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Atvexa

Atvexa

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Financials

SEKm 2020 2021e 2022e
Sales 1801 1985 2046
Sales growth (%) 20,6 10,2 3,1
EBITDA 313 353 354
EBITDA margin (%) 17,4 17,8 17,3
EBIT adj 111 126 130
EBIT adj margin (%) 6,2 6,3 6,3
Pretax profit 65 82 88
EPS rep 4,15 5,38 5,75
EPS growth (%) 1,3 29,7 6,7
EPS adj 4,63 5,38 5,75
DPS 1,25 1,61 1,72
EV/EBITDA (x) 7,3 6,5 6,2
EV/EBIT adj (x) 20,5 18,3 17,1
P/E (x) 20,8 17,2 16,1
P/E adj (x) 18,7 17,2 16,1
EV/sales (x) 1,3 1,2 1,1
FCF yield (%) 25,1 22,4 26,8
Dividend yield (%) 1,4 1,7 1,9
Net IB debt/EBITDA 3,9 3,3 3,1
N/A N/A N/A
SEKm 2020 2021e 2022e
Sales 1801 1985 2046
COGS 0 0 0
Gross profit 1801 1985 2046
Other operating items -1488 -1632 -1691
EBITDA 313 353 354
Depreciation on tangibles -9 -11 -11
Depreciation on intangibles 0 0 0
EBITA 106 126 130
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 106 126 130
Other financial items 0 0 0
Net financial items -41 -43 -42
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 65 82 88
Tax -15 -17 -18
Net profit 50 65 70
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 50 65 70
EPS 4,15 5,38 5,75
EPS Adj 4,63 5,38 5,75
Total extraordinary items after tax -6,2 0 0
Tax rate (%) -23,1 -20,6 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 17,4 17,8 17,3
EBITA margin (%) 5,9 6,3 6,3
EBIT margin (%) 5,9 6,3 6,3
Pretax margin (%) 3,6 4,1 4,3
Net margin (%) 2,8 3,3 3,4
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 20,6 10,2 3,1
EBITDA growth (%) 297,7 12,6 0,5
EBIT growth (%) 48,7 18,7 3,2
Net profit growth (%) 4,2 30,7 6,7
EPS growth (%) 1,3 29,7 6,7
Profitability 2020 2021 2022
ROE (%) 13,7 15,9 14,8
ROE Adj (%) 15,3 15,9 14,8
ROCE (%) 9,1 7,3 7,5
ROCE Adj(%) 9,6 7,3 7,5
ROIC (%) 7,4 6,1 6,3
ROIC Adj (%) 7,7 6,1 6,3
Adj earnings numbers 2020 2021 2022
EBITDA Adj 318 353 354
EBITDA Adj margin (%) 17,7 17,8 17,3
EBITA Adj 111 126 130
EBITA Adj margin (%) 6,2 6,3 6,3
EBIT Adj 111 126 130
EBIT Adj margin (%) 6,2 6,3 6,3
Pretax profit Adj 70 82 88
Net profit Adj 56 65 70
Net profit to shareholders Adj 56 65 70
Net Adj margin (%) 3,1 3,3 3,4
N/A N/A N/A
SEKm 2020 2021e 2022e
Cash and liquid assets 102 95 130
Total assets 1996 1980 2007
Shareholders equity 380 443 503
Minority 0 0 0
Total equity 380 443 503
Long-term debt 168 124 80
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 20 21 22
Other long-term liabilities 21 1 1
Short-term debt 45 45 45
Accounts payable 59 41 56
Other current liabilities 186 199 205
Total liabilities and equity 1996 1980 2007
Net IB debt 1228 1180 1090
Net IB debt excl. pension debt 1228 1180 1090
Capital invested 1649 1645 1616
Working capital -173 -163 -180
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1050 1123 1123
Net IB debt Adj 1228 1180 1090
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 2278 2303 2213
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 126,8 99,8 102,6
Capital invested turnover (%) 162,6 120,5 125,5
Capital employed turnover (%) 155,1 115,8 118,9
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 3,7 4,4 4,5
Payables / sales (%) 2,7 2,5 2,4
Working capital / sales (%) -7,5 -8,5 -8,4
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 323,2 266,6 216,6
Net debt / market cap (%) 129,1 105,1 97,1
Equity ratio (%) 19 22,4 25,1
Net IB debt adj. / equity (%) 323,2 266,6 216,6
Current ratio (%) 33,6 33,7 39,8
EBITDA / net interest (%) 763,4 810,6 844,8
Net IB debt / EBITDA (%) 392,3 334,7 307,6
Interest cover (%) 258,5 289,2 309,4
EBITDA 313 353 354
Net financial items -41 -43 -42
Paid tax -15 -17 -18
Non-cash items 0 0 0
Cash flow before change in WC 257 292 294
Change in WC 55 -13 16
Operating cash flow 312 279 311
CAPEX tangible fixed assets -20 -8 -10
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -28 -20 0
Free cash flow 264 252 301
Dividend paid 0 -15 -20
Share issues and buybacks 0 0 0
Other non cash items -1145 29 9
Decrease in net IB debt -1072 48 90
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 567 567 567
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 121 118 118
Other fixed assets 4 4 4
Fixed assets 1822 1807 1796
Inventories 0 0 0
Receivables 4 5 6
Other current assets 68 73 75
N/A N/A N/A
SEKm 2020 2021e 2022e
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 4,15 5,38 5,75
Dividend per share Adj 1,2 1,6 1,7
EPS Adj 4,63 5,38 5,75
BVPS 31,3 36,45 41,45
BVPS Adj -15,4 -10,25 -5,26
Net IB debt / share 101,1 97,2 89,8
Share price 78,33 92,5 92,5
Market cap. (m) 951 1123 1123
Valuation 2020 2021 2022
P/E 20,8 17,2 16,1
EV/sales 1,26 1,16 1,08
EV/EBITDA 7,3 6,5 6,2
EV/EBITA 21,5 18,3 17,1
EV/EBIT 21,5 18,3 17,1
Dividend yield (%) 1,4 1,7 1,9
FCF yield (%) 25,1 22,4 26,8
P/BVPS 2,76 2,54 2,23
P/BVPS Adj -5,62 -9,02 -17,6
P/E Adj 18,7 17,2 16,1
EV/EBITDA Adj 7,2 6,5 6,2
EV/EBITA Adj 20,5 18,3 17,1
EV/EBIT Adj 20,5 18,3 17,1
EV/cap. employed 1,3 1,3 1,3
Investment ratios 2020 2021 2022
Capex / sales 1,1 0,4 0,5
Capex / depreciation 222,2 71,8 93,3
Capex tangibles / tangible fixed assets 16,5 6,5 8,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 7,4 9 9,3
N/A N/A N/A

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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