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Avensia

SEKm 2018 2019e 2020e
Sales 250 336 403
Sales growth (%) 48,7 34,6 19,6
EBITDA 26 44 62
EBITDA margin (%) 10,3 13 15,3
EBIT adj 23 41 59
EBIT adj margin (%) 9,4 12,2 14,6
Pretax profit 23 41 59
EPS rep 0,46 0,9 1,29
EPS growth (%) 172,2 94 44,2
EPS adj 0,46 0,9 1,29
DPS 0,23 0,35 0,4
EV/EBITDA (x) 14,8 12,8 8,6
EV/EBIT adj (x) 16,3 13,6 9
P/E (x) 25,1 19,2 13,3
P/E adj (x) 25,1 19,2 13,3
EV/sales (x) 1,5 1,7 1,3
FCF yield (%) 4,8 5 7
Dividend yield (%) 2 2 2,3
Net IB debt/EBITDA -1,2 -1,2 -1,4
SEKm 2018 2019e 2020e
Sales 250 336 403
COGS 0 0 0
Gross profit 250 336 403
Other operating items -224 -293 -341
EBITDA 26 44 62
Depreciation on tangibles 0 0 0
Depreciation on intangibles -2 -3 -3
EBITA 23 41 59
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 23 41 59
Other financial items 0 0 0
Net financial items 0 0 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 23 41 59
Tax -7 -9 -13
Net profit 16 32 46
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 16 32 46
EPS 0,46 0,9 1,29
EPS Adj 0,46 0,9 1,29
Total extraordinary items after tax 0 0 0
Tax rate (%) -30 -22,5 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 10,3 13 15,3
EBITA margin (%) 9,4 12,2 14,6
EBIT margin (%) 9,4 12,2 14,6
Pretax margin (%) 9,4 12,2 14,6
Net margin (%) 6,6 9,5 11,4
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 48,7 34,6 19,6
EBITDA growth (%) 154,4 69,4 41,1
EBIT growth (%) 172,7 74,9 43,3
Net profit growth (%) 172,2 93,9 44,2
EPS growth (%) 172,2 94 44,2
Profitability 2018 2019 2020
ROE (%) 41,5 53,6 52,2
ROE Adj (%) 41,5 53,6 52,2
ROCE (%) 141,7 225,7 295,4
ROCE Adj(%) 141,7 225,7 295,4
ROIC (%) 99,2 174,9 230,4
ROIC Adj (%) 99,2 174,9 230,4
Adj earnings numbers 2018 2019 2020
EBITDA Adj 26 44 62
EBITDA Adj margin (%) 10,3 13 15,3
EBITA Adj 23 41 59
EBITA Adj margin (%) 9,4 12,2 14,6
EBIT Adj 23 41 59
EBIT Adj margin (%) 9,4 12,2 14,6
Pretax profit Adj 23 41 59
Net profit Adj 16 32 46
Net profit to shareholders Adj 16 32 46
Net Adj margin (%) 6,6 9,5 11,4
SEKm 2018 2019e 2020e
EBITDA 26 44 62
Net financial items 0 0 0
Paid tax -7 -9 -13
Non-cash items 0 0 0
Cash flow before change in WC 19 34 49
Change in WC 0 0 2
Operating cash flow 23 34 49
CAPEX tangible fixed assets 0 0 0
CAPEX intangible fixed assets -4 -4 -6
Acquisitions and disposals 0 0 0
Free cash flow 20 30 43
Dividend paid -6 -8 -12
Share issues and buybacks 0 0 0
Other non cash items 2 0 2
Decrease in net IB debt 15 22 32
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 0 0 0
Definite intangible assets 3 5 8
Tangible fixed assets 4 4 4
Other fixed assets 0 0 0
Fixed assets 8 9 13
Inventories 0 0 0
Receivables 62 79 89
Other current assets 0 0 0
Cash and liquid assets 30 52 84
Total assets 100 140 185
Shareholders equity 48 71 105
Minority 0 0 0
Total equity 48 71 105
Long-term debt 0 0 0
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 0 0 0
Accounts payable 53 69 81
Other current liabilities 0 0 0
Total liabilities and equity 48 69 100
Net IB debt -30 -52 -84
Net IB debt excl. pension debt -30 -52 -84
Capital invested 17 19 21
Working capital 9 10 8
EV breakdown 2018 2019 2020
Market cap. diluted (m) 412 611 611
Net IB debt Adj -30 -52 -84
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 382 559 527
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 295,3 279,6 247,4
Capital invested turnover (%) 1508,8 1849,9 2021,3
Capital employed turnover (%) 1508,8 1849,9 2021,3
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 18 18,1 18,6
Working capital / sales (%) 3,8 2,9 2,2
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) -63,8 -73,1 -80,2
Net debt / market cap (%) -8 -8,5 -13,7
Equity ratio (%) 47,4 50,8 56,5
Net IB debt adj. / equity (%) -63,8 -73,1 -80,2
Current ratio (%) 175,3 189,6 214,3
EBITDA / net interest (%) 49500 0 0
Net IB debt / EBITDA (%) -117,9 -119,4 -136,5
Interest cover (%) 45146,2 N/A N/A
SEKm 2018 2019e 2020e
Shares outstanding adj. 36 36 36
Fully diluted shares Adj 36 36 36
EPS 0,46 0,9 1,29
Dividend per share Adj 0,2 0,3 0,4
EPS Adj 0,46 0,9 1,29
BVPS 1,34 2 2,94
BVPS Adj 1,24 1,87 2,71
Net IB debt / share -0,9 -1,5 -2,4
Share price 10,74 17,2 17,2
Market cap. (m) 382 611 611
Valuation 2018 2019 2020
P/E 25,1 19,2 13,3
EV/sales 1,53 1,66 1,31
EV/EBITDA 14,8 12,8 8,6
EV/EBITA 16,3 13,6 9
EV/EBIT 16,3 13,6 9
Dividend yield (%) 2 2 2,3
FCF yield (%) 4,8 5 7
P/BVPS 8,67 8,58 5,84
P/BVPS Adj 9,34 9,22 6,34
P/E Adj 25,1 19,2 13,3
EV/EBITDA Adj 14,8 12,8 8,6
EV/EBITA Adj 16,3 13,6 9
EV/EBIT Adj 16,3 13,6 9
EV/cap. employed 22,2 29,2 25,5
Investment ratios 2018 2019 2020
Capex / sales 1,5 1,2 1,5
Capex / depreciation 168,2 157,7 223,6
Capex tangibles / tangible fixed assets 0 0 0
Capex intangibles / definite intangibles 110,6 82 73,1
Depreciation on intangibles / definite intangibles 65,7 52 32,7
Depreciation on tangibles / tangibles 0 0 0

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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