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Bergs Timber

Bergs Timber

SEKm 2020 2021e 2022e
Sales 2132 2956 2534
Sales growth (%) -34,9 38,7 -14,3
EBITDA 212 418 269
EBITDA margin (%) 9,9 14,1 10,6
EBIT adj 137 339 185
EBIT adj margin (%) 6,4 11,5 7,3
Pretax profit 93 326 177
EPS rep 0,5 0,84 0,41
EPS growth (%) 281,2 68,9 -50,9
EPS adj 0,31 0,86 0,41
DPS 0,2 0,25 0,12
EV/EBITDA (x) 4,9 4,5 7,4
EV/EBIT adj (x) 7,5 5,5 10,8
P/E (x) 6,2 6,1 12,4
P/E adj (x) 9,8 6 12,4
EV/sales (x) 0,5 0,6 0,8
FCF yield (%) 27,4 -1,9 -1,8
Dividend yield (%) 6,5 4,9 2,4
Net IB debt/EBITDA -0,2 0,2 0,8
Lease adj. FCF yield (%) 27,4 -1,9 -1,8
Lease adj. ND/EBITDA -0,2 0,2 0,8
SEKm 2020 2021e 2022e
Sales 2132 2956 2534
COGS -1311 -2111 -2008
Gross profit 821 845 526
Other operating items -609 -427 -258
EBITDA 212 418 269
Depreciation on tangibles -75 -70 -70
Depreciation on intangibles 0 0 0
EBITA 137 339 185
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 137 339 185
Other financial items 0 0 0
Net financial items -44 -8 -8
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 93 326 177
Tax 16 -34 -33
Net profit 109 292 143
Minority interest 0 0 0
Net profit discontinued 64 0 0
Net profit to shareholders 173 292 143
EPS 0,5 0,84 0,41
EPS Adj 0,31 0,86 0,41
Total extraordinary items after tax 0 -5 0
Tax rate (%) 17,2 -10,4 -18,7
Gross margin (%) 38,5 28,6 20,8
EBITDA margin (%) 9,9 14,1 10,6
EBITA margin (%) 6,4 11,5 7,3
EBIT margin (%) 6,4 11,5 7,3
Pretax margin (%) 4,4 11 7
Net margin (%) 5,1 9,9 5,7
Growth rates Y/Y 2020 2021 2022
Sales growth (%) -34,9 38,7 -14,3
EBITDA growth (%) 36,5 97,6 -35,8
EBIT growth (%) 128,3 147,6 -45,6
Net profit growth (%) 142,2 168 -50,9
EPS growth (%) 281,2 68,9 -50,9
Profitability 2020 2021 2022
ROE (%) 14,7 21,4 9,5
ROE Adj (%) 9,3 21,8 9,5
ROCE (%) 9,7 20,9 10,1
ROCE Adj(%) 9,7 21,2 10,1
ROIC (%) 10,6 21,2 8,8
ROIC Adj (%) 10,6 21,2 8,8
Adj earnings numbers 2020 2021 2022
EBITDA Adj 212 418 269
EBITDA Adj margin (%) 9,9 14,1 10,6
EBITA Adj 137 339 185
EBITA Adj margin (%) 6,4 11,5 7,3
EBIT Adj 137 339 185
EBIT Adj margin (%) 6,4 11,5 7,3
Pretax profit Adj 93 331 177
Net profit Adj 109 297 143
Net profit to shareholders Adj 109 297 143
Net Adj margin (%) 5,1 10,1 5,7
Depreciation and amortisation -75 -83 -84
Of which leasing depreciation 0 0 0
EO items 0 0 0
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 212 418 269
EBITDA lease Adj margin (%) 9,9 14,1 10,6
Leasing payments 0 0 0
SEKm 2020 2021e 2022e
EBITDA 212 418 269
Net financial items -44 -8 -8
Paid tax 16 -34 -33
Non-cash items 0 0 0
Cash flow before change in WC 184 376 227
Change in WC 171 -257 -59
Operating cash flow 355 119 169
CAPEX tangible fixed assets -63 -153 -200
CAPEX intangible fixed assets 0 0 0
Acquisitions and disposals 0 0 0
Free cash flow 292 -34 -31
Dividend paid 0 -69 -88
Share issues and buybacks 0 0 0
Other non cash items 410 -49 0
Decrease in net IB debt 696 76 93
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 0 0 0
Indefinite intangible assets 187 187 187
Definite intangible assets 0 0 0
Tangible fixed assets 665 728 844
Other fixed assets 7 7 7
Fixed assets 859 1078 1194
Inventories 349 548 606
Receivables 241 330 307
Other current assets 0 0 0
Cash and liquid assets 242 265 146
Total assets 1691 2221 2253
Shareholders equity 1251 1480 1536
Minority 0 0 0
Total equity 1251 1480 1536
Long-term debt 168 15 15
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 24 24 24
Short-term debt 42 349 349
Accounts payable 206 332 308
Other current liabilities 0 0 0
Total liabilities and equity 1691 2221 2253
Net IB debt -32 99 218
Net IB debt excl. pension debt -32 99 218
Capital invested 1243 1624 1799
Working capital 384 546 605
EV breakdown 2020 2021 2022
Market cap. diluted (m) 1064 1782 1782
Net IB debt Adj -32 99 218
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 1032 1881 2000
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 108,7 151,1 113,3
Capital invested turnover (%) 140,3 168,9 177,7
Capital employed turnover (%) 128,7 139,6 138
Inventories / sales (%) 23,8 16,7 15,7
Customer advances / sales (%) 0 0 0
Payables / sales (%) 13 9,5 8,8
Working capital / sales (%) 24,2 15,7 22,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) -2,6 6,7 14,2
Net debt / market cap (%) -3,7 5,5 12,2
Equity ratio (%) 74 66,6 68,2
Net IB debt adj. / equity (%) -2,6 6,7 14,2
Current ratio (%) 335,5 167,8 161,2
EBITDA / net interest (%) 480,9 5227 3357,1
Net IB debt / EBITDA (%) -15,1 23,6 81,1
Interest cover (%) 236,8 1755,8 1571,4
Lease liability amortisation 0 0 0
Other intangible assets 187 327 327
Right-of-use asset 0 0 0
Total other fixed assets 7 23 23
Leasing liability 0 0 0
Total other long-term liabilities 24 45 45
Net IB debt excl. leasing -32 99 218
Net IB debt / EBITDA lease Adj (%) -15,1 23,6 81,1
SEKm 2020 2021e 2022e
Shares outstanding adj. 347 347 347
Fully diluted shares Adj 347 347 347
EPS 0,5 0,84 0,41
Dividend per share Adj 0,2 0,3 0,1
EPS Adj 0,31 0,86 0,41
BVPS 3,61 4,27 4,43
BVPS Adj 3,61 4,27 4,43
Net IB debt / share -0,1 0,3 0,6
Share price 2,51 5,14 5,14
Market cap. (m) 869 1782 1782
Valuation 2020 2021 2022
P/E 6,2 6,1 12,4
EV/sales 0,48 0,64 0,79
EV/EBITDA 4,9 4,5 7,4
EV/EBITA 7,5 5,5 10,8
EV/EBIT 7,5 5,5 10,8
Dividend yield (%) 6,5 4,9 2,4
FCF yield (%) 27,4 -1,9 -1,8
P/BVPS 0,85 1,2 1,16
P/BVPS Adj 0,85 1,2 1,16
P/E Adj 9,8 6 12,4
EV/EBITDA Adj 4,9 4,5 7,4
EV/EBITA Adj 7,5 5,5 10,8
EV/EBIT Adj 7,5 5,5 10,8
EV/cap. employed 0,7 1 1,1
Investment ratios 2020 2021 2022
Capex / sales 3 5,2 7,9
Capex / depreciation 84,5 184,3 238,1
Capex tangibles / tangible fixed assets 9,5 21 23,7
Capex intangibles / definite intangibles 0 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 11,2 11,4 10
Lease adj. FCF yield (%) 27,4 -1,9 -1,8

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.

12,5

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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10,8

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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0,8

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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1,2