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Atvexa

Atvexa

SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 7,8 3,1 8,2
Lease adj. ND/EBITDA 1,1 0,4 -0,2
Sales 1801 2078 2211
Sales growth (%) 20,6 15,4 6,4
EBITDA 313 366 392
EBITDA margin (%) 17,4 17,6 17,7
EBIT adj 111 141 145
EBIT adj margin (%) 6,2 6,8 6,5
Pretax profit 65 96 100
EPS rep 4,15 6,3 6,54
EPS growth (%) 1,3 51,7 3,8
EPS adj 4,63 6,69 6,54
DPS 1,25 1,89 1,96
EV/EBITDA (x) 7,3 6,5 5,9
EV/EBIT adj (x) 20,5 16,9 15,9
P/E (x) 20,8 14,9 14,4
P/E adj (x) 18,7 14 14,4
EV/sales (x) 1,3 1,1 1
FCF yield (%) 25,1 21,5 27,9
Dividend yield (%) 1,4 2 2,1
Net IB debt/EBITDA 3,9 3,4 3
SEKm 2020 2021e 2022e
Leasing payments -214 -245 -262
Depreciation and amortisation -207 -229 -247
Of which leasing depreciation -198 -218 -235
EO items -5 -4 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 104 125 130
EBITDA lease Adj margin (%) 5,8 6 5,9
Sales 1801 2078 2211
COGS 0 0 0
Gross profit 1801 2078 2211
Other operating items -1488 -1712 -1819
EBITDA 313 366 392
Depreciation on tangibles -9 -11 -12
Depreciation on intangibles 0 0 0
EBITA 106 137 145
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 106 137 145
Other financial items 0 0 0
Net financial items -41 -41 -45
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 65 96 100
Tax -15 -19 -21
Net profit 50 76 79
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 50 76 79
EPS 4,15 6,3 6,54
EPS Adj 4,63 6,69 6,54
Total extraordinary items after tax -6,2 -4,8 0
Tax rate (%) -23,1 -20,1 -20,6
Gross margin (%) 100 100 100
EBITDA margin (%) 17,4 17,6 17,7
EBITA margin (%) 5,9 6,6 6,5
EBIT margin (%) 5,9 6,6 6,5
Pretax margin (%) 3,6 4,6 4,5
Net margin (%) 2,8 3,7 3,6
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 20,6 15,4 6,4
EBITDA growth (%) 297,7 17 7
EBIT growth (%) 48,7 29,2 5,5
Net profit growth (%) 4,2 52,9 3,8
EPS growth (%) 1,3 51,7 3,8
Profitability 2020 2021 2022
ROE (%) 13,7 18,3 16,2
ROE Adj (%) 15,3 19,4 16,2
ROCE (%) 9,1 7,8 7,9
ROCE Adj(%) 9,6 8 7,9
ROIC (%) 7,4 6,5 6,7
ROIC Adj (%) 7,7 6,7 6,7
Adj earnings numbers 2020 2021 2022
EBITDA Adj 318 370 392
EBITDA Adj margin (%) 17,7 17,8 17,7
EBITA Adj 111 141 145
EBITA Adj margin (%) 6,2 6,8 6,5
EBIT Adj 111 141 145
EBIT Adj margin (%) 6,2 6,8 6,5
Pretax profit Adj 70 100 100
Net profit Adj 56 81 79
Net profit to shareholders Adj 56 81 79
Net Adj margin (%) 3,1 3,9 3,6
SEKm 2020 2021e 2022e
Lease liability amortisation -182 -210 -225
Other intangible assets 0 0 0
Right-of-use asset 1130 1175 1164
Total other fixed assets 4 4 4
Leasing liability 1117 1192 1182
Total other long-term liabilities 41 16 7
Net IB debt excl. leasing 111 50 -23
Net IB debt / EBITDA lease Adj (%) 106,7 39,9 -17,8
Cash and liquid assets 102 116 145
Total assets 1996 2087 2111
Shareholders equity 380 457 523
Minority 0 0 0
Total equity 380 457 523
Long-term debt 168 121 77
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 20 22 24
Other long-term liabilities 21 16 16
Short-term debt 45 45 45
Accounts payable 59 44 51
Other current liabilities 186 212 226
Total liabilities and equity 1996 2087 2111
Net IB debt 1228 1242 1159
Net IB debt excl. pension debt 1228 1242 1159
Capital invested 1649 1715 1689
Working capital -173 -173 -188
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1050 1142 1142
Net IB debt Adj 1228 1242 1159
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 2384 2301
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 126,8 101,8 105,3
Capital invested turnover (%) 162,6 122 126,4
Capital employed turnover (%) 155,1 118 121,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 3,7 4,3 4,5
Payables / sales (%) 2,7 2,5 2,2
Working capital / sales (%) -7,5 -8,3 -8,2
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 323,2 271,8 221,4
Net debt / market cap (%) 129,1 108,7 101,4
Equity ratio (%) 19 21,9 24,8
Net IB debt adj. / equity (%) 323,2 271,8 221,4
Current ratio (%) 33,6 35,8 40,7
EBITDA / net interest (%) 763,4 886,6 877,6
Net IB debt / EBITDA (%) 392,3 339,2 295,8
Interest cover (%) 258,5 331,7 323,9
EBITDA 313 366 392
Net financial items -41 -41 -45
Paid tax -15 -19 -21
Non-cash items 0 0 0
Cash flow before change in WC 257 306 327
Change in WC 55 -4 13
Operating cash flow 312 301 339
CAPEX tangible fixed assets -20 -12 -11
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals -28 -44 -10
Free cash flow 264 245 318
Dividend paid 0 -15 -23
Share issues and buybacks 0 0 0
Other non cash items -1145 -20 16
Decrease in net IB debt -1072 1 89
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 567 588 588
Indefinite intangible assets 0 0 0
Definite intangible assets 0 0 0
Tangible fixed assets 121 121 121
Other fixed assets 4 4 4
Fixed assets 1822 1888 1878
Inventories 0 0 0
Receivables 4 5 6
Other current assets 68 78 82
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 7,8 3,1 8,2
Shares outstanding adj. 12 12 12
Fully diluted shares Adj 12 12 12
EPS 4,15 6,3 6,54
Dividend per share Adj 1,2 1,9 2
EPS Adj 4,63 6,69 6,54
BVPS 31,3 37,61 43,08
BVPS Adj -15,4 -10,79 -5,32
Net IB debt / share 101,1 102,2 95,4
Share price 78,33 94 94
Market cap. (m) 951 1142 1142
Valuation 2020 2021 2022
P/E 20,8 14,9 14,4
EV/sales 1,26 1,15 1,04
EV/EBITDA 7,3 6,5 5,9
EV/EBITA 21,5 17,4 15,9
EV/EBIT 21,5 17,4 15,9
Dividend yield (%) 1,4 2 2,1
FCF yield (%) 25,1 21,5 27,9
P/BVPS 2,76 2,5 2,18
P/BVPS Adj -5,62 -8,71 -17,67
P/E Adj 18,7 14 14,4
EV/EBITDA Adj 7,2 6,4 5,9
EV/EBITA Adj 20,5 16,9 15,9
EV/EBIT Adj 20,5 16,9 15,9
EV/cap. employed 1,3 1,3 1,3
Investment ratios 2020 2021 2022
Capex / sales 1,1 0,6 0,5
Capex / depreciation 222,2 103,8 90,2
Capex tangibles / tangible fixed assets 16,5 9,9 9,1
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 7,4 9,5 10,1

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.

14,4

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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15,8

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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1,0

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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2,2