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Artificial Solutions

SEKm 2018 2019e 2020e
Sales 45 54 82
Sales growth (%) -5,6 19,9 51,5
EBITDA -95 -110 -82
EBITDA margin (%) -210,9 -203,2 -100,3
EBIT adj -110 -115 -93
EBIT adj margin (%) -245,2 -212,4 -113,7
Pretax profit -146 -178 -108
EPS rep -13,86 -5,99 -2,35
EPS growth (%) 0 56,8 60,7
EPS adj -13,07 -5,03 -2,35
DPS 0 0 0
EV/EBITDA (x) -4,6 -4,1 -6,7
EV/EBIT adj (x) -4 -3,9 -5,9
P/E (x) -1,7 -1,7 -4,2
P/E adj (x) -1,8 -2 -4,2
EV/sales (x) 9,8 8,3 6,7
FCF yield (%) -53,4 -49,6 -20,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1 -1,4 -1,2
SEKm 2018 2019e 2020e
Sales 45 54 82
COGS 0 0 0
Gross profit 45 54 82
Other operating items -140 -164 -164
EBITDA -95 -110 -82
Depreciation on tangibles 0 0 0
Depreciation on intangibles -24 -11 -11
EBITA -119 -121 -93
Goodwill impairment charges 0 -22 0
Other impairment and amortisation 0 0 0
EBIT -119 -143 -93
Other financial items 0 0 0
Net financial items -27 -35 -15
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -146 -178 -108
Tax 0 0 0
Net profit -146 -178 -108
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -146 -178 -108
EPS -13,86 -5,99 -2,35
EPS Adj -13,07 -5,03 -2,35
Total extraordinary items after tax -8,4 -6,4 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -210,9 -203,2 -100,3
EBITA margin (%) -263,8 -224,3 -113,7
EBIT margin (%) -263,8 -265,2 -113,7
Pretax margin (%) -324,3 -329,4 -131,4
Net margin (%) -324,4 -329,4 -131,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) -5,6 19,9 51,5
EBITDA growth (%) -45,1 -15,5 25,3
EBIT growth (%) -30,6 -20,5 35
Net profit growth (%) -38,7 -21,8 39,5
EPS growth (%) 0 56,8 60,7
Profitability 2018 2019 2020
ROE (%) 182,1 159,4 93,1
ROE Adj (%) 171,7 133,9 93,1
ROCE (%) -335,8 -305,4 -343,9
ROCE Adj(%) -316,5 -256,5 -343,9
ROIC (%) -671,6 -964,2 -969,8
ROIC Adj (%) -624,3 -772,3 -969,8
Adj earnings numbers 2018 2019 2020
EBITDA Adj -87 -103 -82
EBITDA Adj margin (%) -192,4 -191,4 -100,3
EBITA Adj -110 -115 -93
EBITA Adj margin (%) -245,2 -212,4 -113,7
EBIT Adj -110 -115 -93
EBIT Adj margin (%) -245,2 -212,4 -113,7
Pretax profit Adj -138 -149 -108
Net profit Adj -138 -149 -108
Net profit to shareholders Adj -138 -149 -108
Net Adj margin (%) -305,8 -276,7 -131,4
SEKm 2018 2019e 2020e
EBITDA -95 -110 -82
Net financial items -27 -35 -15
Paid tax 0 0 0
Non-cash items 12 15 0
Cash flow before change in WC -111 -130 -97
Change in WC 1 -3 16
Operating cash flow -122 -135 -81
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -13 -11 -12
Acquisitions and disposals 0 0 0
Free cash flow -135 -146 -93
Dividend paid 0 0 0
Share issues and buybacks 132 112 150
Other non cash items 0 -21 0
Decrease in net IB debt -3 -55 57
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 29 30 32
Tangible fixed assets 2 2 2
Other fixed assets 6 6 6
Fixed assets 37 38 39
Inventories 0 0 0
Receivables 23 37 53
Other current assets 0 0 0
Cash and liquid assets 47 40 3
Total assets 107 114 96
Shareholders equity -86 -137 -94
Minority 0 0 0
Total equity -86 -137 -94
Long-term debt 52 100 100
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 94 94 0
Accounts payable 47 58 90
Other current liabilities 0 0 0
Total liabilities and equity 86 64 107
Net IB debt 99 154 97
Net IB debt excl. pension debt 99 154 97
Capital invested 13 17 2
Working capital -24 -21 -37
EV breakdown 2018 2019 2020
Market cap. diluted (m) 341 294 452
Net IB debt Adj 99 154 97
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 440 448 549
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 52,7 48,9 77,9
Capital invested turnover (%) 254,5 363,6 853
Capital employed turnover (%) 103,5 92,7 261,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 93,1 96,8 90,2
Working capital / sales (%) -51,9 -41,4 -35,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -114,8 -112,4 -102,4
Net debt / market cap (%) 7,9 52,3 21,4
Equity ratio (%) -81,1 -119,5 -98,6
Net IB debt adj. / equity (%) -114,8 -112,4 -102,4
Current ratio (%) 49,6 50,8 62,8
EBITDA / net interest (%) -348,5 -316,3 -564,7
Net IB debt / EBITDA (%) -104,4 -140 -117,8
Interest cover (%) N/A N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 14 30 46
Fully diluted shares Adj 14 30 46
EPS -13,86 -5,99 -2,35
Dividend per share Adj 0 0 0
EPS Adj -13,07 -5,03 -2,35
BVPS -6,08 -4,6 -2,07
BVPS Adj -8,15 -5,62 -2,76
Net IB debt / share 7 5,2 2,1
Share price 88,06 9,9 9,9
Market cap. (m) 1252 294 452
Valuation 2018 2019 2020
P/E -1,7 -1,7 -4,2
EV/sales 9,78 8,29 6,71
EV/EBITDA -4,6 -4,1 -6,7
EV/EBITA -3,7 -3,7 -5,9
EV/EBIT -3,7 -3,1 -5,9
Dividend yield (%) 0 0 0
FCF yield (%) -53,4 -49,6 -20,5
P/BVPS -3,95 -2,15 -4,79
P/BVPS Adj -2,95 -1,76 -3,59
P/E Adj -1,8 -2 -4,2
EV/EBITDA Adj -5,1 -4,3 -6,7
EV/EBITA Adj -4 -3,9 -5,9
EV/EBIT Adj -4 -3,9 -5,9
EV/cap. employed 7,4 7,9 97,2
Investment ratios 2018 2019 2020
Capex / sales 29,1 20,4 15,2
Capex / depreciation 55 96,9 112,7
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 44,6 36,3 39,2
Depreciation on intangibles / definite intangibles 81 37,5 34,8
Depreciation on tangibles / tangibles 0 0 0

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>

- 4,2

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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- 5,9

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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6,7

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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- 4,8