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BHG Group

BHG Group

SEKm 2020 2021e 2022e
Sales 8968 12082 13738
Sales growth (%) 44,4 34,7 13,7
EBITDA 892 1064 1203
EBITDA margin (%) 9,9 8,8 8,8
EBIT adj 701 892 1004
EBIT adj margin (%) 7,8 7,4 7,3
Pretax profit 550 745 887
EPS rep 3,86 4,91 5,62
EPS growth (%) 134,8 27,1 14,5
EPS adj 4,17 5,47 6,04
DPS 0 1 1
EV/EBITDA (x) 24,3 16,8 14,8
EV/EBIT adj (x) 30,9 20 17,7
P/E (x) 46,3 25,9 22,6
P/E adj (x) 42,9 23,2 21
EV/sales (x) 2,4 1,5 1,3
FCF yield (%) -5,5 -9,9 3,8
Dividend yield (%) 0 0,8 0,8
Net IB debt/EBITDA 2,8 2 1,7
Lease adj. FCF yield (%) -6,2 -11,1 2,7
Lease adj. ND/EBITDA 2 1,2 1,1
SEKm 2020 2021e 2022e
Leasing payments 0 0 0
Sales 8968 12082 13738
COGS -6637 -8892 -10122
Gross profit 2331 3190 3615
Other operating items -1439 -2126 -2412
EBITDA 892 1064 1203
Depreciation on tangibles -49 -66 -69
Depreciation on intangibles 0 0 0
EBITA 658 807 938
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT 658 807 938
Other financial items 0 0 0
Net financial items -107 -62 -52
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit 550 745 887
Tax -130 -150 -183
Net profit 420 596 704
Minority interest -6 -9 -9
Net profit discontinued 0 0 0
Net profit to shareholders 415 587 695
EPS 3,86 4,91 5,62
EPS Adj 4,17 5,47 6,04
Total extraordinary items after tax -43,1 -84,6 -66
Tax rate (%) -23,6 -20,1 -20,6
Gross margin (%) 26 26,4 26,3
EBITDA margin (%) 9,9 8,8 8,8
EBITA margin (%) 7,3 6,7 6,8
EBIT margin (%) 7,3 6,7 6,8
Pretax margin (%) 6,1 6,2 6,5
Net margin (%) 4,7 4,9 5,1
Growth rates Y/Y 2020 2021 2022
Sales growth (%) 44,4 34,7 13,7
EBITDA growth (%) 108,7 19,3 13,1
EBIT growth (%) 133,1 22,8 16,2
Net profit growth (%) 133,2 41,7 18,2
EPS growth (%) 134,8 27,1 14,5
Profitability 2020 2021 2022
ROE (%) 14,6 17,8 18
ROE Adj (%) 15,8 19,9 19,4
ROCE (%) 13,3 13,2 14
ROCE Adj(%) 14,2 14,6 15
ROIC (%) 8,8 9,1 9,9
ROIC Adj (%) 9,4 10,1 10,5
Adj earnings numbers 2020 2021 2022
EBITDA Adj 935 1149 1269
EBITDA Adj margin (%) 10,4 9,5 9,2
EBITA Adj 701 892 1004
EBITA Adj margin (%) 7,8 7,4 7,3
EBIT Adj 701 892 1004
EBIT Adj margin (%) 7,8 7,4 7,3
Pretax profit Adj 593 830 953
Net profit Adj 453 663 756
Net profit to shareholders Adj 447 655 748
Net Adj margin (%) 5 5,5 5,5
Depreciation and amortisation -234 -256 -265
Of which leasing depreciation -185 -185 -189
EO items -43 -85 -66
Impairment and PPA amortisation 0 0 0
EBITDA lease Adj 935 1149 1269
EBITDA lease Adj margin (%) 10,4 9,5 9,2
SEKm 2020 2021e 2022e
EBITDA 892 1064 1203
Net financial items -107 -62 -52
Paid tax -130 -150 -183
Non-cash items 178 130 43
Cash flow before change in WC 833 982 1012
Change in WC 162 70 35
Operating cash flow 994 1052 1047
CAPEX tangible fixed assets -94 -157 -206
CAPEX intangible fixed assets 4 0 0
Acquisitions and disposals -1951 -2407 -250
Free cash flow -1047 -1512 591
Dividend paid -6 0 -124
Share issues and buybacks 13 2173 0
Other non cash items -1187 -564 -359
Decrease in net IB debt -1412 225 316
Balance Sheet (SEKm) 2020 2021 2022
Goodwill 4395 5007 5007
Indefinite intangible assets 0 0 0
Definite intangible assets 1804 1858 1938
Tangible fixed assets 74 107 139
Other fixed assets 29 29 29
Fixed assets 6904 7872 8002
Inventories 992 1281 1411
Receivables 434 561 618
Other current assets 0 0 0
Cash and liquid assets 299 666 691
Total assets 8630 10379 10721
Shareholders equity 2787 3803 3923
Minority 36 42 42
Total equity 2823 3845 3965
Long-term debt 2043 1991 1991
Pension debt 23 36 36
Convertible debt 0 0 0
Deferred tax 375 375 375
Other long-term liabilities 948 948 948
Short-term debt 122 72 72
Accounts payable 717 967 1099
Other current liabilities 980 1224 1314
Total liabilities and equity 8630 10379 10721
Net IB debt 2478 2098 2073
Net IB debt excl. pension debt 2456 2062 2037
Capital invested 6624 7513 7607
Working capital -270 -349 -384
EV breakdown 2020 2021 2022
Market cap. diluted (m) 19197 15725 15725
Net IB debt Adj 2478 2098 2073
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 21676 17822 17797
Capital efficiency (%) 2020 2021 2022
Total assets turnover (%) 122,5 127,1 130,2
Capital invested turnover (%) 157,7 157,7 173,9
Capital employed turnover (%) 181,6 181,4 189,9
Inventories / sales (%) 9,3 10 10,1
Customer advances / sales (%) 0 0 0
Payables / sales (%) 7 7,4 7,6
Working capital / sales (%) -1,3 -2,6 -2,7
Financial risk and debt service 2020 2021 2022
Net debt / equity (%) 87,8 54,6 52,3
Net debt / market cap (%) 23,8 13,3 13,2
Equity ratio (%) 32,7 37 37
Net IB debt adj. / equity (%) 87,8 54,6 52,3
Current ratio (%) 87,7 101,9 101,4
EBITDA / net interest (%) 830,3 1709,9 2333,2
Net IB debt / EBITDA (%) 277,9 197,2 172,3
Interest cover (%) 612,4 1297,8 1819,3
Lease liability amortisation -147 -169 -174
Other intangible assets 1804 2045 2143
Right-of-use asset 602 675 675
Total other fixed assets 29 38 38
Leasing liability 600 675 675
Total other long-term liabilities 1323 1570 1570
Net IB debt excl. leasing 1879 1422 1397
Net IB debt / EBITDA lease Adj (%) 201 123,8 110,1
SEKm 2020 2021e 2022e
Shares outstanding adj. 107 124 124
Fully diluted shares Adj 107 124 124
EPS 3,86 4,91 5,62
Dividend per share Adj 0 1 1
EPS Adj 4,17 5,47 6,04
BVPS 25,96 30,72 31,68
BVPS Adj -31,78 -26,24 -26,06
Net IB debt / share 23,1 16,9 16,7
Share price 97,15 127 127
Market cap. (m) 10431 15725 15725
Valuation 2020 2021 2022
P/E 46,3 25,9 22,6
EV/sales 2,42 1,48 1,3
EV/EBITDA 24,3 16,8 14,8
EV/EBITA 33 22,1 19
EV/EBIT 33 22,1 19
Dividend yield (%) 0 0,8 0,8
FCF yield (%) -5,5 -9,9 3,8
P/BVPS 6,89 4,13 4,01
P/BVPS Adj -5,63 -4,84 -4,87
P/E Adj 42,9 23,2 21
EV/EBITDA Adj 23,2 15,5 14
EV/EBITA Adj 30,9 20 17,7
EV/EBIT Adj 30,9 20 17,7
EV/cap. employed 3,9 2,7 2,6
Investment ratios 2020 2021 2022
Capex / sales 1 1,3 1,5
Capex / depreciation 182,4 220,1 271,5
Capex tangibles / tangible fixed assets 127,2 146,9 148,2
Capex intangibles / definite intangibles -0,2 0 0
Depreciation on intangibles / definite intangibles 0 0 0
Depreciation on tangibles / tangibles 66,8 66,6 54,6
Lease adj. FCF yield (%) -6,2 -11,1 2,7

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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19,0

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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1,3

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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4,0