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Axactor

Axactor

EURm 2021 2022e 2023e
Sales 234 279 283
Sales growth (%) 14,1 19,1 1,5
EBITDA 72 121 148
EBITDA margin (%) 30,7 43,4 52,5
EBIT adj 64 111 139
EBIT adj margin (%) 27,4 39,8 49
Pretax profit 8 60 86
EPS rep 0,03 0,17 0,22
EPS growth (%) 138,6 450,4 27,1
EPS adj 0,04 0,17 0,22
DPS 0 0 0
EV/EBITDA (x) 14 8,9 7,2
EV/EBIT adj (x) 15,7 9,7 7,7
P/E (x) 20,3 3,7 2,9
P/E adj (x) 15,7 3,7 2,9
EV/sales (x) 4,3 3,8 3,8
FCF yield (%) 11,3 -34,2 -1,2
Dividend yield (%) 0 0 0
Net IB debt/EBITDA 11,3 7,3 5,9
Lease adj. FCF yield (%) 11,3 -34,2 -1,2
Lease adj. ND/EBITDA 0 0 0
EURm 2021 2022e 2023e
Leasing payments 0 0 0
Sales 234 279 283
COGS -162 -158 -134
Gross profit 72 121 148
Other operating items 0 0 0
EBITDA 72 121 148
Depreciation on tangibles -10 -10 -10
Depreciation on intangibles 0 0 0
EBITA 62 111 139
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 62 111 139
Other financial items 0 0 0
Net financial items -52 -51 -52
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 8 60 86
Tax -8 -15 -22
Net profit 1 45 65
Minority interest 9 8 2
Net profit discontinued 0 0 0
Net profit to shareholders 10 53 67
EPS 0,03 0,17 0,22
EPS Adj 0,04 0,17 0,22
Total extraordinary items after tax -2,8 0 0
Tax rate (%) -93,6 -25,1 -25
Gross margin (%) 30,9 43,4 52,5
EBITDA margin (%) 30,7 43,4 52,5
EBITA margin (%) 26,6 39,8 49
EBIT margin (%) 26,6 39,8 49
Pretax margin (%) 3,5 21,4 30,5
Net margin (%) 0,2 16 22,8
Growth rates Y/Y 2021 2022 2023
Sales growth (%) 14,1 19,1 1,5
EBITDA growth (%) 100,6 67,9 22,9
EBIT growth (%) 148,8 78,2 24,9
Net profit growth (%) 101,7 8501,5 45
EPS growth (%) 138,6 450,4 27,1
Profitability 2021 2022 2023
ROE (%) 2,6 11,8 13,2
ROE Adj (%) 3,4 11,8 13,2
ROCE (%) 4,7 8,4 9,8
ROCE Adj(%) 5 8,4 9,8
ROIC (%) 0,3 6,4 7,5
ROIC Adj (%) 0,3 6,4 7,5
Adj earnings numbers 2021 2022 2023
EBITDA Adj 74 121 148
EBITDA Adj margin (%) 31,5 43,4 52,5
EBITA Adj 64 111 139
EBITA Adj margin (%) 27,4 39,8 49
EBIT Adj 64 111 139
EBIT Adj margin (%) 27,4 39,8 49
Pretax profit Adj 12 60 86
Net profit Adj 3 45 65
Net profit to shareholders Adj 12 53 67
Net Adj margin (%) 1,4 16 22,8
Depreciation and amortisation -10 -10 -10
Of which leasing depreciation 0 0 0
EO items -2 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 0 0 0
EBITDA lease Adj margin (%) 0 0 0
EURm 2021 2022e 2023e
EBITDA 72 121 148
Net financial items -52 -51 -52
Paid tax -8 -15 -22
Non-cash items 146 179 175
Cash flow before change in WC 159 233 249
Change in WC 2 -3 0
Operating cash flow 160 230 249
CAPEX tangible fixed assets -133 -290 -245
CAPEX intangible fixed assets -5 -6 -6
Acquisitions and disposals 0 0 0
Free cash flow 22 -66 -2
Dividend paid 0 0 0
Share issues and buybacks 0 0 0
Other non cash items 56 -1 0
Decrease in net IB debt -20 -49 15
Balance Sheet (EURm) 2021 2022 2023
Goodwill 55 55 55
Indefinite intangible assets 20 20 20
Definite intangible assets 15 15 15
Tangible fixed assets 1178 1287 1358
Other fixed assets 1 1 1
Fixed assets 1267 1377 1448
Inventories 0 0 0
Receivables 7 8 8
Other current assets 12 14 14
Cash and liquid assets 27 28 36
Total assets 1313 1427 1506
Shareholders equity 420 473 540
Minority 6 -2 0
Total equity 426 471 540
Long-term debt 806 905 54
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 7 7 7
Other long-term liabilities 4 4 4
Short-term debt 31 0 861
Accounts payable 7 8 8
Other current liabilities 31 32 32
Total liabilities and equity 1313 1427 1506
Net IB debt 811 877 879
Net IB debt excl. pension debt 811 877 879
Capital invested 1248 1359 1430
Working capital -19 -18 -18
EV breakdown 2021 2022 2023
Market cap. diluted (m) 194 194 194
Net IB debt Adj 811 877 879
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 1005 1071 1073
Capital efficiency (%) 2021 2022 2023
Total assets turnover (%) 17,5 20,3 19,3
Capital invested turnover (%) 21 21,6 20,6
Capital employed turnover (%) 20,6 21,4 20,4
Inventories / sales (%) 0 0 0
Customer advances / sales (%) 0 0 0
Payables / sales (%) 2,5 2,6 2
Working capital / sales (%) -8,1 -6,7 -6,3
Financial risk and debt service 2021 2022 2023
Net debt / equity (%) 190,1 186,2 162,9
Net debt / market cap (%) 295,9 451,5 452,7
Equity ratio (%) 32,5 33 35,8
Net IB debt adj. / equity (%) 190,1 186,2 162,9
Current ratio (%) 65,7 124,2 6,5
EBITDA / net interest (%) 138,6 235,1 283,4
Net IB debt / EBITDA (%) 1127,2 726,2 592,3
Interest cover (%) 119,9 216 264,6
Lease liability amortisation 0 0 0
Other intangible assets 33 34 34
Right-of-use asset 0 0 0
Total other fixed assets 1 1 1
Leasing liability 0 0 0
Total other long-term liabilities 11 11 11
Net IB debt excl. leasing 0 0 0
Net IB debt / EBITDA lease Adj (%) 0 0 0
EURm 2021 2022e 2023e
Shares outstanding adj. 302 302 302
Fully diluted shares Adj 302 302 302
EPS 0,03 0,17 0,22
Dividend per share Adj 0 0 0
EPS Adj 0,04 0,17 0,22
BVPS 1,39 1,56 1,79
BVPS Adj 1,16 1,33 1,55
Net IB debt / share 2,7 2,9 2,9
Share price 0,91 0,64 0,64
Market cap. (m) 274 194 194
Valuation 2021 2022 2023
P/E 20,3 3,7 2,9
EV/sales 4,29 3,85 3,8
EV/EBITDA 14 8,9 7,2
EV/EBITA 16,1 9,7 7,7
EV/EBIT 16,1 9,7 7,7
Dividend yield (%) 0 0 0
FCF yield (%) 11,3 -34,2 -1,2
P/BVPS 0,46 0,41 0,36
P/BVPS Adj 0,56 0,48 0,41
P/E Adj 15,7 3,7 2,9
EV/EBITDA Adj 13,6 8,9 7,2
EV/EBITA Adj 15,7 9,7 7,7
EV/EBIT Adj 15,7 9,7 7,7
EV/cap. employed 0,8 0,8 0,7
Investment ratios 2021 2022 2023
Capex / sales 59,1 106,4 88,9
Capex / depreciation 1430,2 3003,3 2536,4
Capex tangibles / tangible fixed assets 11,3 22,5 18
Capex intangibles / definite intangibles 34,4 41,7 41,9
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 0,8 0,8 0,7
Lease adj. FCF yield (%) 11,3 -34,2 -1,2

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.

2,9

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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7,7

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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3,8

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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0,4