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Alcadon

Alcadon

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Financials

SEKm 2020 2021e 2022e
Sales 474 751 826
Sales growth (%) -2,2 58,3 10
EBITDA 53 89 98
EBITDA margin (%) 11,1 11,8 11,9
EBIT adj 43 75 83
EBIT adj margin (%) 9,1 9,9 10
Pretax profit 38 68 76
EPS rep 1,71 2,96 3,28
EPS growth (%) 48,6 72,9 10,9
EPS adj 1,75 2,96 3,28
DPS 0,5 0,8 0,9
EV/EBITDA (x) 13,5 8,3 7,1
EV/EBIT adj (x) 16,5 9,9 8,4
P/E (x) 19,7 11,4 10,2
P/E adj (x) 19,3 11,4 10,2
EV/sales (x) 1,5 1 0,8
FCF yield (%) -4,3 0,1 10,9
Dividend yield (%) 1,5 2,4 2,7
Net IB debt/EBITDA 2,7 1,6 1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 474 751 826
COGS -340 -548 -603
Gross profit 134 203 223
Other operating items -82 -114 -125
EBITDA 53 89 98
Depreciation on tangibles -10 -14 -15
Depreciation on intangibles 0 0 0
EBITA 43 75 83
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 43 75 83
Other financial items 0 0 0
Net financial items -5 -6 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 38 68 76
Tax -9 -16 -17
Net profit 29 53 58
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 29 53 58
EPS 1,71 2,96 3,28
EPS Adj 1,75 2,96 3,28
Total extraordinary items after tax -0,6 0 0
Tax rate (%) -23,2 -23 -23
Gross margin (%) 28,3 27 27
EBITDA margin (%) 11,1 11,8 11,9
EBITA margin (%) 9 9,9 10
EBIT margin (%) 9 9,9 10
Pretax margin (%) 7,9 9,1 9,2
Net margin (%) 6,1 7 7,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -2,2 58,3 10
EBITDA growth (%) 27,9 69,3 10,2
EBIT growth (%) 37,3 75,3 11,1
Net profit growth (%) 48,6 83 10,9
EPS growth (%) 48,6 72,9 10,9
Profitability 2020 2021 2022
ROE (%) 13,1 19,6 17,9
ROE Adj (%) 13,4 19,6 17,9
ROCE (%) 11,3 16,2 15
ROCE Adj(%) 11,5 16,2 15
ROIC (%) 9,2 14 14,3
ROIC Adj (%) 9,3 14 14,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 53 89 98
EBITDA Adj margin (%) 11,2 11,8 11,9
EBITA Adj 43 75 83
EBITA Adj margin (%) 9,1 9,9 10
EBIT Adj 43 75 83
EBIT Adj margin (%) 9,1 9,9 10
Pretax profit Adj 38 68 76
Net profit Adj 29 53 58
Net profit to shareholders Adj 29 53 58
Net Adj margin (%) 6,2 7 7,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Inventories 76 113 124
Receivables 71 90 99
Other current assets 8 12 13
Cash and liquid assets 24 74 139
Total assets 505 689 773
Shareholders equity 234 305 349
Minority 0 0 0
Total equity 234 305 349
Long-term debt 114 178 201
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 19 0 0
Accounts payable 65 102 113
Other current liabilities 39 68 74
Total liabilities and equity 505 689 773
Net IB debt 144 138 96
Net IB debt excl. pension debt 144 138 96
Capital invested 378 444 446
Working capital 51 45 49
EV breakdown 2020 2021 2022
Market cap. diluted (m) 566 599 599
Net IB debt Adj 144 138 96
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 710 738 695
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 99,3 125,8 113,1
Capital invested turnover (%) 133,1 182,6 185,5
Capital employed turnover (%) 126,1 163,4 149,8
Inventories / sales (%) 16 12,6 14,3
Customer advances / sales (%) 0 0 0
Payables / sales (%) 12,4 11,1 13
Working capital / sales (%) 8,1 6,4 5,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 61,6 45,4 27,5
Net debt / market cap (%) 39,6 23,1 16
Equity ratio (%) 46,2 44,3 45,2
Net IB debt adj. / equity (%) 61,6 45,4 27,5
Current ratio (%) 137,4 163,1 193,3
EBITDA / net interest (%) 1048,3 1454,8 1417,3
Net IB debt / EBITDA (%) 273,7 155,5 97,8
Interest cover (%) 848,8 1219,4 1197,7
EBITDA 53 89 98
Net financial items -5 -6 -7
Paid tax -9 -16 -17
Non-cash items 0 0 0
Cash flow before change in WC 39 67 74
Change in WC -29 -13 -4
Operating cash flow 9 55 69
CAPEX tangible fixed assets -28 -4 -4
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -5 -50 0
Free cash flow -24 1 65
Dividend paid 0 -8 -14
Share issues and buybacks 0 0 0
Other non cash items 14 -16 -15
Decrease in net IB debt -17 5 42
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 289 364 364
Indefinite intangible assets 1 1 1
Definite intangible assets 0 0 0
Tangible fixed assets 37 34 31
Other fixed assets 0 0 0
Fixed assets 327 400 397
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 17 18 18
Fully diluted shares Adj 17 18 18
EPS 1,71 2,96 3,28
Dividend per share Adj 0,5 0,8 0,9
EPS Adj 1,75 2,96 3,28
BVPS 13,86 17,11 19,59
BVPS Adj -3,29 -3,31 -0,83
Net IB debt / share 8,5 7,8 5,4
Share price 21,57 33,6 33,6
Market cap. (m) 364 599 599
Valuation 2020 2021 2022
P/E 19,7 11,4 10,2
EV/sales 1,5 0,98 0,84
EV/EBITDA 13,5 8,3 7,1
EV/EBITA 16,7 9,9 8,4
EV/EBIT 16,7 9,9 8,4
Dividend yield (%) 1,5 2,4 2,7
FCF yield (%) -4,3 0,1 10,9
P/BVPS 2,42 1,96 1,72
P/BVPS Adj -10,21 -10,16 -40,61
P/E Adj 19,3 11,4 10,2
EV/EBITDA Adj 13,4 8,3 7,1
EV/EBITA Adj 16,5 9,9 8,4
EV/EBIT Adj 16,5 9,9 8,4
EV/cap. employed 1,8 1,4 1,2
Investment ratios 2020 2021 2022
Capex / sales 6 0,5 0,5
Capex / depreciation 283,4 26,1 27,2
Capex tangibles / tangible fixed assets 77,2 11 13,2
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 27,2 42,3 48,6
N/A N/A N/A

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.

10,2

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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8,4

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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0,8

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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1,7