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SEKm 2018 2019e 2020e
Sales 343 310 404
Sales growth (%) 33,7 -9,5 30,2
EBITDA 190 164 196
EBITDA margin (%) 55,5 52,9 48,6
EBIT adj 118 97 129
EBIT adj margin (%) 34,5 31,3 31,9
Pretax profit 28 32 69
EPS rep 0,62 0,76 1,62
EPS growth (%) 111,4 23,1 113,6
EPS adj 0,62 0,76 1,62
DPS 0 0 0
EV/EBITDA (x) 8,1 8,6 6,5
EV/EBIT adj (x) 13 14,6 10
P/E (x) 27,6 25,7 12
P/E adj (x) 27,6 25,7 12
EV/sales (x) 4,5 4,6 3,2
FCF yield (%) 18,5 40,2 28,9
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 5 4,6 3,2
SEKm 2018 2019e 2020e
Sales 343 310 404
COGS 0 0 0
Gross profit 343 310 404
Other operating items -153 -146 -208
EBITDA 190 164 196
Depreciation on tangibles -72 -67 -67
Depreciation on intangibles 0 0 0
EBITA 118 97 129
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 118 97 129
Other financial items 0 0 0
Net financial items -90 -65 -60
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 28 32 69
Tax -7 -6 -14
Net profit 21 26 55
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 21 26 55
EPS 0,62 0,76 1,62
EPS Adj 0,62 0,76 1,62
Total extraordinary items after tax 0 0 0
Tax rate (%) -26,1 -20 -20
Gross margin (%) 100 100 100
EBITDA margin (%) 55,5 52,9 48,6
EBITA margin (%) 34,5 31,3 31,9
EBIT margin (%) 34,5 31,3 31,9
Pretax margin (%) 8,3 10,4 17
Net margin (%) 6,1 8,3 13,6
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 33,7 -9,5 30,2
EBITDA growth (%) 45,8 -13,7 19,5
EBIT growth (%) 220,9 -18 32,9
Net profit growth (%) 111,6 23,1 113,6
EPS growth (%) 111,4 23,1 113,6
Profitability 2018 2019 2020
ROE (%) 2,5 3,1 6,3
ROE Adj (%) 2,5 3,1 6,3
ROCE (%) 6,6 5,7 8,3
ROCE Adj(%) 6,6 5,7 8,3
ROIC (%) 5,8 5,4 7,9
ROIC Adj (%) 5,8 5,4 7,9
Adj earnings numbers 2018 2019 2020
EBITDA Adj 190 164 196
EBITDA Adj margin (%) 55,5 52,9 48,6
EBITA Adj 118 97 129
EBITA Adj margin (%) 34,5 31,3 31,9
EBIT Adj 118 97 129
EBIT Adj margin (%) 34,5 31,3 31,9
Pretax profit Adj 28 32 69
Net profit Adj 21 26 55
Net profit to shareholders Adj 21 26 55
Net Adj margin (%) 6,1 8,3 13,6
SEKm 2018 2019e 2020e
EBITDA 190 164 196
Net financial items -90 -65 -60
Paid tax -7 -6 -14
Non-cash items 0 0 0
Cash flow before change in WC 93 93 122
Change in WC -94 129 1
Operating cash flow 114 282 197
CAPEX tangible fixed assets -7 -16 -6
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 107 266 191
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items -82 -62 -60
Decrease in net IB debt 25 204 131
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1330 1279 1218
Other fixed assets 482 482 469
Fixed assets 1813 1762 1687
Inventories 0 0 0
Receivables 195 66 66
Other current assets 0 0 0
Cash and liquid assets 61 237 332
Total assets 2069 2065 2084
Shareholders equity 824 852 907
Minority 0 0 0
Total equity 824 852 907
Long-term debt 677 650 613
Pension debt 0 0 0
Convertible debt 245 245 245
Deferred tax 0 0 0
Other long-term liabilities 46 46 46
Short-term debt 97 97 97
Accounts payable 0 0 0
Other current liabilities 180 176 176
Total liabilities and equity 2460 2124 2069
Net IB debt 958 754 624
Net IB debt excl. pension debt 958 754 624
Capital invested 1525 1346 1284
Working capital 195 66 66
EV breakdown 2018 2019 2020
Market cap. diluted (m) 577 662 662
Net IB debt Adj 958 754 624
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 1535 1416 1285
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 16,4 15 19,5
Capital invested turnover (%) 22,7 21,6 30,7
Capital employed turnover (%) 19 18,3 25,8
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 43,1 42,1 16,4
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 116,3 88,6 68,8
Net debt / market cap (%) 187,7 115,9 95,8
Equity ratio (%) 39,8 41,2 43,5
Net IB debt adj. / equity (%) 116,3 88,6 68,8
Current ratio (%) 92,4 111,3 145,6
EBITDA / net interest (%) 211,3 253 325,5
Net IB debt / EBITDA (%) 503,2 459,2 317,6
Interest cover (%) 131,3 149,4 213
SEKm 2018 2019e 2020e
Shares outstanding adj. 33 33 33
Fully diluted shares Adj 34 34 34
EPS 0,62 0,76 1,62
Dividend per share Adj 0 0 0
EPS Adj 0,62 0,76 1,62
BVPS 24,69 25,52 27,17
BVPS Adj 24,69 25,52 27,17
Net IB debt / share 28,7 22,6 18,7
Share price 15,3 19,5 19,5
Market cap. (m) 510 651 651
Valuation 2018 2019 2020
P/E 27,6 25,7 12
EV/sales 4,47 4,56 3,18
EV/EBITDA 8,1 8,6 6,5
EV/EBITA 13 14,6 10
EV/EBIT 13 14,6 10
Dividend yield (%) 0 0 0
FCF yield (%) 18,5 40,2 28,9
P/BVPS 0,69 0,76 0,72
P/BVPS Adj 0,69 0,76 0,72
P/E Adj 27,6 25,7 12
EV/EBITDA Adj 8,1 8,6 6,5
EV/EBITA Adj 13 14,6 10
EV/EBIT Adj 13 14,6 10
EV/cap. employed 0,9 0,9 0,8
Investment ratios 2018 2019 2020
Capex / sales 2 5,2 1,5
Capex / depreciation 9,7 23,8 8,9
Capex tangibles / tangible fixed assets 0,5 1,3 0,5
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 5,4 5,3 5,5

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.

12,0

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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9,8

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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3,1

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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