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Bergs Timber

SEKm 2018 2019e 2020e
Sales 3064 3357 3298
Sales growth (%) 151,9 9,5 -1,7
EBITDA 300 335 299
EBITDA margin (%) 9,8 10 9,1
EBIT adj 236 251 211
EBIT adj margin (%) 7,7 7,5 6,4
Pretax profit 214 242 204
EPS rep 0,77 0,57 0,48
EPS growth (%) 407,2 -26,2 -15,6
EPS adj 0,8 0,57 0,48
DPS 0,1 0,1 0,1
EV/EBITDA (x) 5,3 4,8 4,9
EV/EBIT adj (x) 6,7 6,4 6,9
P/E (x) 3,9 5,6 6,6
P/E adj (x) 3,7 5,6 6,6
EV/sales (x) 0,5 0,5 0,4
FCF yield (%) -5 8,1 16,7
Dividend yield (%) 3,4 3,2 3,2
Net IB debt/EBITDA 1,9 1,5 1,2
SEKm 2018 2019e 2020e
Sales 3064 3357 3298
COGS -2021 -2057 -2035
Gross profit 1044 1300 1263
Other operating items -743 -964 -964
EBITDA 300 335 299
Depreciation on tangibles -71 -84 -88
Depreciation on intangibles 0 0 0
EBITA 229 251 211
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 229 251 211
Other financial items 0 0 0
Net financial items -15 -10 -7
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 214 242 204
Tax -26 -48 -41
Net profit 188 193 163
Minority interest 0 0 0
Net profit discontinued 0 0 0
Net profit to shareholders 188 193 163
EPS 0,77 0,57 0,48
EPS Adj 0,8 0,57 0,48
Total extraordinary items after tax -6,5 0 0
Tax rate (%) -12,1 -20 -20
Gross margin (%) 34,1 38,7 38,3
EBITDA margin (%) 9,8 10 9,1
EBITA margin (%) 7,5 7,5 6,4
EBIT margin (%) 7,5 7,5 6,4
Pretax margin (%) 7 7,2 6,2
Net margin (%) 6,1 5,8 4,9
Growth rates Y/Y 2018 2019 2020
Sales growth (%) 151,9 9,5 -1,7
EBITDA growth (%) 264,1 11,6 -10,9
EBIT growth (%) 514,5 9,6 -16,1
Net profit growth (%) 646 2,8 -15,6
EPS growth (%) 407,2 -26,2 -15,6
Profitability 2018 2019 2020
ROE (%) 25,9 17,1 12,8
ROE Adj (%) 26,8 17,1 12,8
ROCE (%) 21,6 15 12,3
ROCE Adj(%) 22,2 15 12,3
ROIC (%) 18,9 11,9 9,7
ROIC Adj (%) 19,4 11,9 9,7
Adj earnings numbers 2018 2019 2020
EBITDA Adj 307 335 299
EBITDA Adj margin (%) 10 10 9,1
EBITA Adj 236 251 211
EBITA Adj margin (%) 7,7 7,5 6,4
EBIT Adj 236 251 211
EBIT Adj margin (%) 7,7 7,5 6,4
Pretax profit Adj 220 242 204
Net profit Adj 195 193 163
Net profit to shareholders Adj 195 193 163
Net Adj margin (%) 6,3 5,8 4,9
SEKm 2018 2019e 2020e
EBITDA 300 335 299
Net financial items -15 -10 -7
Paid tax -26 -48 -41
Non-cash items 0 0 0
Cash flow before change in WC 259 277 251
Change in WC -435 -90 17
Operating cash flow 236 187 268
CAPEX tangible fixed assets -273 -100 -88
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow -37 87 180
Dividend paid -9 -34 -34
Share issues and buybacks 0 0 0
Other non cash items -426 0 0
Decrease in net IB debt -472 53 146
Balance Sheet (SEKm) 2018 2019 2020
Goodwill 0 0 0
Indefinite intangible assets 191 191 191
Definite intangible assets 0 0 0
Tangible fixed assets 771 787 787
Other fixed assets 8 8 8
Fixed assets 970 986 986
Inventories 653 653 652
Receivables 377 375 354
Other current assets 0 0 0
Cash and liquid assets 74 127 273
Total assets 2074 2142 2264
Shareholders equity 1052 1211 1340
Minority 0 0 0
Total equity 1052 1211 1340
Long-term debt 238 338 408
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 7 7 7
Short-term debt 416 316 246
Accounts payable 361 269 263
Other current liabilities 0 0 0
Total liabilities and equity 663 693 2074
Net IB debt 572 519 373
Net IB debt excl. pension debt 572 519 373
Capital invested 1631 1737 1720
Working capital 669 759 742
EV breakdown 2018 2019 2020
Market cap. diluted (m) 1012 1077 1077
Net IB debt Adj 572 519 373
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 1584 1596 1450
Capital efficiency (%) 2018 2019 2020
Total assets turnover (%) 221,5 159,3 149,7
Capital invested turnover (%) 287,7 199,3 190,8
Capital employed turnover (%) 288,7 200,2 191,6
Inventories / sales (%) 14,3 19,5 19,8
Customer advances / sales (%) 0 0 0
Payables / sales (%) 8,7 9,4 8,1
Working capital / sales (%) 14,7 21,3 22,8
Financial risk and debt service 2018 2019 2020
Net debt / equity (%) 54,4 42,9 27,8
Net debt / market cap (%) 56,8 48,2 34,7
Equity ratio (%) 50,7 56,6 59,2
Net IB debt adj. / equity (%) 54,4 42,9 27,8
Current ratio (%) 142,1 197,4 251,1
EBITDA / net interest (%) 1963,4 3491,8 4392
Net IB debt / EBITDA (%) 190,4 154,9 125
Interest cover (%) 1489 2516,2 2931,4
SEKm 2018 2019e 2020e
Shares outstanding adj. 341 341 341
Fully diluted shares Adj 341 341 341
EPS 0,77 0,57 0,48
Dividend per share Adj 0,1 0,1 0,1
EPS Adj 0,8 0,57 0,48
BVPS 3,09 3,55 3,93
BVPS Adj 3,09 3,55 3,93
Net IB debt / share 1,7 1,5 1,1
Share price 2,95 3,16 3,16
Market cap. (m) 1007 1077 1077
Valuation 2018 2019 2020
P/E 3,9 5,6 6,6
EV/sales 0,52 0,48 0,44
EV/EBITDA 5,3 4,8 4,9
EV/EBITA 6,9 6,4 6,9
EV/EBIT 6,9 6,4 6,9
Dividend yield (%) 3,4 3,2 3,2
FCF yield (%) -5 8,1 16,7
P/BVPS 0,96 0,89 0,8
P/BVPS Adj 0,96 0,89 0,8
P/E Adj 3,7 5,6 6,6
EV/EBITDA Adj 5,2 4,8 4,9
EV/EBITA Adj 6,7 6,4 6,9
EV/EBIT Adj 6,7 6,4 6,9
EV/cap. employed 1 0,9 0,8
Investment ratios 2018 2019 2020
Capex / sales 8,9 3 2,7
Capex / depreciation 382,9 119 100
Capex tangibles / tangible fixed assets 35,4 12,7 11,2
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 10,7 11,2

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.

6,6

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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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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