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Arise

Arise

SEKm 2020 2021e 2022e
Sales 130 255 949
Sales growth (%) -71,4 95,8 272,9
EBITDA 33 136 645
EBITDA margin (%) 25,7 53,6 67,9
EBIT adj -5 72 578
EBIT adj margin (%) -3,5 28,3 60,9
Pretax profit -108 36 558
EPS rep -3,08 0,78 12,03
EPS growth (%) 56,2 125,2 1449,2
EPS adj -3,08 0,78 12,03
DPS 0 0 0
EV/EBITDA (x) 58,2 14,4 2,3
EV/EBIT adj (x) -423,7 27,3 2,6
P/E (x) -13,1 50 3,2
P/E adj (x) -13,1 50 3,2
EV/sales (x) 14,9 7,7 1,6
FCF yield (%) -3,1 1,5 32
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 15,8 3,8 0,1
Lease adj. FCF yield (%) -3,5 0,8 31,3
Lease adj. ND/EBITDA 8,1 3,4 0
SEKm 2020 2021e 2022e
Leasing payments -8 -9 -12
Sales 130 255 949
COGS 0 0 0
Gross profit 130 255 949
Other operating items -97 -118 -304
EBITDA 33 136 645
Depreciation on tangibles -62 -60 -54
Depreciation on intangibles 0 0 0
EBITA -37 68 578
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -37 68 578
Other financial items 0 0 0
Net financial items -72 -32 -20
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -108 36 558
Tax 0 -7 -112
Net profit -108 29 446
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -108 29 446
EPS -3,08 0,78 12,03
EPS Adj -3,08 0,78 12,03
Total extraordinary items after tax -32 -4 0
Tax rate (%) 0 -20,5 -20
Gross margin (%) 100 100 100
EBITDA margin (%) 25,7 53,6 67,9
EBITA margin (%) -28,1 26,7 60,9
EBIT margin (%) -28,1 26,7 60,9
Pretax margin (%) -83,5 14,1 58,8
Net margin (%) -83,5 11,2 47
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -71,4 95,8 272,9
EBITDA growth (%) 159,1 308,4 372,6
EBIT growth (%) 72,2 285,7 750,7
Net profit growth (%) 53,7 126,4 1460,5
EPS growth (%) 56,2 125,2 1449,2
Profitability 2020 2021 2022
ROE (%) -15,5 4 46,7
ROE Adj (%) -10,9 4,5 46,7
ROCE (%) -2,4 5 36,6
ROCE Adj(%) -0,3 5,3 36,6
ROIC (%) -2,9 4,2 35,8
ROIC Adj (%) -0,4 4,5 35,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 65 140 645
EBITDA Adj margin (%) 50,3 55,2 67,9
EBITA Adj -5 72 578
EBITA Adj margin (%) -3,5 28,3 60,9
EBIT Adj -5 72 578
EBIT Adj margin (%) -3,5 28,3 60,9
Pretax profit Adj -76 40 558
Net profit Adj -76 33 446
Net profit to shareholders Adj -76 33 446
Net Adj margin (%) -58,8 12,8 47
Depreciation and amortisation -70 -69 -67
Of which leasing depreciation -8 -9 -12
EO items -32 -4 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 57 132 633
EBITDA lease Adj margin (%) 44,2 51,7 66,7
SEKm 2020 2021e 2022e
EBITDA 33 136 645
Net financial items -72 -32 -20
Paid tax 0 -7 -112
Non-cash items -6 0 0
Cash flow before change in WC -45 97 513
Change in WC 35 -11 -4
Operating cash flow -10 86 509
CAPEX tangible fixed assets -34 -64 -47
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -44 22 461
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 149 -3 -32
Decrease in net IB debt 24 92 513
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1199 1203 1195
Other fixed assets 17 40 40
Fixed assets 1276 1281 1272
Inventories 1 4 14
Receivables 14 13 49
Other current assets 41 56 114
Cash and liquid assets 86 96 547
Total assets 1418 1450 1997
Shareholders equity 703 732 1178
Minority 0 0 0
Total equity 703 732 1178
Long-term debt 552 542 542
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 18 22 22
Accounts payable 15 18 85
Other current liabilities 23 25 58
Total liabilities and equity 1418 1450 1997
Net IB debt 527 512 61
Net IB debt excl. pension debt 527 512 61
Capital invested 1277 1293 1288
Working capital 18 30 34
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1416 1453 1441
Net IB debt Adj 527 512 61
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 1943 1966 1502
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 8,1 17,7 55,1
Capital invested turnover (%) 10 27,2 77,4
Capital employed turnover (%) 8,5 24,5 57,8
Inventories / sales (%) 3,5 1,1 0,9
Customer advances / sales (%) 0 0 0
Payables / sales (%) 7,4 2,8 1,5
Working capital / sales (%) 3,8 9,5 3,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 75 70,1 5,2
Net debt / market cap (%) 40,4 35,3 4,3
Equity ratio (%) 49,6 50,4 59
Net IB debt adj. / equity (%) 75 70,1 5,2
Current ratio (%) 242,3 247,8 430,6
EBITDA / net interest (%) 46,5 426,7 3186,1
Net IB debt / EBITDA (%) 1577,5 375,6 9,5
Interest cover (%) -49,8 212,5 2856,1
Lease liability amortisation -5 -10 -10
Other intangible assets 0 0 0
Right-of-use asset 59 60 59
Total other fixed assets 17 18 18
Leasing liability 61 63 63
Total other long-term liabilities 47 49 49
Net IB debt excl. leasing 466 449 -2
Net IB debt / EBITDA lease Adj (%) 811,8 341,4 -0,3
SEKm 2020 2021e 2022e
Shares outstanding adj. 35 37 37
Fully diluted shares Adj 35 37 37
EPS -3,08 0,78 12,03
Dividend per share Adj 0 0 0
EPS Adj -3,08 0,78 12,03
BVPS 20,1 19,56 31,75
BVPS Adj 20,1 19,56 31,75
Net IB debt / share 15,1 13,7 1,7
Share price 37,32 38,85 38,85
Market cap. (m) 1305 1453 1441
Valuation 2020 2021 2022
P/E -13,1 50 3,2
EV/sales 14,95 7,72 1,58
EV/EBITDA 58,2 14,4 2,3
EV/EBITA -53,1 28,9 2,6
EV/EBIT -53,1 28,9 2,6
Dividend yield (%) 0 0 0
FCF yield (%) -3,1 1,5 32
P/BVPS 2,01 1,99 1,22
P/BVPS Adj 2,01 1,99 1,22
P/E Adj -13,1 50 3,2
EV/EBITDA Adj 29,7 14 2,3
EV/EBITA Adj -423,7 27,3 2,6
EV/EBIT Adj -423,7 27,3 2,6
EV/cap. employed 1,5 1,4 0,8
Investment ratios 2020 2021 2022
Capex / sales 26,5 25 5
Capex / depreciation 55,5 106,6 85,8
Capex tangibles / tangible fixed assets 2,9 5,3 4
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 5,2 5 4,6
Lease adj. FCF yield (%) -3,5 0,8 31,3

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.

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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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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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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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