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Avensia

Avensia

SEKm 2019 2020e 2021e
Sales 303 332 408
Sales growth (%) 21,2 9,4 23,2
EBITDA 37 31 50
EBITDA margin (%) 12,4 9,5 12,3
EBIT adj 27 19 37
EBIT adj margin (%) 8,8 5,7 9,2
Pretax profit 26 18 36
EPS rep 0,51 0,4 0,77
EPS growth (%) 11,6 -23,2 95,6
EPS adj 0,51 0,4 0,77
DPS 0 0,3 0,4
EV/EBITDA (x) 13,8 17,1 10,5
EV/EBIT adj (x) 19,3 28,5 14,1
P/E (x) 28,3 39,2 20
P/E adj (x) 28,3 39,2 20
EV/sales (x) 1,7 1,6 1,3
FCF yield (%) 3,2 4,3 5,4
Dividend yield (%) 0 1,9 2,6
Net IB debt/EBITDA -0,3 -1 -0,8
N/A N/A N/A
SEKm 2019 2020e 2021e
Sales 303 332 408
COGS 0 0 0
Gross profit 303 332 408
Other operating items -265 -300 -358
EBITDA 37 31 50
Depreciation on tangibles -2 -3 -3
Depreciation on intangibles -2 -3 -3
EBITA 27 19 37
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 27 19 37
Other financial items 0 0 0
Net financial items -1 -1 -1
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 26 18 36
Tax -7 -3 -8
Net profit 19 15 28
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 19 15 28
EPS 0,51 0,4 0,77
EPS Adj 0,51 0,4 0,77
Total extraordinary items after tax 0 0 0
Tax rate (%) -27,6 -18,6 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 12,4 9,5 12,3
EBITA margin (%) 8,8 5,7 9,2
EBIT margin (%) 8,8 5,7 9,2
Pretax margin (%) 8,5 5,4 8,9
Net margin (%) 6,2 4,4 6,9
Growth rates Y/Y 2019 2020 2021
Sales growth (%) 21,2 9,4 23,2
EBITDA growth (%) 45,6 -16,1 59,2
EBIT growth (%) 13,7 -29,3 98
Net profit growth (%) 13,9 -22,4 95,6
EPS growth (%) 11,6 -23,2 95,6
Profitability 2019 2020 2021
ROE (%) 33,8 20,7 33
ROE Adj (%) 33,8 20,7 33
ROCE (%) 40 20,2 34,2
ROCE Adj(%) 40 20,2 34,2
ROIC (%) 53,9 29,6 55,2
ROIC Adj (%) 53,9 29,6 55,2
Adj earnings numbers 2019 2020 2021
EBITDA Adj 37 31 50
EBITDA Adj margin (%) 12,4 9,5 12,3
EBITA Adj 27 19 37
EBITA Adj margin (%) 8,8 5,7 9,2
EBIT Adj 27 19 37
EBIT Adj margin (%) 8,8 5,7 9,2
Pretax profit Adj 26 18 36
Net profit Adj 19 15 28
Net profit to shareholders Adj 19 15 28
Net Adj margin (%) 6,2 4,4 6,9
N/A N/A N/A
SEKm 2019 2020e 2021e
EBITDA 37 31 50
Net financial items -1 -1 -1
Paid tax -4 -3 -8
Non-cash items 4 0 0
Cash flow before change in WC 37 27 41
Change in WC -10 6 -3
Operating cash flow 27 33 38
CAPEX tangible fixed assets -6 -4 -4
CAPEX intangible fixed assets -2 -4 -4
Acquisitions and disposals -1 0 0
Free cash flow 17 25 31
Dividend paid -8 0 -11
Share issues and buybacks 0 0 0
Other non cash items -20 0 0
Decrease in net IB debt -18 18 12
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 2 2 2
Indefinite intangible assets 0 0 0
Definite intangible assets 6 8 8
Tangible fixed assets 1 3 4
Other fixed assets 0 0 0
Fixed assets 35 37 39
Inventories 0 0 0
Receivables 81 86 106
Other current assets 0 0 0
Cash and liquid assets 35 53 65
Total assets 151 176 211
Shareholders equity 63 77 95
Minority 0 0 0
Total equity 63 77 95
Long-term debt 2 2 2
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 3 3 3
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 62 73 90
Other current liabilities 0 0 0
Total liabilities and equity 151 176 211
Net IB debt -12 -30 -43
Net IB debt excl. pension debt -12 -30 -43
Capital invested 53 50 55
Working capital 19 13 16
EV breakdown 2019 2020 2021
Market cap. diluted (m) 528 568 568
Net IB debt Adj -12 -30 -42
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 516 539 526
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 240,9 202,4 210,9
Capital invested turnover (%) 844,7 638,8 773,2
Capital employed turnover (%) 453,6 355,5 374
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18,8 20,4 19,9
Working capital / sales (%) 4,8 4,8 3,6
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -19,8 -38,8 -44,9
Net debt / market cap (%) -2,3 -5,3 -7,5
Equity ratio (%) 41,6 43,8 44,9
Net IB debt adj. / equity (%) -19,5 -38,5 -44,7
Current ratio (%) 165,6 171,7 175,2
EBITDA / net interest (%) 4210,3 3007,1 5002,2
Net IB debt / EBITDA (%) -33,3 -95,5 -85
Interest cover (%) 2999,6 1805,6 3736,6
N/A N/A N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 36 37 37
Fully diluted shares Adj 36 37 37
EPS 0,51 0,4 0,77
Dividend per share Adj 0 0,3 0,4
EPS Adj 0,51 0,4 0,77
BVPS 1,73 2,11 2,58
BVPS Adj 1,51 1,86 2,3
Net IB debt / share -0,3 -0,8 -1,2
Share price 15,1 15,5 15,5
Market cap. (m) 548 568 568
Valuation 2019 2020 2021
P/E 28,3 39,2 20
EV/sales 1,7 1,62 1,29
EV/EBITDA 13,8 17,1 10,5
EV/EBITA 19,3 28,5 14,1
EV/EBIT 19,3 28,5 14,1
Dividend yield (%) 0 1,9 2,6
FCF yield (%) 3,2 4,3 5,4
P/BVPS 8,4 7,35 6
P/BVPS Adj 9,64 8,36 6,73
P/E Adj 28,3 39,2 20
EV/EBITDA Adj 13,8 17,1 10,5
EV/EBITA Adj 19,3 28,5 14,1
EV/EBIT Adj 19,3 28,5 14,1
EV/cap. employed 6 5,4 4,5
Investment ratios 2019 2020 2021
Capex / sales 2,9 2,4 1,8
Capex / depreciation 235,5 145,6 132,1
Capex tangibles / tangible fixed assets 426,1 147,4 102,3
Capex intangibles / definite intangibles 39,3 52,6 43,5
Depreciation on intangibles / definite intangibles 29,2 36,1 32,9
Depreciation on tangibles / tangibles 126,8 101,2 77,5
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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