 39 45
Change in WC 6 -12 -8
Operating cash flow 36 27 37
CAPEX tangible fixed assets -2 -1 -2
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 34 26 35
Dividend paid -8 -8 0
Share issues and buybacks 0 0 0
Other non cash items -22 1 -6
Decrease in net IB debt -9 19 32
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 14 11
Other fixed assets 0 0 0
Fixed assets 308 304 302
SEKm 2019 2020e 2021e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 1,15 1,66 1,95
Dividend per share Adj 0,5 0 0
EPS Adj 1,24 1,66 1,95
BVPS 12,27 13,79 15,75
BVPS Adj -4,89 -3,36 -1,41
Net IB debt / share 7,5 6,4 4,5
Share price 24,3 23,3 23,3
Market cap. (m) 410 393 393
Valuation 2019 2020 2021
P/E 15,9 14 11,9
EV/sales 0,9 0,98 0,85
EV/EBITDA 10,6 9,8 7,9
EV/EBITA 14 12,3 9,9
EV/EBIT 14 12,3 9,9
Dividend yield (%) 2,7 0 0
FCF yield (%) 11 6,6 8,9
P/BVPS 1,49 1,69 1,48
P/BVPS Adj -3,73 -6,93 -16,56
P/E Adj 14,7 14 11,9
EV/EBITDA Adj 10,2 9,8 7,9
EV/EBITA Adj 13,4 12,3 9,9
EV/EBIT Adj 13,4 12,3 9,9
EV/cap. employed 1,2 1,3 1,2
Investment ratios 2019 2020 2021
Capex / sales 0,4 0,2 0,4
Capex / depreciation 18,8 8,5 18,2
Capex tangibles / tangible fixed assets 10,4 6,6 19,2
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 76,9 105,4

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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<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>

11,9

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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10,0

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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0,9

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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1,5