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Bergs Timber

SEKm 2018 2019e 2020e
Sales 3064 3383 3369
Sales growth (%) 151,9 10,4 -0,4
EBITDA 307 345 312
EBITDA margin (%) 10 10,2 9,3
EBIT adj 236 260 224
EBIT adj margin (%) 7,7 7,7 6,7
Pretax profit 214 248 217
EPS rep 0,77 0,6 0,51
EPS growth (%) 407,2 -21,4 -15,7
EPS adj 0,8 0,6 0,51
DPS 0,1 0,1 0,1
EV/EBITDA (x) 5,2 4,5 4,5
EV/EBIT adj (x) 6,8 6 6,3
P/E (x) 3,9 5 5,9
P/E adj (x) 3,7 5 5,9
EV/sales (x) 0,5 0,5 0,4
FCF yield (%) -5 9,9 17,3
Dividend yield (%) 3,4 3,3 3,3
Net IB debt/EBITDA 1,9 1,5 1,2
SEKm 2018 2019e 2020e
Sales 3064 3383 3369
COGS -2021 -2537 -2553
Gross profit 1044 846 816
Other operating items -737 -501 -504
EBITDA 307 345 312
Depreciation on tangibles -71 -84 -88
Depreciation on intangibles 0 0 0
EBITA 236 260 224
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 236 260 224
Other financial items 0 0 0
Net financial items -15 -12 -7
Associated income 0 0 0
Other EO items -7 0 0
Pretax profit 214 248 217
Tax -26 -42 -43
Net profit 188 206 174
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 188 206 174
EPS 0,77 0,6 0,51
EPS Adj 0,8 0,6 0,51
Total extraordinary items after tax -6,5 0 0
Tax rate (%) -12,1 -17,1 -20
Gross margin (%) 34,1 25 24,2
EBITDA margin (%) 10 10,2 9,3
EBITA margin (%) 7,7 7,7 6,7
EBIT margin (%) 7,7 7,7 6,7
Pretax margin (%) 7 7,3 6,4
Net margin (%) 6,1 6,1 5,2
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 151,9 10,4 -0,4
EBITDA growth (%) 278 12,4 -9,5
EBIT growth (%) 554,7 10,3 -13,8
Net profit growth (%) 646 9,6 -15,7
EPS growth (%) 407,2 -21,4 -15,7
Profitability 2018 2019 2020
ROE (%) 25,9 18 13,3
ROE Adj (%) 26,8 18 13,3
ROCE (%) 20,6 14,3 11,2
ROCE Adj(%) 21,2 14,3 11,2
ROIC (%) 19,2 12,7 10,2
ROIC Adj (%) 19,2 12,7 10,2
Adj earnings numbers 2018 2019 2020
EBITDA Adj 307 345 312
EBITDA Adj margin (%) 10 10,2 9,3
EBITA Adj 236 260 224
EBITA Adj margin (%) 7,7 7,7 6,7
EBIT Adj 236 260 224
EBIT Adj margin (%) 7,7 7,7 6,7
Pretax profit Adj 220 248 217
Net profit Adj 195 206 174
Net profit to shareholders Adj 195 206 174
Net Adj margin (%) 6,3 6,1 5,2
SEKm 2018 2019e 2020e
EBITDA 307 345 312
Net financial items -15 -12 -7
Paid tax -26 -42 -43
Non-cash items 0 0 0
Cash flow before change in WC 266 291 262
Change in WC -435 -77 5
Operating cash flow 236 216 267
CAPEX tangible fixed assets -273 -114 -88
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -37 102 179
Dividend paid -9 -34 -34
Share issues and buybacks 0 0 0
Other non cash items -412 -11 0
Decrease in net IB debt -458 57 145
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 191 194 194
Definite intangible assets 0 0 0
Tangible fixed assets 771 815 815
Other fixed assets 8 8 9
Fixed assets 970 1017 1018
Inventories 653 615 632
Receivables 377 437 408
Other current assets 0 0 0
Cash and liquid assets 74 180 325
Total assets 2074 2249 2383
Shareholders equity 1052 1235 1374
Minority 0 0 0
Total equity 1052 1235 1374
Long-term debt 238 340 410
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 7 6 6
Short-term debt 416 363 293
Accounts payable 361 306 299
Other current liabilities 0 0 0
Total liabilities and equity 663 693 2074
Net IB debt 580 523 378
Net IB debt excl. pension debt 580 523 378
Capital invested 1639 1763 1759
Working capital 669 746 741
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1012 1033 1033
Net IB debt Adj 580 523 378
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 1592 1555 1411
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 221,5 156,5 145,5
Capital invested turnover (%) 283,7 198,9 191,4
Capital employed turnover (%) 275,1 185,7 167,8
Inventories / sales (%) 14,3 18,7 18,5
Customer advances / sales (%) 0 0 0
Payables / sales (%) 8,7 9,9 9
Working capital / sales (%) 14,7 20,9 22,1
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 55,1 42,3 27,5
Net debt / market cap (%) 57,6 50,6 36,6
Equity ratio (%) 50,7 54,9 57,7
Net IB debt adj. / equity (%) 55,1 42,3 27,5
Current ratio (%) 142,1 184,1 230,4
EBITDA / net interest (%) 2005,9 2999,7 4336,3
Net IB debt / EBITDA (%) 189 151,5 121,1
Interest cover (%) 1531,2 2087,7 3114
SEKm 2018 2019e 2020e
Shares outstanding adj. 341 341 341
Fully diluted shares Adj 341 341 341
EPS 0,77 0,6 0,51
Dividend per share Adj 0,1 0,1 0,1
EPS Adj 0,8 0,6 0,51
BVPS 3,09 3,62 4,03
BVPS Adj 3,09 3,62 4,03
Net IB debt / share 1,7 1,5 1,1
Share price 2,95 3,03 3,03
Market cap. (m) 1007 1033 1033
Valuation 2018 2019 2020
P/E 3,9 5 5,9
EV/sales 0,52 0,46 0,42
EV/EBITDA 5,2 4,5 4,5
EV/EBITA 6,8 6 6,3
EV/EBIT 6,8 6 6,3
Dividend yield (%) 3,4 3,3 3,3
FCF yield (%) -5 9,9 17,3
P/BVPS 0,96 0,84 0,75
P/BVPS Adj 0,96 0,84 0,75
P/E Adj 3,7 5 5,9
EV/EBITDA Adj 5,2 4,5 4,5
EV/EBITA Adj 6,8 6 6,3
EV/EBIT Adj 6,8 6 6,3
EV/cap. employed 0,9 0,8 0,7
Investment ratios 2018 2019 2020
Capex / sales 8,9 3,4 2,6
Capex / depreciation 382,9 135,7 100
Capex tangibles / tangible fixed assets 35,4 14 10,8
Capex intangibles / definite intangibles N/A N/A N/A
Depreciation on intangibles / definite intangibles N/A N/A N/A
Depreciation on tangibles / tangibles 9,2 10,3 10,8

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.

5,9

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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6,3

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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0,4

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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0,8