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Alcadon

Alcadon

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Financials

SEKm 2020 2021e 2022e
Sales 468 724 782
Sales growth (%) -3,6 54,8 8
EBITDA 53 89 100
EBITDA margin (%) 11,3 12,2 12,8
EBIT adj 44 77 86
EBIT adj margin (%) 9,3 10,7 11
Pretax profit 38 70 81
EPS rep 1,72 3,01 3,48
EPS growth (%) 49,4 75 15,5
EPS adj 1,75 3,09 3,48
DPS 0 0,9 1
EV/EBITDA (x) 12 9,1 7,5
EV/EBIT adj (x) 14,6 10,4 8,7
P/E (x) 16,8 12,6 10,9
P/E adj (x) 16,5 12,3 10,9
EV/sales (x) 1,4 1,1 1
FCF yield (%) -3,1 0,1 9,7
Dividend yield (%) 0 2,4 2,6
Net IB debt/EBITDA 2,8 1,4 0,8
Lease adj. FCF yield (%) -3,1 0,1 9,7
Lease adj. ND/EBITDA 2,1 1 0,4
SEKm 2020 2021e 2022e
Sales 468 724 782
COGS -333 -521 -561
Gross profit 134 203 221
Other operating items -81 -114 -122
EBITDA 53 89 100
Depreciation on tangibles -10 -14 -15
Depreciation on intangibles 0 0 0
EBITA 43 76 86
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 43 76 86
Other financial items 0 0 0
Net financial items -5 -6 -6
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 38 70 81
Tax -9 -17 -19
Net profit 29 54 62
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 29 54 62
EPS 1,72 3,01 3,48
EPS Adj 1,75 3,09 3,48
Total extraordinary items after tax -0,6 -1,4 0
Tax rate (%) -23,2 -23,5 -23
Gross margin (%) 28,7 28 28,3
EBITDA margin (%) 11,3 12,2 12,8
EBITA margin (%) 9,2 10,5 11
EBIT margin (%) 9,2 10,5 11
Pretax margin (%) 8,1 9,7 10,3
Net margin (%) 6,2 7,4 7,9
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -3,6 54,8 8
EBITDA growth (%) 28,7 67,4 12,7
EBIT growth (%) 38,6 76,8 13,5
Net profit growth (%) 49,4 85,2 15,5
EPS growth (%) 49,4 75 15,5
Profitability 2020 2021 2022
ROE (%) 13,2 19,6 18,4
ROE Adj (%) 13,4 20,1 18,4
ROCE (%) 11,6 17,5 17,2
ROCE Adj(%) 11,8 17,9 17,2
ROIC (%) 9,2 14,1 15,1
ROIC Adj (%) 9,3 14,4 15,1
Adj earnings numbers 2020 2021 2022
EBITDA Adj 54 90 100
EBITDA Adj margin (%) 11,4 12,4 12,8
EBITA Adj 44 77 86
EBITA Adj margin (%) 9,3 10,7 11
EBIT Adj 44 77 86
EBIT Adj margin (%) 9,3 10,7 11
Pretax profit Adj 38 72 81
Net profit Adj 30 55 62
Net profit to shareholders Adj 30 55 62
Net Adj margin (%) 6,3 7,6 7,9
Leasing payments 0 0 0
Depreciation and amortisation -10 -13 -14
Of which leasing depreciation 0 0 0
EO items -1 -1 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 54 90 100
EBITDA lease Adj margin (%) 11,4 12,4 12,8
SEKm 2020 2021e 2022e
Inventories 63 101 109
Receivables 49 80 86
Other current assets 8 12 13
Cash and liquid assets 6 39 89
Total assets 459 599 654
Shareholders equity 234 315 361
Minority 0 0 0
Total equity 234 315 361
Long-term debt 1 128 128
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 115 0 0
Accounts payable 39 61 66
Other current liabilities 32 58 63
Total liabilities and equity 459 599 654
Net IB debt 147 126 76
Net IB debt excl. pension debt 147 126 76
Capital invested 382 441 438
Working capital 48 74 80
EV breakdown 2020 2021 2022
Market cap. diluted (m) 487 676 676
Net IB debt Adj 147 126 76
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 634 802 752
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 102,9 136,9 124,8
Capital invested turnover (%) 130,6 173,3 169,9
Capital employed turnover (%) 126,8 164,5 149,4
Inventories / sales (%) 14,8 11,2 13,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 9,8 6,9 8,1
Working capital / sales (%) 7,9 8,4 9,8
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 62,8 40 21,1
Net debt / market cap (%) 40,4 18,6 11,3
Equity ratio (%) 51 52,5 55,1
Net IB debt adj. / equity (%) 62,8 40 21,1
Current ratio (%) 64,6 183,6 218,8
EBITDA / net interest (%) 1009,5 1536,7 1762,2
Net IB debt / EBITDA (%) 277,5 142,1 76,2
Interest cover (%) 819,8 1318 1522
EBITDA 53 89 100
Net financial items -5 -6 -6
Paid tax -9 -17 -19
Non-cash items 0 0 0
Cash flow before change in WC 39 66 76
Change in WC -20 -21 -6
Operating cash flow 19 45 70
CAPEX tangible fixed assets -29 -4 -4
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -5 -41 0
Free cash flow -15 1 66
Dividend paid 0 0 -16
Share issues and buybacks 0 0 0
Other non cash items 8 -5 -5
Decrease in net IB debt -20 -12 48
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 289 332 332
Indefinite intangible assets 1 1 1
Definite intangible assets 0 0 0
Tangible fixed assets 41 32 23
Other fixed assets 2 2 2
Fixed assets 333 367 358
Lease liability amortisation 0 0 0
Other intangible assets 1 1 1
Right-of-use asset 0 0 0
Total other fixed assets 2 2 2
Leasing liability 37 37 37
Total other long-term liabilities 1 1 1
Net IB debt excl. leasing 110 89 39
Net IB debt / EBITDA lease Adj (%) 205,8 99,1 39,5
SEKm 2020 2021e 2022e
Shares outstanding adj. 17 18 18
Fully diluted shares Adj 17 18 18
EPS 1,72 3,01 3,48
Dividend per share Adj 0 0,9 1
EPS Adj 1,75 3,09 3,48
BVPS 13,87 17,64 20,22
BVPS Adj -3,28 -0,97 1,61
Net IB debt / share 8,7 7,1 4,3
Share price 21,57 37,9 37,9
Market cap. (m) 364 676 676
Valuation 2020 2021 2022
P/E 16,8 12,6 10,9
EV/sales 1,36 1,11 0,96
EV/EBITDA 12 9,1 7,5
EV/EBITA 14,8 10,6 8,7
EV/EBIT 14,8 10,6 8,7
Dividend yield (%) 0 2,4 2,6
FCF yield (%) -3,1 0,1 9,7
P/BVPS 2,08 2,15 1,87
P/BVPS Adj -8,81 -39,25 23,54
P/E Adj 16,5 12,3 10,9
EV/EBITDA Adj 11,9 8,9 7,5
EV/EBITA Adj 14,6 10,4 8,7
EV/EBIT Adj 14,6 10,4 8,7
EV/cap. employed 1,6 1,7 1,4
Investment ratios 2020 2021 2022
Capex / sales 6,1 0,5 0,5
Capex / depreciation 287,2 30,7 28,7
Capex tangibles / tangible fixed assets 69,5 12 17,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 24,2 38,9 60
Lease adj. FCF yield (%) -3,1 0,1 9,7

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.

10,9

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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8,8

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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1,0

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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1,9