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Arise

Arise

SEKm 2019 2020e 2021e
Sales 454 225 781
Sales growth (%) 32,4 -50,5 247,9
EBITDA -56 79 264
EBITDA margin (%) -12,3 35,2 33,8
EBIT adj -132 0 183
EBIT adj margin (%) -29,1 -0,1 23,4
Pretax profit -263 -49 146
EPS rep -7,91 -1,15 3,39
EPS growth (%) -1378,6 85,5 395,5
EPS adj -7,46 -1,15 3,39
DPS 0 0 0
EV/EBITDA (x) -28,2 27,1 7,5
EV/EBIT adj (x) -12 -13411,1 10,8
P/E (x) -3,8 -42,3 14,3
P/E adj (x) -4 -42,3 14,3
EV/sales (x) 3,5 9,5 2,5
FCF yield (%) 27,8 3,4 11,4
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -10,2 6,6 1,3
SEKm 2019 2020e 2021e
Sales 454 225 781
COGS 0 0 0
Gross profit 454 225 781
Other operating items -510 -146 -517
EBITDA -56 79 264
Depreciation on tangibles -72 -75 -77
Depreciation on intangibles 0 0 0
EBITA -132 0 183
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -132 0 183
Other financial items 0 0 0
Net financial items -131 -49 -38
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -263 -49 146
Tax -2 11 -32
Net profit -265 -38 113
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -265 -38 113
EPS -7,91 -1,15 3,39
EPS Adj -7,46 -1,15 3,39
Total extraordinary items after tax -15 0 0
Tax rate (%) 0,8 -22 -22
Gross margin (%) 100 100 100
EBITDA margin (%) -12,3 35,2 33,8
EBITA margin (%) -29,1 -0,1 23,4
EBIT margin (%) -29,1 -0,1 23,4
Pretax margin (%) -57,9 -21,9 18,6
Net margin (%) -58,4 -17,1 14,5
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 32,4 -50,5 247,9
EBITDA growth (%) -129,3 241,1 233,8
EBIT growth (%) -211,9 99,9 114702,5
Net profit growth (%) -1361,9 85,5 395,5
EPS growth (%) -1378,6 85,5 395,5
Profitability 2019 2020 2021
ROE (%) -34,8 -5,7 15,8
ROE Adj (%) -32,9 -5,7 15,8
ROCE (%) -7,6 0 13,4
ROCE Adj(%) -7,6 0 13,4
ROIC (%) -8,5 0 12
ROIC Adj (%) -8,5 0 12
Adj earnings numbers 2019 2020 2021
EBITDA Adj -56 79 264
EBITDA Adj margin (%) -12,3 35,2 33,8
EBITA Adj -132 0 183
EBITA Adj margin (%) -29,1 -0,1 23,4
EBIT Adj -132 0 183
EBIT Adj margin (%) -29,1 -0,1 23,4
Pretax profit Adj -263 -49 146
Net profit Adj -250 -38 113
Net profit to shareholders Adj -250 -38 113
Net Adj margin (%) -55,1 -17,1 14,5
SEKm 2019 2020e 2021e
EBITDA -56 79 264
Net financial items -131 -49 -38
Paid tax -2 11 -32
Non-cash items 287 0 0
Cash flow before change in WC 98 41 194
Change in WC 23 31 0
Operating cash flow 268 72 201
CAPEX tangible fixed assets 12 -16 -16
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 280 56 185
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 176 0 -7
Decrease in net IB debt 388 52 174
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 1227 1168 1107
Other fixed assets 40 40 40
Fixed assets 1322 1263 1202
Inventories 0 0 0
Receivables 108 77 77
Other current assets 0 0 0
Cash and liquid assets 365 85 259
Total assets 1795 1425 1538
Shareholders equity 698 660 773
Minority 0 0 0
Total equity 698 660 773
Long-term debt 632 300 300
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 3 3 3
Accounts payable 0 0 0
Other current liabilities 116 116 116
Total liabilities and equity 2124 2069 1795
Net IB debt 570 518 344
Net IB debt excl. pension debt 570 518 344
Capital invested 1314 1224 1163
Working capital -8 -39 -39
EV breakdown 2019 2020 2021
Market cap. diluted (m) 1008 1624 1624
Net IB debt Adj 570 518 344
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 1578 2143 1968
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 23,5 13,9 52,7
Capital invested turnover (%) 28,9 17,7 65,4
Capital employed turnover (%) 26,1 15,5 59,2
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 0 0 0
Working capital / sales (%) 0,8 -10,5 -5
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) 81,7 78,6 44,5
Net debt / market cap (%) 75,6 31,9 21,2
Equity ratio (%) 38,9 46,3 50,3
Net IB debt adj. / equity (%) 81,7 78,6 44,5
Current ratio (%) 397,5 135,9 282,3
EBITDA / net interest (%) -42,7 161 701,7
Net IB debt / EBITDA (%) -1017,9 655,9 130,4
Interest cover (%) -100,8 -0,3 568
SEKm 2019 2020e 2021e
Shares outstanding adj. 33 33 33
Fully diluted shares Adj 33 33 33
EPS -7,91 -1,15 3,39
Dividend per share Adj 0 0 0
EPS Adj -7,46 -1,15 3,39
BVPS 20,84 19,69 23,08
BVPS Adj 20,84 19,69 23,08
Net IB debt / share 17 15,5 10,3
Share price 22,52 48,5 48,5
Market cap. (m) 754 1624 1624
Valuation 2019 2020 2021
P/E -3,8 -42,3 14,3
EV/sales 3,48 9,54 2,52
EV/EBITDA -28,2 27,1 7,5
EV/EBITA -12 -13411,1 10,8
EV/EBIT -12 -13411,1 10,8
Dividend yield (%) 0 0 0
FCF yield (%) 27,8 3,4 11,4
P/BVPS 1,44 2,46 2,1
P/BVPS Adj 1,44 2,46 2,1
P/E Adj -4 -42,3 14,3
EV/EBITDA Adj -28,2 27,1 7,5
EV/EBITA Adj -12 -13411,1 10,8
EV/EBIT Adj -12 -13411,1 10,8
EV/cap. employed 1 1,7 1,4
Investment ratios 2019 2020 2021
Capex / sales -2,6 7,1 2
Capex / depreciation -16,7 21,3 20,9
Capex tangibles / tangible fixed assets -1 1,4 1,4
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 5,9 6,4 6,9

Key Figure Counter

<p><span>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.</span></p>

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P/E

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<p><span>A common valuation multiple, the share price is divided by earnings per share.</span></p> <p>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.&nbsp;</p> <p>It is important to notice that earnings are calculated after taxes, which mean that they can vary between companies due to different accounting standards.</p>

14,3

EV/EBIT

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<p>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&nbsp;<span>total cash and cash equivalents.&nbsp;</span></p> <p><span>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.</span></p>

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10,6

EV/Sales

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<p><span>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&nbsp;</span><span>total cash and cash equivalents. S is the company's total sales.</span></p>

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2,5

P/BVPS

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<div class="inner"> <p>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.</p> <p>Companies with high return on equity are usually associated with high P/B ratios, and vice versa.&nbsp;</p> <p>&nbsp;</p> </div> <div class="formula-bar-wrapper"> </div>

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2,1