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Avensia

Avensia

SEKm 2020 2021e 2022e
Sales 317 371 438
Sales growth (%) 4,6 17 18,3
EBITDA 17 37 52
EBITDA margin (%) 5,2 9,9 11,8
EBIT adj 12 27 37
EBIT adj margin (%) 3,9 7,2 8,6
Pretax profit 3 17 37
EPS rep 0,03 0,34 0,78
EPS growth (%) -94,1 1016,7 128,6
EPS adj 0,27 0,59 0,78
DPS 0,3 0,35 0,4
EV/EBITDA (x) 36,3 13,6 9,5
EV/EBIT adj (x) 49 18,8 13,1
P/E (x) 553,9 40,3 17,6
P/E adj (x) 62 23,4 17,6
EV/sales (x) 1,9 1,3 1,1
FCF yield (%) 3,2 1,6 5,2
Dividend yield (%) 1,8 2,6 2,9
Net IB debt/EBITDA -1,1 -0,2 -0,3
Lease adj. FCF yield (%) 2,1 0,1 3,8
Lease adj. ND/EBITDA -2,2 -0,8 -0,8
SEKm 2020 2021e 2022e
Leasing payments -7 -7 -7
Depreciation and amortisation -13 -19 -14
Of which leasing depreciation -7 -7 -7
EO items -9 -9 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 18 39 44
EBITDA lease Adj margin (%) 5,8 10,4 10,2
Sales 317 371 438
COGS 0 0 0
Gross profit 317 371 438
Other operating items -300 -334 -387
EBITDA 17 37 52
Depreciation on tangibles -3 -4 -4
Depreciation on intangibles -3 -4 -4
EBITA 3 17 37
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 3 17 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 3 17 37
Tax -1 -4 -8
Net profit 1 13 29
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 1 13 29
EPS 0,03 0,34 0,78
EPS Adj 0,27 0,59 0,78
Total extraordinary items after tax -8,9 -9,1 0
Tax rate (%) -56 -24,5 -22
Gross margin (%) 100 100 100
EBITDA margin (%) 5,2 9,9 11,8
EBITA margin (%) 1,1 4,7 8,6
EBIT margin (%) 1,1 4,7 8,6
Pretax margin (%) 0,8 4,5 8,4
Net margin (%) 0,4 3,4 6,5
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 4,6 17 18,3
EBITDA growth (%) -55,6 119,8 41,1
EBIT growth (%) -87,2 409,4 115
Net profit growth (%) -94 1016,8 128,6
EPS growth (%) -94,1 1016,7 128,6
Profitability 2020 2021 2022
ROE (%) 1,8 20,9 41,7
ROE Adj (%) 16,4 36 41,7
ROCE (%) 4 20,7 40,4
ROCE Adj(%) 14,6 31,5 40,4
ROIC (%) 3,1 26,2 48,2
ROIC Adj (%) 11,1 39,9 48,2
Adj earnings numbers 2020 2021 2022
EBITDA Adj 26 46 52
EBITDA Adj margin (%) 8,1 12,3 11,8
EBITA Adj 12 27 37
EBITA Adj margin (%) 3,9 7,2 8,6
EBIT Adj 12 27 37
EBIT Adj margin (%) 3,9 7,2 8,6
Pretax profit Adj 11 26 37
Net profit Adj 10 22 29
Net profit to shareholders Adj 10 22 29
Net Adj margin (%) 3,2 5,8 6,5
SEKm 2020 2021e 2022e
EBITDA 17 37 52
Net financial items -1 -1 -1
Lease liability amortisation -7 -7 -7
Other intangible assets 10 11 14
Right-of-use asset 25 25 25
Total other fixed assets 1 1 1
Leasing liability 23 23 23
Total other long-term liabilities 3 3 3
Net IB debt excl. leasing -40 -30 -36
Net IB debt / EBITDA lease Adj (%) -216,5 -76,8 -81
Paid tax -1 -4 -8
Non-cash items -9 0 0
Cash flow before change in WC 5 32 43
Change in WC 26 -11 -3
Operating cash flow 32 20 40
CAPEX tangible fixed assets -6 -6 -7
CAPEX intangible fixed assets -6 -6 -7
Acquisitions and disposals 0 0 0
Free cash flow 20 8 26
Dividend paid -10 -11 -13
Share issues and buybacks 0 0 0
Other non cash items 3 0 0
Decrease in net IB debt 6 -8 6
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 2 2 2
Indefinite intangible assets 0 0 0
Definite intangible assets 10 13 16
Tangible fixed assets 4 4 8
Other fixed assets 1 1 1
Fixed assets 42 42 49
Inventories 0 0 0
Receivables 84 96 114
Other current assets 0 0 0
Cash and liquid assets 41 31 38
Total assets 167 170 200
Shareholders equity 59 61 76
Minority 0 0 0
Total equity 59 61 76
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 80 82 96
Other current liabilities 0 0 0
Total liabilities and equity 167 170 200
Net IB debt -18 -8 -14
Net IB debt excl. pension debt -18 -8 -14
Capital invested 44 56 65
Working capital 4 15 18
EV breakdown 2020 2021 2022
Market cap. diluted (m) 621 505 505
Net IB debt Adj -17 -7 -13
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 604 498 491
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 199,3 220,2 236,8
Capital invested turnover (%) 648,5 700,3 675,1
Capital employed turnover (%) 374,1 419,4 442,7
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 22,4 21,9 20,2
Working capital / sales (%) 3,5 2,5 3,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -30,9 -13,2 -18,9
Net debt / market cap (%) -3,8 -1,6 -2,9
Equity ratio (%) 35,5 35,8 38,2
Net IB debt adj. / equity (%) -29,3 -11,6 -17,6
Current ratio (%) 140,9 141,3 144,1
EBITDA / net interest (%) 1898,1 4269,6 6448,4
Net IB debt / EBITDA (%) -110,1 -21,9 -28
Interest cover (%) 390,9 2037,7 4686,9
SEKm 2020 2021e 2022e
Lease adj. FCF yield (%) 2,1 0,1 3,8
Shares outstanding adj. 37 37 37
Fully diluted shares Adj 37 37 37
EPS 0,03 0,34 0,78
Dividend per share Adj 0,3 0,4 0,4
EPS Adj 0,27 0,59 0,78
BVPS 1,61 1,65 2,07
BVPS Adj 1,28 1,31 1,65
Net IB debt / share -0,5 -0,2 -0,4
Share price 12,99 13,7 13,7
Market cap. (m) 479 505 505
Valuation 2020 2021 2022
P/E 553,9 40,3 17,6
EV/sales 1,9 1,34 1,12
EV/EBITDA 36,3 13,6 9,5
EV/EBITA 176,3 28,5 13,1
EV/EBIT 176,3 28,5 13,1
Dividend yield (%) 1,8 2,6 2,9
FCF yield (%) 3,2 1,6 5,2
P/BVPS 10,48 8,31 6,6
P/BVPS Adj 13,14 10,43 8,3
P/E Adj 62 23,4 17,6
EV/EBITDA Adj 23,6 10,9 9,5
EV/EBITA Adj 49 18,8 13,1
EV/EBIT Adj 49 18,8 13,1
EV/cap. employed 7,2 5,9 4,9
Investment ratios 2020 2021 2022
Capex / sales 3,7 3,4 3,1
Capex / depreciation 191,8 104,8 194
Capex tangibles / tangible fixed assets 141,1 141,7 87,8
Capex intangibles / definite intangibles 57 59,6 49
Depreciation on intangibles / definite intangibles 29,7 56,9 25,3
Depreciation on tangibles / tangibles 73,6 135,2 45,3

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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13,3

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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1,1

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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