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Artificial Solutions

Artificial Solutions

SEKm 2019 2020e 2021e
Sales 54 82 119
Sales growth (%) 19,9 51,5 45,7
EBITDA -110 -82 -52
EBITDA margin (%) -203,2 -100,3 -43,3
EBIT adj -115 -93 -63
EBIT adj margin (%) -212,4 -113,7 -52,6
Pretax profit -178 -108 -74
EPS rep -5,8 -2,28 -1,37
EPS growth (%) 56,8 60,7 39,7
EPS adj -4,87 -2,28 -1,37
DPS 0 0 0
EV/EBITDA (x) -3,5 -5,5 -9,8
EV/EBIT adj (x) -3,4 -4,9 -8
P/E (x) -1,3 -3,3 -5,5
P/E adj (x) -1,5 -3,3 -5,5
EV/sales (x) 7,1 5,5 4,2
FCF yield (%) -63,2 -26,2 -13,5
Dividend yield (%) 0 0 0
Net IB debt/EBITDA -1,4 -1,2 -2
SEKm 2019 2020e 2021e
Sales 54 82 119
COGS 0 0 0
Gross profit 54 82 119
Other operating items -164 -164 -171
EBITDA -110 -82 -52
Depreciation on tangibles 0 0 0
Depreciation on intangibles -11 -11 -11
EBITA -121 -93 -63
Goodwill impairment charges -22 0 0
Other impairment and amortisation 0 0 0
EBIT -143 -93 -63
Other financial items 0 0 0
Net financial items -35 -15 -11
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -178 -108 -74
Tax 0 0 0
Net profit -178 -108 -74
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders -178 -108 -74
EPS -5,8 -2,28 -1,37
EPS Adj -4,87 -2,28 -1,37
Total extraordinary items after tax -6,4 0 0
Tax rate (%) 0 0 0
Gross margin (%) 100 100 100
EBITDA margin (%) -203,2 -100,3 -43,3
EBITA margin (%) -224,3 -113,7 -52,6
EBIT margin (%) -265,2 -113,7 -52,6
Pretax margin (%) -329,4 -131,4 -61,9
Net margin (%) -329,4 -131,4 -61,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 19,9 51,5 45,7
EBITDA growth (%) -15,5 25,3 37
EBIT growth (%) -20,5 35 32,5
Net profit growth (%) -21,8 39,5 31,4
EPS growth (%) 56,8 60,7 39,7
Profitability 2019 2020 2021
ROE (%) 159,4 93,1 69,4
ROE Adj (%) 133,9 93,1 69,4
ROCE (%) -305,4 -343,9 5993,6
ROCE Adj(%) -256,5 -343,9 5993,6
ROIC (%) -964,2 -969,8 857,4
ROIC Adj (%) -772,3 -969,8 857,4
Adj earnings numbers 2019 2020 2021
EBITDA Adj -103 -82 -52
EBITDA Adj margin (%) -191,4 -100,3 -43,3
EBITA Adj -115 -93 -63
EBITA Adj margin (%) -212,4 -113,7 -52,6
EBIT Adj -115 -93 -63
EBIT Adj margin (%) -212,4 -113,7 -52,6
Pretax profit Adj -149 -108 -74
Net profit Adj -149 -108 -74
Net profit to shareholders Adj -149 -108 -74
Net Adj margin (%) -276,7 -131,4 -61,9
SEKm 2019 2020e 2021e
EBITDA -110 -82 -52
Net financial items -35 -15 -11
Paid tax 0 0 0
Non-cash items 15 0 0
Cash flow before change in WC -130 -97 -63
Change in WC -3 16 22
Operating cash flow -135 -81 -41
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -11 -12 -14
Acquisitions and disposals 0 0 0
Free cash flow -146 -93 -55
Dividend paid 0 0 0
Share issues and buybacks 112 150 50
Other non cash items -21 0 0
Decrease in net IB debt -55 57 -5
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 30 32 34
Tangible fixed assets 2 2 2
Other fixed assets 6 6 6
Fixed assets 38 39 42
Inventories 0 0 0
Receivables 37 53 77
Other current assets 0 0 0
Cash and liquid assets 40 3 9
Total assets 114 96 128
Shareholders equity -137 -94 -118
Minority 0 0 0
Total equity -137 -94 -118
Long-term debt 100 100 110
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 0 0
Accounts payable 58 90 136
Other current liabilities 0 0 0
Total liabilities and equity 64 107 114
Net IB debt 154 97 101
Net IB debt excl. pension debt 154 97 101
Capital invested 17 2 -17
Working capital -21 -37 -58
EV breakdown 2019 2020 2021
Market cap. diluted (m) 231 355 403
Net IB debt Adj 154 97 101
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 384 451 505
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 48,9 77,9 106,7
Capital invested turnover (%) 363,6 853 -1629,1
Capital employed turnover (%) 92,7 261,7 -9689,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 96,8 90,2 94,7
Working capital / sales (%) -41,4 -35,2 -39,9
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -112,4 -102,4 -85,7
Net debt / market cap (%) 21 27,2 25,1
Equity ratio (%) -119,5 -98,6 -92,4
Net IB debt adj. / equity (%) -112,4 -102,4 -85,7
Current ratio (%) 50,8 62,8 63,5
EBITDA / net interest (%) -316,3 -564,7 -469,5
Net IB debt / EBITDA (%) -140 -117,8 -195,9
Interest cover (%) N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 31 47 54
Fully diluted shares Adj 31 47 54
EPS -5,8 -2,28 -1,37
Dividend per share Adj 0 0 0
EPS Adj -4,87 -2,28 -1,37
BVPS -4,46 -2 -2,2
BVPS Adj -5,45 -2,67 -2,83
Net IB debt / share 5 2 1,9
Share price 23,89 7,52 7,52
Market cap. (m) 733 355 403
Valuation 2019 2020 2021
P/E -1,3 -3,3 -5,5
EV/sales 7,12 5,52 4,23
EV/EBITDA -3,5 -5,5 -9,8
EV/EBITA -3,2 -4,9 -8
EV/EBIT -2,7 -4,9 -8
Dividend yield (%) 0 0 0
FCF yield (%) -63,2 -26,2 -13,5
P/BVPS -1,69 -3,76 -3,42
P/BVPS Adj -1,38 -2,82 -2,65
P/E Adj -1,5 -3,3 -5,5
EV/EBITDA Adj -3,7 -5,5 -9,8
EV/EBITA Adj -3,4 -4,9 -8
EV/EBIT Adj -3,4 -4,9 -8
EV/cap. employed 6,8 80 -62,3
Investment ratios 2019 2020 2021
Capex / sales 20,4 15,2 11,3
Capex / depreciation 96,9 112,7 121,6
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 36,3 39,2 39,9
Depreciation on intangibles / definite intangibles 37,5 34,8 32,8
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>

- 5,5

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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- 8,0

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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4,3

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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- 3,4