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Alcadon

SEKm 2018 2019e 2020e
Sales 544 573 622
Sales growth (%) -6,2 5,4 8,5
EBITDA 58 62 72
EBITDA margin (%) 10,7 10,8 11,5
EBIT adj 58 61 70
EBIT adj margin (%) 10,6 10,6 11,3
Pretax profit 47 56 66
EPS rep 2,14 2,57 3,04
EPS growth (%) -27,3 20,3 18,1
EPS adj 2,19 2,57 3,04
DPS 0,5 0,8 1
EV/EBITDA (x) 10,7 9,3 7,5
EV/EBIT adj (x) 10,8 9,5 7,7
P/E (x) 14 11,3 9,5
P/E adj (x) 13,7 11,3 9,5
EV/sales (x) 1,1 1 0,9
FCF yield (%) -0,7 8,3 9,9
Dividend yield (%) 1,7 2,8 3,4
Net IB debt/EBITDA 2 1,4 0,7
SEKm 2018 2019e 2020e
Sales 544 573 622
COGS -394 -414 -451
Gross profit 151 159 171
Other operating items -92 -97 -100
EBITDA 58 62 72
Depreciation on tangibles -1 -1 -1
Depreciation on intangibles 0 0 0
EBITA 57 61 70
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 57 61 70
Other financial items 0 0 0
Net financial items -10 -5 -4
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 47 56 66
Tax -11 -12 -15
Net profit 36 44 52
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 36 44 52
EPS 2,14 2,57 3,04
EPS Adj 2,19 2,57 3,04
Total extraordinary items after tax -0,9 0 0
Tax rate (%) -22,8 -22 -22
Gross margin (%) 27,7 27,8 27,5
EBITDA margin (%) 10,7 10,8 11,5
EBITA margin (%) 10,5 10,6 11,3
EBIT margin (%) 10,5 10,6 11,3
Pretax margin (%) 8,6 9,8 10,6
Net margin (%) 6,7 7,6 8,3
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -6,2 5,4 8,5
EBITDA growth (%) -19,7 6,5 15,5
EBIT growth (%) -20,3 6,4 15,7
Net profit growth (%) -25,3 20,3 18,1
EPS growth (%) -27,3 20,3 18,1
Profitability 2018 2019 2020
ROE (%) 21,4 20,6 20,7
ROE Adj (%) 21,9 20,6 20,7
ROCE (%) 20,2 19,3 22,1
ROCE Adj(%) 20,5 19,3 22,1
ROIC (%) 15,6 15,1 17,3
ROIC Adj (%) 15,9 15,1 17,3
Adj earnings numbers 2018 2019 2020
EBITDA Adj 59 62 72
EBITDA Adj margin (%) 10,9 10,8 11,5
EBITA Adj 58 61 70
EBITA Adj margin (%) 10,6 10,6 11,3
EBIT Adj 58 61 70
EBIT Adj margin (%) 10,6 10,6 11,3
Pretax profit Adj 48 56 66
Net profit Adj 37 44 52
Net profit to shareholders Adj 37 44 52
Net Adj margin (%) 6,8 7,6 8,3
SEKm 2018 2019e 2020e
Inventories 77 84 88
Receivables 57 56 63
Other current assets 0 0 0
Cash and liquid assets 28 41 53
Total assets 454 473 496
Shareholders equity 195 230 268
Minority 0 0 0
Total equity 195 230 268
Long-term debt 146 127 104
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 114 116 124
Other current liabilities 0 0 0
Total liabilities and equity 252 416 454
Net IB debt 118 86 50
Net IB debt excl. pension debt 118 86 50
Capital invested 313 315 318
Working capital 21 24 27
EV breakdown 2018 2019 2020
Market cap. diluted (m) 506 489 489
Net IB debt Adj 118 86 50
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 624 575 539
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 125,1 123,6 128,4
Capital invested turnover (%) 193,1 182,6 196,5
Capital employed turnover (%) 192,8 182,4 196,2
Inventories / sales (%) 12,5 14 13,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 21,5 20 19,3
Working capital / sales (%) 4,2 3,9 4,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 60,8 37,4 18,8
Net debt / market cap (%) 16,7 17,6 10,3
Equity ratio (%) 42,9 48,6 54
Net IB debt adj. / equity (%) 60,8 37,4 18,8
Current ratio (%) 142,5 156 164,1
EBITDA / net interest (%) 581,6 1314,6 1755,6
Net IB debt / EBITDA (%) 203,4 138,7 70,5
Interest cover (%) 570,2 1287,8 1722
EBITDA 58 62 72
Net financial items -10 -5 -4
Paid tax -11 -12 -15
Non-cash items 0 0 0
Cash flow before change in WC 37 45 53
Change in WC 4 -3 -3
Operating cash flow 43 42 50
CAPEX tangible fixed assets -1 -1 -1
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -45 0 0
Free cash flow -4 41 49
Dividend paid -8 -8 -13
Share issues and buybacks 0 0 0
Other non cash items 0 0 0
Decrease in net IB debt -11 32 35
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 290 290 289
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 2 2 2
Other fixed assets 0 0 0
Fixed assets 292 292 292
SEKm 2018 2019e 2020e
Shares outstanding adj. 17 17 17
Fully diluted shares Adj 17 17 17
EPS 2,14 2,57 3,04
Dividend per share Adj 0,5 0,8 1
EPS Adj 2,19 2,57 3,04
BVPS 11,54 13,63 15,89
BVPS Adj -5,65 -3,55 -1,28
Net IB debt / share 7 5,1 3
Share price 42,12 29 29
Market cap. (m) 710 489 489
Valuation 2018 2019 2020
P/E 14 11,3 9,5
EV/sales 1,15 1 0,87
EV/EBITDA 10,7 9,3 7,5
EV/EBITA 10,9 9,5 7,7
EV/EBIT 10,9 9,5 7,7
Dividend yield (%) 1,7 2,8 3,4
FCF yield (%) -0,7 8,3 9,9
P/BVPS 2,6 2,13 1,83
P/BVPS Adj -5,31 -8,18 -22,7
P/E Adj 13,7 11,3 9,5
EV/EBITDA Adj 10,6 9,3 7,5
EV/EBITA Adj 10,8 9,5 7,7
EV/EBIT Adj 10,8 9,5 7,7
EV/cap. employed 2 1,8 1,7
Investment ratios 2018 2019 2020
Capex / sales 0,2 0,2 0,2
Capex / depreciation 78,9 79,4 81,8
Capex tangibles / tangible fixed assets 45 51,7 59,8
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 57 65,1 73,1

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.

9,5

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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7,8

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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0,9

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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1,8